November CEO Moves – ICYMI
December 2, 2020

Boardroom Alpha provides in-depth analytics and tracking of all public company executives and officers. Below is a rundown of select CEO moves made in November. Get a demo today to see how you can receive real-time alerts and in-depth analytics.

The past November has some interesting leadership transitions announced, with co-founders stepping down and multiple women taking charge. See below some of the highlights of CEO transitions.

Fluor Corporation (F)

Fluor (FLR) announced CEO Carlos Hernandez (F) will step down effective December 31st, 2020. Hernandez will be replaced by David Constable, currently a director at Fluor who has had experience as CEO of Sasol Limited. Hernandez currently has an annualized TSR of -47%.

This leadership transition is the result of the Board’s long-term succession planning process and follows a comprehensive external search

Alan Boeckman (B+), executive chairman of the Board
Fluor Stock Price (CEO transitions in 2011 and 2019 highlighted)

Viasat (VSAT)

Co-founder Mark Dankberg (B) resigned as CEO of Viasat (VSAT). He was replaced by Richard Baldridge, who was previously president and COO of Viasat. Dankberg had an annualized TSR of 7%.

“This represents a natural evolution and will best serve the interests of Viasat’s long-term future… I’m very pleased Rick has agreed to take on the CEO role. We have built a close relationship through the years that is reflected in every part of Viasat”

Dankberg

Meritor (MTOR)

Meritor (MTOR) announced CEO Jeffrey Craig (A) will step down effective February 28th, 2021. Craig will be replaced by Chris Villavarayan, currently COO of Meritor. Craig had an annualized TSR of 13% during his 5 year tenure, well above the peer median return of -2%.

CVS Health Corporation (CVS)

CVS Health Corporation (CVS) announced CEO Larry Merlo (C) will step down effective February 1st, 2021. Merlo will be replaced by Karen Lynch, currently EVP of CVS Health and President of Aetna. Lynch with be the 40th female CEO currently in charge of a Fortune 500 company. Merlo currently has an annualized TSR of 9%.

CEO Compensation
Ms. Lynch will receive an annualized base salary of $1.45mm and will will have a target annual equity award compensation for 2021 of $11mm which will be comprised of 75% performance stock units and 25% stock options.

Energizer Holdings (ENR)

Energizer Holdings (ENR) announced CEO Alan Hoskins (C+) will step down effective January 1st, 2021. Hoskins will be replaced by Mark LaVigne, currently president and COO of Energizer. Hoskins currently has an annualized TSR of 4%.

“Mark’s appointment is the culmination of rigorous succession planning by the Board and we have great confidence that he will be an excellent CEO for Energizer”

Hoskins

Alaska Air Group (ALK)

Alaska Air Group (ALK) announced CEO Bradley Tilden (B-) will step down effective March 31st, 2021. Tilden will be replaced by Benito Minicucci, currently president of Alaska. Read our quick analysis here.

B&G Foods (BGS)

B&G Foods (BGS) CEO Kenneth Romanzani (A-) stepped down. He was replaced in the interim by David Wenner (A-), who was previously CEO at B&G from 1993-2014. Romanzani had an annualized TSR of 19%.

Microchip Technology (MCHP)

Microchip Technology (MCHP) announced CEO Steve Sanghi (B+) will step down effective March 1st, 2021. Sanghi will be replaced by Ganesh Moorthy, currently president and COO of Microchip. Sanghi currently has an annualized TSR of 15%.

“I believe that now is the time to hand over the reins to Ganesh as my successor” 

Sanghi

Polaris (PII)

Polaris (PII) announced CEO Scott Wine (B+) will step down effective December 31st, 2020. Wine’s successor has not been announced yet. Wine currently has an annualized TSR of 15%.

Oshkosh Corporation (OSK)

Oshkosh Corporation (OSK) announced CEO Wilson Jones (A) will step down effective April 2, 2021. Jones will be replaced by John Preifer, currently president and COO of Oshkosh. Jones currently has an annualized TSR of 16%.

“Oshkosh is well positioned for the future, and I believe it is the right time to welcome John Pfeifer as our next CEO”

Jones

Pacific Gas and Electric Company (PCG) and CMS Energy (CMS-B)

Pacific Gas and Electric Company (PCG) announced Patricia Poppe (C) will become CEO effective January 4th, 2021. Poppe will replace interim CEO William Smith. Correspondingly, Poppe will step down as CEO of CMS Energy (CMS-B), and will be replaced by Garrick Rochow, currently an EVP of CMS.

Cirrus Logic (CRUS)

Cirrus Logic (CRUS) announced CEO Jason Rhode (A-) will step down effective January 1st, 2021. Rhode will be replaced by John Forsyth, currently president and COO of Cirrus. Rhode currently has an annualized TSR of 18%.

“The Board unanimously selected John as our next CEO, based on his exceptional performance in various leadership positions since joining Cirrus Logic in 2014, and we are excited to work with him in this new role”

Alan Schuele (C), chairman of the board

DICK’S Sporting Goods (DKS) 

DICK’S Sporting Goods (DKS) announced CEO Edward Stack (A) will step down effective February 1st, 2021. Stack will be replaced by Lauren Hobart, who is currently the president of DICK’S. Stack has been CEO since 1984, when he purchased the company from his father. At the time, DICK’S consisted of two stores in upstate New York; today, there are more than 850 stores under the DICK’S brand. Stack currently has an annualized TSR of 17%.  

Infinera Corporation (INFN)

Announced earlier this fall, Infinera Corporation (INFN) CEO Thomas Fallon (D) was officially replaced by David Heard, previously COO of Infinera. Heard also joined the board of directors. Fallon had an annualized TSR of -2%.

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