CEO Seats Stay Close to Home
HF Sinclair Hands Ledbetter the CEO Job
HF Sinclair (DINO) tied its next CEO handoff to the planned separation of its Lubricants & Specialties business. Steve Ledbetter, 51, will move from president and chief operating officer to chief executive on Jan. 1, and the board expects to add him as a director later.
Ledbetter is an internal promotion who became president and COO in July. He previously ran Shell Midstream Partners GP and Jiffy Lube International, and he takes over a stock that has more than doubled in a year.
Franklin Myers, 73, will move from CEO and chair to executive chair on Jan. 1 and remain an officer through the separation. Myers also sits on Comfort Systems USA’s board, and HF Sinclair shareholders gave him 97% support at the May annual meeting.
CooperCompanies Starts a CEO Search
CooperCompanies (COO) lost President and CEO Albert White on Oct. 27, and the board started a search for a permanent successor. White, 56, resigned from the board and became a strategic adviser through April, after more than eight years running the medical-products company.
Walter Rosebrough, 72, moved from independent director to interim executive chair with day-to-day authority until the search ends. Rosebrough joined the board under Browning West’s December 2025 agreement.
Rosebrough ran STERIS from 2007 to 2021. The stock has trailed the S&P badly over five years, adjusted for the 4-for-1 stock split on Feb. 20, 2024.
Hormel Confirms Ghingo’s CEO Terms
Hormel Foods (HRL) confirmed the CEO change it had already announced, and the new filing focused on John Ghingo’s employment terms. Ghingo, 53, became CEO on Oct. 26 while staying president and a director, succeeding interim CEO Jeff Ettinger.
A letter agreement ended Ghingo’s employment agreement for the president role when he took the CEO job, and he has no specified term as president and chief executive. He is an internal promotion who previously ran Whisps Acquisition and has more than 20 years in consumer packaged foods.
Ghingo is Hormel’s second new chief executive in three years. The stock fell about 43% from its 2024 high to its October low. Shareholders gave Ghingo 98% support at the January annual meeting, and Sally Smith will retire from the board at the 2027 annual meeting.
Also This Week
- FedEx (FDX) hired AutoZone (AZO) finance chief Jamere Jackson as CFO in November with a $5 million equity award, succeeding interim CFO Claude Russ; AutoZone controller J. Scott Murphy will cover finance there.
- Monolithic Power Systems (MPWR) promoted Tony Balow from vice president of finance to CFO in October, with Robert Dean moving to chief accounting officer.
- Strategy (MSTR) said CFO Andrew Kang will resign in November, and operations chief Reza Virasteh will take the finance job in January.
- Clean Harbors (CLH) will make Eric Gerstenberg sole CEO in January when Mike Battles retires as co-CEO and leaves the board.
- Rivian Automotive (RIVN) promoted finance vice president Derek Mulvey to interim CFO in October; the stock is down 16% over the past year.
- Align Technology (ALGN) hired Jennifer Davis as CEO-elect and director starting Nov. 2, with Joseph Hogan leaving the CEO role at year-end.
- Clorox (CLX) hired Fabian Garcia as CEO for January, replacing Linda Rendle and giving him an $11 million equity award.
- LKQ (LKQ), which has had a cooperation agreement with Ancora and Engine Capital since February 2025, hired Salvatore Abbate as CEO with a $12 million equity award.
- Ardent Health (ARDT) reclassified former CEO Martin Bonick’s June departure as a termination for cause, cutting off $4.5 million of remaining severance.
Executive Moves Filed This Week
CEO, CFO, COO, president and chair changes in SEC filings, Oct. 23–30, at U.S. companies over $500 million: 67 moves at 39 companies. Smaller companies, director and other officer moves are on the Boardroom Alpha platform.
| Company | Mkt cap | Who | Seat | In/Out | Effective | Filing |
|---|---|---|---|---|---|---|
| T-Mobile US(TMUS) | $157.6B | G. Michael Sievert | Vice Chair of the Board and the Company | Out | Nov. 1, 2026 | 8-K |
| U.S. Bancorp(USB) | $93.0B | Jodi L. Richard | Vice Chair and Chief Risk Officer | Out | Oct. 23, 2026 | 8-K |
| FedEx(FDX) | $71.1B | Jamere Jackson | CFO | In | Nov. 30, 2026 | 8-K |
| Claude F. Russ | Interim CFO | Out | Nov. 30, 2026 | 8-K | ||
| Monolithic Power Systems(MPWR) | $57.4B | Tony Balow | CFO | In | Oct. 27, 2026 | 8-K |
| Robert Dean | Interim CFO | Out | Oct. 27, 2026 | 8-K | ||
| Strategy(MSTR) | $53.7B | Andrew Kang | CFO | Out | Nov. 5, 2026 | 8-K |
| Reza Virasteh | CFO | In | Jan. 1, 2027 | 8-K | ||
| AutoZone(AZO) | $52.1B | Jamere Jackson | CFO | Out | Nov. 25, 2026 | 8-K |
| GE HealthCare(GEHC) | $32.5B | Jeannette Bankes | President and CEO, Patient Care Solutions | Out | Nov. 15, 2026 | 8-K |
| Neal Sandy | President and CEO, Patient Care Solutions | In | Nov. 16, 2026 | 8-K | ||
| HF Sinclair(DINO) | $22.3B | Steve Ledbetter | CEO and President | In | Jan. 1, 2027 | 8-K |
| Franklin Myers | CEO | Out | Jan. 1, 2027 | 8-K | ||
| Franklin Myers | Executive Chairperson | In | Jan. 1, 2027 | 8-K | ||
| Clean Harbors(CLH) | $16.7B | Eric Gerstenberg | CEO | In | Jan. 1, 2027 | 8-K |
| Mike Battles | Co-CEO | Out | Dec. 31, 2026 | 8-K | ||
| Hasbro(HAS) | $16.6B | Dan Ayoub | President, Wizards of the Coast | In | Nov. 2, 2026 | 8-K |
| Rivian Automotive(RIVN) | $16.5B | Derek Mulvey | Interim CFO | In | Oct. 30, 2026 | 8-K |
| CooperCompanies(COO) | $11.6B | Albert G. White III | President and CEO | Out | Oct. 27, 2026 | 8-K |
| Walter M. Rosebrough, Jr. | Interim Executive Chair | In | Oct. 27, 2026 | 8-K | ||
| Hormel Foods(HRL) | $11.5B | John F. Ghingo | CEO | In | Oct. 26, 2026 | 8-K |
| Align Technology(ALGN) | $10.8B | Jennifer L. Davis | CEO-elect | In | Nov. 2, 2026 | 8-K |
| Joseph M. Hogan | President and CEO | Out | Dec. 31, 2026 | 8-K | ||
| Clorox(CLX) | $10.5B | Fabian Garcia | CEO | In | Jan. 5, 2027 | 8-K |
| Linda Rendle | CEO | Out | Jan. 5, 2027 | 8-K | ||
| Matthew J. Shattock | Independent Chair of the Board | In | Jan. 5, 2027 | 8-K | ||
| Etsy(ETSY) | $7.8B | Charles (Lanny) Baker | CFO | Out | Mar. 1, 2027 | 8-K |
| Norwegian Cruise Line(NCLH) | $7.0B | Meghan Montana | CFO | In | Jan. 1, 2027 | 8-K |
| Mark A. Kempa | CFO | Out | Dec. 31, 2026 | 8-K | ||
| Parsons(PSN) | $5.3B | Matt Ofilos | CFO | Out | Nov. 6, 2026 | 8-K |
| George Ball | Interim CFO | In | Nov. 6, 2026 | 8-K | ||
| Fortune Brands Innovations(FBIN) | $5.1B | David V. Barry | COO | Out | Oct. 22, 2026 | 8-K |
| Floor & Decor(FND) | $5.0B | Thomas Taylor | Non-executive Chair of the Board | In | Jan. 1, 2027 | 8-K |
| Radian(RDN) | $4.7B | Daniel Kobell | CFO | In | Oct. 28, 2026 | 8-K |
| LKQ(LKQ) | $4.4B | Justin L. Jude | President and CEO | Out | Oct. 23, 2026 | 8-K |
| Salvatore A. Abbate | President and CEO | In | Dec. 15, 2026 | 8-K | ||
| Q2(QTWO) | $4.4B | Jonathan A. Price | Co-CEO | In | Oct. 29, 2026 | 8-K |
| Herc(HRI) | $4.3B | Lawrence H. Silber | CEO | Out | Jan. 1, 2027 | 8-K |
| Lawrence H. Silber | Executive Chairman of the Board | In | Jan. 1, 2027 | 8-K | ||
| Aaron Birnbaum | CEO | In | Jan. 1, 2027 | 8-K | ||
| Patrick Campbell | Chairman of the Board | Out | Jan. 1, 2027 | 8-K | ||
| Axcelis Technologies(ACLS) | $3.4B | Jeroen Delsman | CFO | In | Nov. 12, 2026 | 8-K |
| David Ryzhik | Interim CFO | Out | Nov. 12, 2026 | 8-K | ||
| PennyMac Financial Services(PFSI) | $3.3B | Daniel S. Perotti | CFO | Out | Dec. 31, 2026 | 8-K |
| Kevin Ryan | CFO | In | Jan. 1, 2027 | 8-K | ||
| Doug Jones | President and Chief Mortgage Banking Officer | Out | Jun. 30, 2027 | 8-K | ||
| ABM Industries(ABM) | $3.2B | Rene Jacobsen | COO | Out | Nov. 1, 2026 | 8-K |
| Freshpet(FRPT) | $3.1B | Nicola Baty | President | In | Oct. 21, 2026 | 8-K |
| NetScout Systems(NTCT) | $3.0B | Sanjay Munshi | COO | Out | Oct. 22, 2026 | 8-K |
| Visteon(VC) | $1.9B | Jerome J. Rouquet | CFO | Out | Nov. 30, 2026 | 8-K |
| Colleen E. Myers | Interim CFO | In | Nov. 30, 2026 | 8-K | ||
| MasterBrand(MBC) | $1.4B | Andrea Simon | CFO | Out | Oct. 23, 2026 | 8-K |
| Mark A. Young | Interim CFO | In | Oct. 23, 2026 | 8-K | ||
| Forestar(FOR) | $1.3B | Donald J. Tomnitz | Executive Chairman | Out | Oct. 31, 2026 | 8-K |
| Anthony W. Oxley | Executive Chairman | In | Nov. 1, 2026 | 8-K | ||
| Goodyear Tire & Rubber(GT) | $1.2B | Jerome J. Rouquet | CFO | In | Dec. 1, 2026 | 8-K |
| Scott M. Deakin | Interim CFO | Out | Dec. 1, 2026 | 8-K | ||
| Mid Penn Bancorp(MPB) | $871.7M | Dana R. Stewart | COO | Out | Oct. 30, 2026 | 8-K |
| Southern Missouri Bancorp(SMBC) | $795.4M | Stefan Chkautovich | CFO | Out | Nov. 7, 2026 | 8-K |
| Summit Hotel Properties(INN) | $757.1M | Michael Nieves | CFO | In | Nov. 1, 2026 | 8-K |
| Adam Wudel | COO | In | Nov. 1, 2026 | 8-K | ||
| Coastal Financial(CCB) | $689.1M | Brian Hamilton | President, CCBX | Out | Oct. 28, 2026 | 8-K |
| PennyMac Mortgage Investment Trust(PMT) | $615.6M | Doug Jones | President and Chief Mortgage Banking Officer | Out | Jun. 30, 2027 | 8-K |
| Daniel S. Perotti | CFO | Out | Dec. 31, 2026 | 8-K | ||
| Kevin Ryan | CFO | In | Jan. 1, 2027 | 8-K | ||
| Citizens & Northern(CZNC) | $504.9M | Aaron Singer | Vice Chair of the Board | In | Oct. 22, 2026 | 8-K |
| Terry Lehman | Chair of the Board | Out | 8-K |
CEO, CFO and Board Turnover Trends by Role and Sector
| Role | This Week | MTD | Last 12 Mo. | Prior 12 Mo. | YoY |
|---|---|---|---|---|---|
| CEO transitions | 6 | 35 | 504 | 518 | -2.7% |
| CFO transitions | 5 | 50 | 755 | 774 | -2.5% |
| Director adds | 42 | 219 | 2,832 | 2,933 | -3.4% |
| Director exits | 24 | 127 | 3,006 | 3,030 | -0.8% |
| Sector | # Co. | CEO · 30D | CEO · 1Y | CFO · 30D | CFO · 1Y |
|---|---|---|---|---|---|
| Consumer Defensive | 158 | 3.8% | 25.3% | 3.2% | 25.3% |
| Basic Materials | 183 | 1.1% | 18.0% | 1.6% | 20.8% |
| Energy | 156 | 1.3% | 17.3% | 0.6% | 21.8% |
| Communication Services | 133 | 1.5% | 16.5% | 3.8% | 23.3% |
| Consumer Cyclical | 360 | 2.5% | 15.8% | 1.9% | 22.8% |
| Technology | 504 | 1.6% | 14.5% | 1.6% | 21.6% |
| Industrials | 435 | 0.9% | 13.6% | 2.3% | 23.2% |
| Healthcare | 800 | 0.8% | 12.9% | 1.8% | 20.0% |
| Financial Services | 593 | 0.7% | 11.0% | 0.8% | 14.3% |
| Real Estate | 223 | 1.3% | 7.6% | 1.8% | 13.9% |
| Utilities | 76 | 0.0% | 3.9% | 3.9% | 21.1% |