- Push-out Score suggests push-out forces
- After 22 years in the position
- Accolades and praise for Pedersen
- Kevin Phillips taking over
- Pedersen will remain as Executive Chairman at ManTech
- Pedersen spoke at length and said 119 words
(exechange) — Herndon, Virginia, December 13, 2017 — George Pedersen, chief executive of ManTech, leaves the position. It is a change at short notice. As announced by ManTech International Corporation in a news release and in a regulatory filing published on Wednesday, December 13, 2017, George J. Pedersen leaves his post as Chief Executive Officer at the provider of technologies for national security after 22 years in the position, effective December 31, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange. Only 7 percent of the CEOs who departed over the past twelve months left the position after more than 20 years.
Pedersen’s duties will be taken over by Kevin Phillips, currently President and Chief Operating Officer at ManTech International Corporation.
The move is a generational change as well. Kevin Phillips is about 26 years younger than George Pedersen.
No reason given
In the announcement, ManTech did not explicitly explain the reason for Pedersen’s imminent move, leaving room for speculation.
Pedersen will remain as Executive Chairman at ManTech
“George J. Pedersen, the company’s Chairman and Chief Executive Officer, will transition from his day-to-day management role as Chief Executive Officer to the role of Executive Chairman, effective January 1, 2018. In his new role as Executive Chairman, Mr. Pedersen will continue to guide the company’s overall strategy and direction, oversee the company’s M&A program, and facilitate other significant corporate activity,” ManTech said.
Share price rise since January 2016
The change follows a rise in the share price of ManTech International Corporation since January 2016.
In the position of CEO since 1995
Pedersen is a co-founder, Chairman of the Board and Chief Executive Officer of the Company.
Pedersen has served as a director of ManTech since 1968, was appointed Chairman of the Board in 1979, and was named Chief Executive Officer in 1995.
Pedersen was also President of the Company from 1995 until 2004.
Until 2011, Pedersen served on the board of directors of GSE Systems, Inc. (NYSE MKT: GVP), which provides simulation, training and engineering solutions to the energy and process industries.
Pedersen has also served on the board of directors of various industry associations.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered George Pedersen’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 51.2017 ($).