- Push-out Score suggests push-out forces
- After about two years in the position
- Accolades, praise, thanks and good wishes for Weber
- Dan Bartok taking over
(exechange) — Austin, Texas, December 21, 2017 — Phil Weber, chief executive of Forestar, leaves. It is a change at short notice. As announced by Forestar Group Inc. in a news release on Thursday, December 21, 2017, Phillip J. (Phil) Weber leaves his post as Chief Executive Officer at the real estate, oil and gas, and other natural resources company after about two years in the position, effective December 28, 2017.
No company wants a CEO to flame out in the first years.
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 8.9 years, according to data compiled by exechange. Only 20 percent of the CEOs who departed over the past twelve months left the position within three years.
Weber’s move comes three months after Donald J. Tomnitz took over as Chairman of Forestar Group Inc.
Weber’s duties will be taken over by Dan Bartok, most recently Executive Vice President of Owned Real Estate at Wells Fargo.
The fact that Weber’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Forestar did not explicitly explain the reason for Weber’s imminent move, opening the door for speculation.
Precise information about Weber’s future plans was not immediately available.
Forestar said: “Phillip J. Weber, Chief Executive Officer, will step down from this position effective December 28, 2017.”
Share price rise since February 2016
The change follows a rise in the share price of Forestar Group Inc. since February 2016.
Chaired by Donald J. Tomnitz
Forestar Group Inc. is chaired by Donald J. Tomnitz.
Donald J. Tomnitz has been Executive Chairman of Forestar Group Inc. since October 5, 2017.
Donald J. Tomnitz, age 69, has extensive experience in the homebuilding industry and worked at D.R. Horton, Inc. from 1983 until his retirement in 2014.
During his career, he served as Chief Executive Officer from 1998 and President from 2000 until his retirement and served on the Board of Directors from 1995 until 2014.
In the position of CEO since 2015
Phillip J. Weber has been the Chief Executive Officer of Forestar Group Inc. since September 25, 2015.
He has served as Chairman of the Company’s Real Estate Investment Committee since May 2013, and previously served as Executive Vice President—Water Resources from May 2013 to September 2015 and as Executive Vice President—Real Estate from 2009 to May 2013.
Prior to joining Forestar, he served the Federal National Mortgage Association (Fannie Mae) as Senior Vice President—Multifamily from 2006 to October 2009, as Chief of Staff to the CEO from 2004 to 2006, as Chief of Staff to Chairman of the Board and Corporate Secretary from 2005 to 2006, and as Senior Vice President, Corporate Development in 2005.
Weber plans to assist Forestar in the transition.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Phil Weber’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 52.2017 ($).