- After twelve years in the position
- Accolades, praise and thanks for Montoni
- Montoni spoke at length and said 84 words
(exechange) — Reston, Virginia, January 16, 2018 — This news came the day after Martin Luther King, Jr. Day. Rich Montoni, chief executive of Maximus, hands over the reins. As announced by Maximus, Inc. in a news release and in a regulatory filing published on Tuesday, January 16, 2018, Richard A. (Rich) Montoni leaves his post as Chief Executive Officer at the provider of government services after twelve years in the position, effective April 1, 2018.
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 9.1 years, according to data compiled by exechange. Only 35 percent of the CEOs who departed over the past twelve months left the position after more than ten years.
Montoni’s duties will be taken over by Bruce Caswell, currently President at Maximus, Inc.
“Bruce is the right choice”
Montoni’s departure from the CEO post is explained as follows. Montoni said: “Bruce is the right choice to succeed as CEO of Maximus. … Succession planning has always been a key component of our long-term strategy.”
Precise information about Montoni’s future plans was not immediately available.
Maximus said: “Richard A. Montoni will retire from his role as Chief Executive Officer effective April 1, 2018.”
Maximus further said: “Mr. Caswell succeeds Richard A. Montoni who will step down as Chief Executive Officer of the Company effective April 1, 2018.”
Share price rise since November 2008
The change follows a rise in the share price of Maximus, Inc. since November 2008.
Chaired by Peter B. Pond
Maximus, Inc. is chaired by Peter B. Pond.
Peter B. Pond has served as a director since 1997 and as Chairman of the Board since 2001.
In the position of CEO since 2006
Richard A. Montoni has been the Chief Executive Officer at Maximus Inc. since April 2006.
Richard A. Montoni has served as Chief Executive Officer and a director of Maximus since 2006.
He also served as President from 2006 through 2014.
Previously, Montoni served as the Company’s Chief Financial Officer and Treasurer from 2002 to 2006.
Montoni served as Chief Financial Officer for Towers Perrin, a global professional services firm, during April 2006 before rejoining Maximus and his appointment as Chief Executive Officer and President.
He also currently serves as the Vice Chairman of the Northern Virginia Technology Council, the membership and trade association for the technology community in Northern Virginia.
Before his employment with Maximus, Montoni served as Chief Financial Officer and Executive Vice President for Managed Storage International, Inc. in Broomfield, Colorado from 2000 to 2001.
From 1996 to 2000, he was Chief Financial Officer and Executive Vice President for Ciber, Inc., a NYSE-listed company in Englewood, Colorado where he also served as a director until 2002.
Before joining Ciber, he was an audit partner with KPMG, LLP, where he worked for nearly 20 years.
Montoni holds a Masters Degree in Accounting from Northeastern University and a B.S. degree in Economics from Boston University.
Montoni will remain at the Company as Senior Advisor to the CEO.
The Maximus Board of Directors has nominated Montoni to stand for re-election as a director at the Company’s Annual Meeting of Shareholders on March 14, 2018.
Upon re-election, Montoni will also serve as Vice Chairman.
Read the full story in the exechange report 4.2018 ($).