Babcock & Wilcox CEO Jim Ferland leaves abruptly

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Leslie Kass taking over
  • Ferland said 68 words

(exechange) — Charlotte, North Carolina, February 1, 2018 — Jim Ferland, chief executive of Babcock & Wilcox, leaves. It is an abrupt change. As announced by Babcock & Wilcox Enterprises, Inc. in a news release and in a regulatory filing published on Thursday, February 1, 2018, E.James (Jim) Ferland leaves his post as Chief Executive Officer at the power generation company after about six years in the position, effective immediately.

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 12 months was 9.3 years, according to data compiled by exechange.

Ferland’s duties will be taken over by Leslie Kass, most recently Senior Vice President, Industrial at Babcock & Wilcox Enterprises, Inc.

“I committed to continue as CEO at least until a clearly capable successor emerged”

Ferland’s sudden departure from the CEO post is explained as follows. Ferland said: “When B&W became a standalone company almost three years ago, I committed to continue as CEO at least until a clearly capable successor emerged.”

Precise information about Ferland’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for shareholders when a CEO leaves the position abruptly and without a reasonable explanation.

“He steps down”

Babcock & Wilcox said: “Jim Ferland will work closely with Ms. Kass, the management team and the Board in the role of Executive Chairman until he steps down from the Board on June 30, 2018 per his current employment agreement.”

Share price decline

The change follows a decline in the share price of Babcock & Wilcox Enterprises, Inc. since May 2016.

In the position of CEO since 2012

E.James Ferland served as the Company’s Chairman and Chief Executive Officer.

Prior to the spin-off, Ferland was BWC’s President and Chief Executive Officer since April 19, 2012.

Prior to joining BWC, Ferland served as President of the Americas division for Westinghouse Electric Company, LLC, a nuclear energy company and group company of Toshiba Corporation, from 2010 through March 2012.

From 2007 to 2010, Ferland worked for PNM Resources, Inc., a holding company of utilities providing electricity and energy products and services, where he held positions as Senior Vice President of Utility Operations and Senior Vice President of Energy Resources.

Previously, Ferland held various senior management and engineering positions at Westinghouse Electric Company, Louisiana Energy Services/URENCO, Duke Engineering and Services, Carolina Power & Light and General Dynamics.

Ferland has also served on the board of directors of Actuant Corporation since August 2014.

Ferland is an experienced executive with a utility leadership background that includes both regulated and merchant operations.

He has led organizations that generate power (coal, nuclear, gas, renewables), transmit power and trade power.

He also has extensive supplier leadership experience in commercial nuclear power, manufacturing, engineering and field services.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jim Ferland’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 6.2018 ($).