- Push-out Score suggests push-out forces
- After around nine years in the position
- Accolades and praise for Belcher
- Rich Stoddart taking over
- Belcher will remain as Executive Chairman at InnerWorkings
- Belcher spoke at length and said 203 words
(exechange) — Chicago, Illinois, February 1, 2018 — Eric Belcher, chief executive of InnerWorkings, leaves the position. As announced by InnerWorkings, Inc. in a news release on Thursday, February 1, 2018, Eric D. Belcher leaves his post as Chief Executive Officer at the marketing execution firm after around nine years in the position, effective on or before April 5, 2018.
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.
Belcher’s duties will be taken over by Rich Stoddart, currently Global President of Leo Burnett Worldwide at Publicis Groupe S.A.
The fact that Belcher’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Opportune time to execute a leadership transition”
Belcher’s departure from the CEO post is explained as follows. Belcher said: “With the Company producing record performance and positioned well for continued long-term growth, we felt now was an opportune time to execute a leadership transition.”
Belcher will remain as Executive Chairman at InnerWorkings
“Mr. Stoddart will be appointed President & Chief Executive Officer of InnerWorkings, Inc. and will join its Board of Directors effective on or before April 5, 2018, at which time Mr. Belcher will transition to the role of Executive Chairman of the Board of Directors,” InnerWorkings said.
InnerWorkings said: “President and Chief Executive Officer, Eric Belcher, will be succeeded by Rich Stoddart.”
Share price decline
The change follows a decline in the share price of InnerWorkings, Inc. since March 2013.
Chaired by Jack Greenberg
InnerWorkings, Inc. is chaired by Jack Greenberg.
Greenberg has served on the Company’s Board since October 2005 and has served as the non-executive Chairman of the Board since June 2010.
In the position of CEO since 2009
Eric D. Belcher has served on the Company’s Board and as the Company’s Chief Executive Officer since January 2009.
Prior to his appointment as Chief Executive Officer, Belcher served as the Company’s President since April 2008 and the Company’s Chief Operating Officer from December 2006 to December 2008.
From May 2005 to December 2006, Belcher served as the Company’s Executive Vice President of Operations.
Belcher served as Chief Operating Officer from March 2003 to June 2005 and as Chief Financial Officer from April 2001 to March 2003 of MAN Roland Inc., a printing equipment manufacturer and distributor.
From 1995 to 2000, he led project teams at Marakon Associates, an international management consulting firm.
Belcher holds a bachelor’s degree from Bucknell University and a Masters in Business Administration from the University of Chicago Booth School of Business.
He currently serves on the Advisory Board for the Polsky Center for Entrepreneurship at Chicago Booth.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Eric Belcher’s 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 ($).