- Push-out Score suggests push-out forces
- After almost 21 years in the position
- Accolades, praise, thanks and good wishes for Schoenberger
- Tom Meissner taking over
- Schoenberger made a lengthy statement and said 63 words
(exechange) — Hampton, New Hampshire, March 1, 2018 — Robert Schoenberger, chief executive of Unitil, leaves. It is a change at short notice. As announced by Unitil Corporation in a news release on Thursday, March 1, 2018, Robert G. Schoenberger leaves his post as Chief Executive Officer at the electricity and natural gas utility company after almost 21 years in the position, effective April 25, 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 12 months was 9.1 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Schoenberger’s duties will be taken over by Thomas P. (Tom) Meissner, currently Chief Operating Officer of Unitil Corporation.
“Bring to a close a remarkable career”
Schoenberger’s imminent departure from the CEO post is explained as follows. Unitil said: “Mr. Schoenberger’s decision to retire will bring to a close a remarkable career spanning 38 years in the utility industry, including over 20 years of continuous service with the Company.”
Precise information about Schoenberger’s future plans was not immediately available.
Unitil said: “Robert G. Schoenberger, 67, will retire as Chairman of the Board, President and Chief Executive Officer on April 25, 2018.”
Share price decline
The change follows a decline in the share price of Unitil Corporation since November 2017.
In the position of CEO since 1997
Robert G. Schoenberger has been the Chief Executive Officer and President of Unitil Corp. since October 1997 and April 01, 2003 respectively.
Schoenberger has been Unitil’s Chairman of the Board of Directors since October 1997, and has also served as Unitil’s Chief Executive Officer since 1997 and as President since 2003.
Prior to his employment with Unitil, Schoenberger was president and chief operating officer of the New York Power Authority from 1993 until 1997.
Schoenberger also served as chairman and trustee of Exeter Health Resources, Exeter, New Hampshire, from 1998 until 2009, and again as trustee and a member of the executive committee since 2012.
Schoenberger also serves as a director of the Edison Electric Institute since 2011, and formerly served as a director of Satcon Technology Corporation, Boston, Massachusetts (a company that developed innovative power conversion solutions for the renewable power industry) from 2007 until 2013.
Schoenberger has also decided not to stand for re-election to the Board of Directors at the Company’s 2018 Annual Meeting of Shareholders on April 25, 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Robert Schoenberger’s imminent 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 10.2018 ($).