- Push-out Score suggests push-out forces
- After almost 11 years in the position
- Accolades, praise and thanks for Weiss
- Al White taking over
- Weiss made a lengthy statement and said 75 words
(exechange) — Pleasanton, California, March 8, 2018 — Bob Weiss, chief executive of Cooper, leaves. It is a change at short notice. As announced by The Cooper Companies, Inc. in a news release on Thursday, March 8, 2018, Robert S. (Bob) Weiss leaves his post as Chief Executive Officer at the medical device company after almost 11 years in the position, effective April 30, 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 9.2 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Weiss’s duties will be taken over by Albert G. (Al) White, currently Chief Financial Officer of The Cooper Companies, Inc.
It is a generational change as well. Al White is about 23 years younger than Bob Weiss.
“This is the perfect time”
Weiss’s imminent departure from the CEO post is explained as follows. Weiss said: “This is the perfect time for Al to become Cooper’s next CEO. He is a very strong leader and I am confident he will continue driving Cooper’s success.”
Precise information about Weiss’s future plans was not immediately available.
Cooper said: “Mr. White will succeed Robert S. Weiss who will retire as President and Chief Executive Officer on April 30, 2018, and then act in an advisory capacity until December 31, 2018, to ensure a smooth transition.”
Share price rise since November 2008
The change follows a rise in the share price of The Cooper Companies, Inc. since November 2008.
Chaired by A.Thomas Bender
The Cooper Companies, Inc. is chaired by A.Thomas Bender.
Bender has served on the Company’s Board since 1994 and was elected Chairman in July 2002. He also served as the Company’s President and Chief Executive Officer from May 1995 until his retirement in October 2007.
In the position of CEO since 2007
Weiss has served as the Company’s President since March 2008 and as the Company’s Chief Executive Officer since November 2007.
In addition, he has been a member of the Company’s Board of Directors since 1996.
He also served as President of CooperVision, the Company’s contact lens subsidiary, from March 2007 to February 2008.
He previously served as the Company’s Chief Operating Officer from January 2005 to October 2007 and as Executive Vice President from October 1995 to October 2007.
He served as the Company’s Chief Financial Officer from September 1989 to January 2005.
He served as the Company’s Treasurer from 1989 to March 2002.
Since joining the Company in 1977, he has held a number of finance positions both with the Company and Cooper Laboratories, Inc. (the Company’s former parent).
Weiss is also a director of Accuray Incorporated (Nasdaq: ARAY), a company that develops, manufactures and sells precise, innovative tumor treatment solutions that set the standard of care with the aim of helping patients live longer, better lives.
He serves on its nominating and governance committee and on its audit committee.
Weiss is also a member of the Board of Trustees of the University of Scranton in Pennsylvania and serves on its finance, advancement and audit committees.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob Weiss’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 11.2018 ($).