- Push-out Score suggests push-out forces
- After around 13 years in the position
- Praise, thanks and words of regret for Oleas
- Search for a successor
- Oleas spoke at length and said 110 words
(exechange) — Düsseldorf, Germany, March 18, 2018 — Jürg Oleas, chief executive of Gea, leaves. As announced by Gea Group AG in a news release on Sunday, March 18, 2018, Jürg Oleas leaves his post as Chief Executive Officer at the equipment and process technology provider for the food industry after around 13 years in the position.
It is the end of an era.
Oleas suggested to leave from the Executive Board at the Annual General Meeting in April 2019.
Gea will undertake a search for a successor.
No reason given
In the announcement, Gea did not explicitly explain the reason for Oleas’s move, opening the door for speculation.
Precise information about Oleas’s future plans was not immediately available.
“He is not seeking to extend his term of office”
Gea said: “Today, the long-standing CEO of Gea Group Aktiengesellschaft, Jürg Oleas (60), has informed the Chairman of the Supervisory Board, Dr. Helmut Perlet, that he is not seeking to extend his term of office beyond December 31, 2019. Furthermore, Jürg Oleas also suggested to leave from the Executive Board at the Annual General Meeting in April 2019 in order to allow a swift change in leadership.”
Share price decline
The change follows a decline in the share price of Gea Group AG since September 2016.
Chaired by Helmut Perlet
Gea Group AG is chaired by Helmut Perlet.
Perlet is Chairman of the Supervisory Board of Gea Group Aktiengesellschaft.
In the position of CEO since 2004
On November 1, 2004, Jürg Oleas was appointed CEO of Gea Group Aktiengesellschaft after having served as a member of the Executive Board since joining the group in May 2001.
In his capacity as a member of the Executive Board, he acts as Labor Director.
In addition, he is in charge of the departments Communication, Marketing & Branding, Corporate Development, Human Resources, Internal Audit and Legal & Compliance.
Before joining the company, he spent nearly 20 years with ABB and the Alstom Group where he held several management positions.
Jürg Oleas, a Swiss national, was born in Quito, Ecuador, in December 1957.
In 1981, he was awarded a Master of Science degree in Mechanical Engineering by the Swiss Federal Institute of Technology in Zurich.
As a general rule, when a top manager announces to step down with no successor available, it is a sign that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jürg Oleas’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 13.2018 ($).