HNI Corp. CEO Stan Askren leaves

  • Push-out Score suggests push-out forces
  • After almost 15 years in the position
  • Jeff Lorenger taking over
  • Askren spoke at length and said 117 words

(exechange) — Muscatine, Iowa, April 20, 2018 — Stan Askren, chief executive of HNI Corp., leaves. His departure is made public at an early stage. As announced by HNI Corporation in a news release on Friday, April 20, 2018, Stanley A. (Stan) Askren leaves his post as Chief Executive Officer at the office furniture manufacturer after almost 15 years in the position, effective no later than December 31, 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 9.7 years, according to data compiled by exechange. Only 38 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

Long goodbye

It is a long goodbye. The announcement of Askren’s move comes up to eight months prior to his planned departure from the post of CEO.

In general, a top executive who announces the departure very early may be considered a lame duck.

Askren’s duties will be taken over by Jeffrey D. (Jeff) Lorenger, currently President, Office Furniture of HNI Corporation.

HNI Corporation also announced the promotion of Jeffrey D. Lorenger as President, HNI Corporation.

“Long-planned and orderly succession process”

Askren’s departure from the CEO post is explained as follows. HNI Corp. said: “Mr. Askren’s announced retirement along with Mr. Lorenger’s promotion to President of HNI Corporation and election as a Director are part of a long-planned and orderly succession process that has been underway for an extended period.”

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

“Retirement”

HNI Corp. said: “HNI Corporation … announced today the retirement of Stan A. Askren and the promotion of Jeffrey D. Lorenger as President, HNI Corporation and the election of Mr. Lorenger to the Board of Directors of HNI Corporation.”

HNI Corp. further said: “Mr. Askren informed the Board he expects to retire as Chief Executive Officer and Chairman of the Board of Directors no later than December 31, 2018.”

Share price decline

The change follows a decline in the share price of HNI Corporation since December 2016.

In the position of CEO since 2004

Stanley A. Askren has been the President of HNI Corp. (formerly, Hon Industries Inc.), a Parent Company of the HON Company since 2003 and has been Chief Executive Officer and Executive Chairman since May 4, 2004 and November 12, 2004 respectively.

Askren has been a Director of the Corporation since 2003.

Askren has also been the Chairman and Chief Executive Officer of the Corporation since 2004 and the President of the Corporation since 2003.

He is a director of Armstrong World Industries, Inc., a global leader in the design and manufacture of ceiling systems and a director of Allison Transmission Holdings, Inc., the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles.

Askren was vice president of marketing, an executive vice president and president of the Corporation’s hearth products operating segment.

He worked in the Corporation’s office furniture operating segment as a group vice president of The HON Company and president of Allsteel Inc.

Askren has served as the vice president of human resources and an executive vice president of the Corporation.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Stan Askren’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 17.2018 ($).