- After almost 15 years in the position
- Accolades, praise and thanks for Grant
- Grant spoke at length and said 146 words
(exechange) — St. Louis, Missouri, May 7, 2018 — Hugh Grant, chief executive of Monsanto, leaves. As announced by Monsanto Company in a news release and in a regulatory filing published on Monday, May 7, 2018, Hugh Grant, Chief Executive Officer, leaves the agrochemical and agricultural biotechnology corporation after almost 15 years in the position, effective at the closing of the acquisition of Monsanto by Bayer AG.
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 9.8 years, according to data compiled by exechange. Only 39 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Grant will maintain his position as Chairman and Chief Executive Officer until closing, continuing to focus on leading the company on its top objectives of securing deal approval and delivering on its underlying business priorities. Bayer continues to target closing in the second calendar quarter of 2018.
“To pursue new opportunities”
The management change is explained as follows. Grant said: “I have made the decision to pursue new opportunities following the closing of the transaction.”
The phrase “to pursue new opportunities” opens the door to speculation.
Precise information about Grant’s future plans was not immediately available.
“His intent to leave Monsanto”
Monsanto said: “Monsanto Company … Chairman and Chief Executive Officer Hugh Grant announced today his intent to leave Monsanto at the closing of the acquisition of Monsanto by Bayer AG.”
Monsanto further said: “On May 7, 2018, the Company’s Chairman and Chief Executive Officer announced that he will be departing the Company at the closing of the merger.”
In the position of CEO since 2003
Hugh Grant has been the Executive Chairman and Chief Executive Officer of Monsanto Company since October 2003 and since August 2012 respectively.
Grant is the Company’s chairman and CEO.
Grant has worked in agriculture his entire career, beginning with a part-time job in college in Scotland, to leading Monsanto as Chairman and Chief Executive Officer since 2003.
Over his 35-year tenure with the company, he has worked for Monsanto on three continents, managing key elements of the global business and helping to diversify the company’s products and solutions for growers.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities and the manager obviously felt no pressure to leave the position, a Push-out Score™ is not determined.
Read the full story in the exechange report 20.2018 ($).