- Push-out Score determined
- After less than three years in the position
- Thanks and good wishes for Zeffiro
- Carl Bizon taking over in the interim
- Search for a successor
(exechange) — Troy, Michigan, May 8, 2018 — Mark Zeffiro, chief executive of Horizon Global, leaves. It is an abrupt change. As announced by Horizon Global Corporation in a news release on Tuesday, May 8, 2018, Mark Zeffiro leaves his post as Chief Executive Officer at the maker of branded towing and trailering equipment after less than three years in the position, effective immediately.
No company wants a CEO to flame out in the first years.
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 20 percent of the CEOs who departed over the past 12 months left the position within three years.
Zeffiro’s move comes three months after Denise Ilitch took over as Chairman of Horizon Global Corporation.
Horizon Global will undertake a search for a successor.
Zeffiro’s duties will be taken over in the interim by Carl Bizon, most recently President of Americas of Horizon Global Corporation.
“The Board concluded that this is the right time to bring in a leader who can rapidly advance the Company’s progress”
Zeffiro’s sudden departure from the CEO post is explained as follows. Denise Ilitch, Chair of the Board of Directors, said in a fairly blunt statement: “The Board concluded that this is the right time to bring in a leader who can rapidly advance the Company’s progress, building on our established strengths and intensifying the organization’s focus on execution of our Targeted Action Plan now underway across the Company.”
Precise information about Zeffiro’s future plans was not immediately available.
Horizon Global said: “The appointment follows the Board’s acceptance of Mark Zeffiro’s resignation from his executive positions and as a director.”
Share price decline
The change follows a decline in the share price of Horizon Global Corporation since December 2016.
Chaired by Denise Ilitch
Horizon Global Corporation is chaired by Denise Ilitch.
Ilitch was appointed to the Company’s Board on June 29, 2015. Ilitch became Chair of the Board on February 14, 2018, formerly serving as Co-Chair of the Board from July 1, 2016 to February 14, 2018.
In the position of CEO since 2015
Zeffiro was named the Company’s president and chief executive officer on June 30, 2015.
Zeffiro has served as president and a director of Horizon since the Company’s incorporation on January 14, 2015.
Zeffiro previously served as group president of Cequent, which was comprised of TriMas’ Cequent Americas and Cequent APEA reporting segments specializing in towing, trailering and cargo management products (“Cequent”), beginning in January 2015.
Zeffiro served as chief financial officer of TriMas from June 2008 to January 2015 and executive vice president of TriMas from May 2013 until January 2015.
Prior to joining TriMas, Zeffiro held various financial management and business positions with General Electric Company (“GE”), a diversified technology and financial services company, and Black and Decker Corporation (“Black & Decker”), a global manufacturer of quality power tools and accessories, hardware, home improvement products and fastening systems.
From 2004 through 2008, during Zeffiro’s four year tenure with Black & Decker, he was vice president of finance for the global consumer product group and Latin America.
In addition, Zeffiro was directly responsible for and functioned as general manager of Black & Decker’s factory store business unit.
From 2003 to 2004, Zeffiro was chief financial officer of First Quality Enterprises, a private company producing consumer products for the health care market.
From 1988 through 2002, he held a series of operational and financial leadership positions with GE, the most recent of which was chief financial officer of its medical imaging manufacturing division.
In April 2015, Zeffiro was appointed to the board of directors of Atkore International Group, Inc., a manufacturer of electrical raceway solutions.
Zeffiro also serves on the board of directors of the Detroit Institute of Arts, where he chairs the finance committee, and the board of trustees of Walsh College, where he sits on the academic committee.