- Push-out Score suggests push-out forces
- After about four years in the position
- Accolades, praise and thanks for Schneider
- Search for a successor
- Schneider spoke at length and said 366 words
(exechange) — Jasper, Indiana, May 8, 2018 — Bob Schneider, chief executive of Kimball, leaves. As announced by Kimball International, Inc. in a news release and in a regulatory filing published on Tuesday, May 8, 2018, Robert F. (Bob) Schneider leaves his post as Chief Executive Officer at the maker of furnishings after about four years in the position, effective October 31, 2018.
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.
Kimball will undertake a search for a successor.
“Pursue personal interests and travel”
Schneider’s departure from the CEO post is explained as follows. Schneider said: “I’ve always had an aspiration to retire early to allow ample time to pursue personal interests and travel.”
The phrase “pursue personal interests and travel” opens the door to speculation.
Precise information about Schneider’s future plans was not immediately available.
Kimball said: “Bob Schneider has informed the Board of Directors of his plans to retire on October 31, 2018, after four years as CEO.”
Kimball further said: “On May 7, 2018, Robert F. Schneider informed the Board of Directors … of Kimball International, Inc. … of his decision to retire as the Company’s Chief Executive Officer.”
Share price decline
The change follows a decline in the share price of Kimball International, Inc. since October 2017.
In the position of CEO since 2014
Robert F. Schneider has been the Chairman and Chief Executive Officer of Kimball International, Inc. since November 2014.
Bob Schneider, Chairman of the Board & Chief Executive Officer, Kimball International, Inc., joined the company in 1987 and has been an officer since 1992, serving in various financial and executive capacities.
Prior to becoming Chairman of the Board & CEO, Schneider was Chief Financial Officer, with responsibilities including Kimball International strategic planning, finance, audit, and treasury services.
He assumed full strategic and operating responsibility for the Kimball Hospitality subsidiary in 2013.
He served on the Company’s eight-member Corporate Steering Committee, formulating Kimball International strategy and establishing direction for the Company.
Before joining Kimball International, Schneider was with the public accounting firm of Deloitte Haskins and Sells in Cincinnati.
Schneider received his bachelor’s degree in Accounting with High Distinction from Indiana University.
Bob Schneider has informed the Board of Directors of his plans to retire on October 31, 2018, after four years as CEO. At that time, Schneider intends to step down as Chairman of the Board but will remain a member of the Board of Directors to provide continuity during the transition, for a time period not to exceed the remainder of his current term which ends in 2020.
He plans for his retirement to be effective October 31, 2018, but has agreed to remain employed as CEO beyond October 31, 2018 if the Board has not yet appointed his successor at that time.
Schneider will continue to serve as Chairman of the Board until the Board appoints a new Chairman, which will occur no later than the date of the Company’s 2018 annual shareholder meeting.
Following retirement, Schneider will remain a member of the Board to provide continuity during the transition, for a time period not to exceed the remainder of his current term, which expires in 2020.
As a general rule, when a top manager announces to step aside with no successor available, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob Schneider’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 20.2018 ($).