- Push-out Score suggests push-out forces
- After almost 10 years in the position
- Praise for Comerford
- Michael Shor taking over in the interim
- Search for a successor
- Comerford spoke at length and said 94 words
(exechange) — Kokomo, Indiana, May 29, 2018 — This news came the day after Memorial Day. Mark Comerford, chief executive of Haynes, leaves. It is an abrupt change. As announced by Haynes International, Inc. in a news release and in a regulatory filing published on Tuesday, May 29, 2018, Mark M. Comerford leaves his post as Chief Executive Officer at the maker of nickel‑ and cobalt-based alloys after almost 10 years in the role, effective immediately.
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 9.5 years, according to data compiled by exechange.
Haynes will undertake a search for a successor.
Comerford’s duties will be taken over in the interim by Michael L. Shor, currently Chairman of the Board of Haynes International, Inc.
No reason given
In the announcement, Haynes did not explicitly explain the obviously compelling reason for Comerford’s sudden move, leaving room for speculation.
Shor said: “We look forward to continuing to strengthen the Company and its operations as we undertake a comprehensive search for a new CEO.”
Precise information about Comerford’s future plans was not immediately available.
Generally speaking, it is often a wake-up call for shareholders when a CEO leaves the position abruptly and without a reasonable explanation.
Haynes said: “Mark Comerford, President and Chief Executive Officer and a director of the company, has informed the Board of Directors of his intention to retire from those positions, remaining with the Company as an advisor through the end of the current fiscal year ending September 30, 2018.”
Share price decline
The change follows a decline in the share price of Haynes International, Inc. since June 2014.
Chaired by Michael L. Shor
Haynes International, Inc. is chaired by Michael L. Shor.
Michael L. Shor has been a director since August 1, 2012. Shor serves as Chairman of the Board and as a member of the Corporate Governance and Nominating Committee of the Board.
In the position of CEO since 2008
Mark M. Comerford was elected President and Chief Executive Officer and a director of the Company in October 2008.
Before joining the Company, from 2004 to 2008, Comerford was President of Brush Engineered Materials Alloy Division and President of Brush International, Inc., affiliates of Materion Corporation, formerly known as Brush Engineered Materials, Inc., a company that manufactures high‑performance materials.
As a general rule, when a top leader announces to step down with no permanent successor available, it is a signal that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mark Comerford’s sudden 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 23.2018 ($).