- Push-out Score suggests push-out forces
- After less than two years in the position
- Thanks and good wishes for McCarley
- Kent Rockwell taking over
(exechange) — North Huntingdon, Pennsylvania, June 21, 2018 — Jim McCarley, chief executive of ExOne, leaves. It is an abrupt change. As announced by The ExOne Company in a news release and in a regulatory filing published on Thursday, June 21, 2018, James L. (Jim) McCarley, Chief Executive Officer, has left the maker of three-dimensional (“3D”) printing machines after less than two years in the role, effective June 20, 2018.
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 9.4 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position within two years, and 21 percent left the position within three years.
McCarley’s duties were taken over by S.Kent Rockwell, most recently Executive Chairman of The ExOne Company.
“To pursue other interests and opportunities”
McCarley’s sudden departure from the CEO post is explained as follows. ExOne said: “James L. McCarley, Chief Executive Officer, will be leaving the Company to pursue other interests and opportunities effective immediately.”
The phrase “to pursue other interests and opportunities” opens the door to speculation.
Precise information about McCarley’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for shareholders when a CEO leaves the post abruptly and without a reasonable explanation.
“Leaving the Company”
ExOne said: “James L. McCarley, Chief Executive Officer of The ExOne Company …, is leaving the Company effective June 20, 2018.”
Share price decline
The change follows a decline in the share price of The ExOne Company since January 2014.
Chaired by Kent Rockwell
The ExOne Company is chaired by Kent Rockwell.
Rockwell became the Company’s Executive Chairman in August 2016.
In the position of CEO since 2016
James L. McCarley has been the Chief Executive Officer at The ExOne Company since August 19, 2016.
McCarley formerly served as Executive Vice President—Operations of RTI International Metals, Inc. (NYSE: RTI), a producer and global supplier of titanium mill products and a supplier of fabricated titanium and specialty metal components, from May 2010 until July 2015, when Alcoa Inc. acquired RTI by merger.
McCarley also served in the same position during the transition period after the merger, through September 2015.
During his time at RTI, McCarley was its highest ranking operating officer, overseeing daily operations, asset and cash management, talent recruitment/retention, customer care, and growth strategy deployment.
McCarley had previously served as the Chief Executive Officer of General Vortex Energy, Inc., a private developer of engine and combustion technologies, from September 2009 to May 2010.
From 1996 through 2009, McCarley held a variety of management positions within the forging segment of Precision Castparts Company, including Division President of Wyman Gordon Forging West from 2008 to 2009, and Vice President and General Manager of Wyman Gordon Forging, Inc. from 2006 to 2008.
From 1987 to 1996, he gained engineering and other relevant experience working for various companies, including Quantum Chemical, Cameron Iron Works, and General Electric Company.
McCarley received a BS in Electrical Engineering from Texas Tech University in 1987.
McCarley has agreed to assist the Company with the transition of his responsibilities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jim McCarley’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 26.2018 ($).