- Push-out Score suggests push-out forces
- After around 25 years in the position
- Accolades, praise and thanks for Simon
- Search for a successor
- Simon will remain as Non-Executive Chairman at Hain Celestial
- Simon spoke at length and said 178 words
(exechange) — Lake Success, New York, June 25, 2018 — Irwin Simon, chief executive of Hain Celestial, leaves the position. As announced by The Hain Celestial Group, Inc. in a news release and in a regulatory filing published on Monday, June 25, 2018, Irwin David Simon leaves his post as Chief Executive Officer at the natural and organic beverage, snack, specialty food, and personal care products company after around 25 years in the role, effective on the date immediately prior to the first date of employment of a new Chief Executive Officer.
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 9.4 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Hain Celestial will undertake a search for a successor.
“Now is the right time”
Simon’s departure from the CEO post is explained as follows. Simon said: “I am confident now is the right time for our next generation of leadership.”
Simon will remain as Non-Executive Chairman at Hain Celestial
“Irwin D. Simon, Founder, President and Chief Executive Officer will become Non-Executive Chairman of the Board for a transition period to work closely with the incoming Chief Executive Officer,” Hain Celestial said.
Hain Celestial said: “On June 24, 2018, The Hain Celestial Group, Inc. … and Irwin D. Simon entered into a Succession Agreement …, pursuant to which the parties agreed that, on the date immediately prior to the first date of employment of a new Chief Executive Officer of the Company …, Mr. Simon will resign from his position as President and Chief Executive Officer of the Company, and from all other offices with the Company and its affiliates.”
Share price decline
The change follows a decline in the share price of The Hain Celestial Group, Inc. since July 2015.
In the position of CEO since 1993
Irwin David Simon founded The Hain Celestial Group, Inc. in 1993 and has been President and Chief Executive Officer since May 1993.
Simon was appointed Chairman of the Board of Directors in April 2000.
Previously, Simon was employed in various marketing capacities at Slim-Fast Foods Company, a dietary food and beverage company, and The Häagen-Dazs Company, a frozen dessert company, then a division of Grand Metropolitan, PLC, a portfolio of luxury brands and companies.
Simon currently serves as the lead director of MDC Partners Inc., a provider of marketing, activation and communications solutions and services and of Chop’t Creative Salad Company, a fast casual dining company.
He also serves as the Vice Chairman of the board of directors of Tulane University and on the board of trustees of Poly Prep Country Day School.
During the last five years, Simon also served as a director of Jarden Corporation, a consumer products company, until its merger with Newell Rubbermaid Inc.
Simon also served as an independent non-executive director of Yeo Hiap Seng Limited, a food and beverage company based in Singapore.
Generally speaking, when a top manager announces to step aside with no successor in place, it is a signal that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Irwin Simon’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 27.2018 ($).