- Push-out Score suggests push-out forces
- After around 12 years in the position
- Accolades and praise for Cooper
- Patrick Beharelle taking over
- Cooper will remain as Executive Chairman at TrueBlue
- Cooper said 52 words
(exechange) — Tacoma, Washington, July 30, 2018 — Steve Cooper, chief executive of TrueBlue, leaves the position. It is a change at short notice. As announced by TrueBlue, Inc. in a news release and in a regulatory filing published on Monday, July 30, 2018, Steven C. (Steve) Cooper leaves his post as Chief Executive Officer at the workforce solutions company after around 12 years in the role, effective September 1, 2018.
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 38 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Cooper’s duties will be taken over by A.Patrick Beharelle, currently Chief Operating Officer of TrueBlue, Inc.
Cooper will remain as Executive Chairman at TrueBlue
“Chief Executive Officer Steven C. Cooper will become Executive Chairman of the Board, succeeding Joe Sambataro Jr. This transition will take place September 1, 2018 and Mr. Sambataro will remain on the board,” TrueBlue said.
“Robust succession planning”
Cooper’s imminent departure from the CEO post is explained as follows. Lead Independent Director Jeffrey B. Sakaguchi said: “Steve, Joe and the full board have been actively engaged in creating and executing a robust succession planning process over the last several years. As a result, we have a strong board and management leadership team in place ready to support Patrick in his new role.”
TrueBlue said: “Mr. Cooper will step down from his role as CEO to be succeeded by President and Chief Operating Officer Patrick Beharelle, who has been named President and CEO and a member of the board, effective September 1, 2018.”
Share price decline
The change follows a decline in the share price of TrueBlue, Inc. since June 2015.
Chaired by Joseph P. Sambataro
TrueBlue, Inc. is chaired by Joseph P. Sambataro.
Joseph P. Sambataro, Jr., has served as a Director of the Company since January 2000 and as Chairman of the Board since October 2008.
In the position of CEO since 2006
Steven C. Cooper has served as a Director and the Company’s Chief Executive Officer since April 2006.
Cooper served as President between 2005 and 2015 and as Executive Vice President and Chief Financial Officer between 2001 and 2005.
Cooper is currently a Director and member of the audit committee of Boise Cascade Company.
Cooper is also a Director of the Washington Roundtable, a nonprofit public policy organization representing major private sector employers throughout Washington State, and is a member of the American Cancer Society CEOs Against Cancer.
He served as the Chair of the United Way of Pierce County’s fundraising committee between 2014 and 2015.
Cooper will also retire as an executive of the company at year-end and continue to serve as Chairman of the Board.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steve Cooper’s imminent 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 32.2018 ($).