- Push-out Score suggests push-out forces
- After less than two years in the position
- Praise and thanks for Webb
- Dorothy Timian-Palmer taking over
- Webb will remain as Executive Chairman at Pico
- Webb spoke at length and said 244 words
(exechange) — Carson City, Nevada, August 8, 2018 — Max Webb, chief executive of Pico, leaves the position. It is an abrupt change. As announced by Pico Holdings, Inc. in a news release and in a regulatory filing published on Wednesday, August 8, 2018, Maxim C.W. (Max) Webb has left his post as Chief Executive Officer at the water resource and water storage company after less than two years in the role, effective August 2, 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 9.3 years, according to data compiled by exechange. Only 11 percent of the CEOs who departed over the past 12 months left the position within two years, and 20 percent left the position within three years.
Webb’s duties were taken over by Dorothy Timian-Palmer, most recently officer of Vidler Water Company, Inc.
Webb’s move is part of a management shake-up also involving the position of Chief Financial Officer.
“The right time”
The management change is explained as follows. Eric Speron, the Company’s lead director, said: “The Company has achieved much in the last two years and its assets now consist almost entirely of Vidler Water Company. As such, the Board determined this was the right time to appoint Dorothy as CEO with her extensive experience and expertise in all water development matters and for her to continue on the path of maximizing the value of Vidler’s unique and strategic portfolio of water assets.”
Webb will remain as Executive Chairman at Pico
“Mr. Webb will continue to serve the Company in the newly created position of Executive Chairman,” Pico said.
Pico said: “Pico Holdings, Inc. … announced, effective August 2, the Company’s Board of Directors has appointed Dorothy Timian – Palmer as Chief Executive Officer of the Company to succeed Max Webb in that role.”
Pico further said: “On August 2, 2018, Pico Holdings, Inc. … appointed Dorothy Timian-Palmer as the Company’s President and Chief Executive Officer, effective immediately, replacing Maxim C.W. Webb.”
Share price decline
The change follows a decline in the share price of Pico Holdings, Inc. since March 2014.
In the position of CEO since 2016
Maxim C.W. Webb has served as the Company’s President and Chief Executive Officer since October 2016 and was appointed to the Company’s Board of Directors and as Chairman of the Board in November 2016.
Webb previously served as the Company’s Chief Financial Officer and Treasurer since 2001 and as Vice President, Investments since November 1998.
He served in various capacities with the Global Equity Corporation group of companies since 1993, including Vice President, Investments of Forbes Ceylon Limited from 1994 through 1996. Webb became an officer of Global Equity Corporation in November 1997.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Max Webb’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 33.2018 ($).