- Push-out Score suggests push-out forces
- After less than three and a half years in the position
- Praise and thanks for Barton
- Kevin Olsen taking over
- Barton spoke at length and said 74 words
(exechange) — Colmar, Pennsylvania, August 9, 2018 — Matt Barton, chief executive of Dorman, leaves his post. As announced by Dorman Products, Inc. in a news release on Thursday, August 9, 2018, Mathias J. (Matt) Barton leaves his post as Chief Executive Officer at the company after less than three and a half years in the role, effective December 31, 2018.
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.
Barton’s duties will be taken over by Kevin M. Olsen, most recently Chief Financial Officer of Dorman Products, Inc.
Effective August 6, 2018, Kevin M. Olsen, formerly the Company’s Executive Vice President and Chief Financial Officer, was promoted to President and Chief Operating Officer of the Company and, effective January 1, 2019, Olsen will become the Company’s President and Chief Executive Officer.
The Board of Directors of the Company has also appointed Michael P. Ginnetti as the Company’s interim CFO effective as of August 6, 2018. Ginnetti will serve in such position until a successor is named. The Company is in the process of searching for a permanent CFO.
No reason given
In the announcement, Dorman did not explicitly explain the reason for Barton’s move, leaving room for speculation.
Precise information about Barton’s future plans was not immediately available.
Dorman said: “Mr. Olsen succeeds Mathias J. Barton who stepped down as President upon Mr. Olsen’s appointment and will retire as CEO on December 31, 2018.”
Share price decline
The change follows a decline in the share price of Dorman Products, Inc. since May 2017.
Chaired by Steven L. Berman
Dorman Products, Inc. is chaired by Steven L. Berman.
Steven L. Berman became the Executive Chairman of the Company on September 24, 2015.
Steven L. Berman will continue as the Company’s Executive Chairman.
In the position of CEO since 2015
Mathias J. Barton has served as a director since January 2014.
Barton joined the Company in November 1999 as Senior Vice President, Chief Financial Officer.
He became co-President of the Company in February 2011, President in August 2013 and President and Chief Executive Officer in September 2015.
Prior to joining the Company, Barton was Senior Vice President and Chief Financial Officer of Central Sprinkler Corporation, a manufacturer and distributor of automatic fire sprinklers, valves and component parts.
From May 1989 to September 1998, Barton was employed by Rapidforms, Inc., a manufacturer of business forms and other products, most recently as Executive Vice President and Chief Financial Officer.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Matt Barton’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 33.2018 ($).