- Push-out Score suggests push-out forces
- After almost eight years in the position
- Praise and thanks for Harshman
- Bob Wetherbee taking over
- Harshman said 65 words
(exechange) — Pittsburgh, Pennsylvania, August 14, 2018 — Rich Harshman, chief executive of Allegheny Technologies, leaves his post. His departure is made public at an early stage. As announced by Allegheny Technologies Incorporated in a news release and in a regulatory filing published on Tuesday, August 14, 2018, Richard J. (Rich) Harshman leaves his post as Chief Executive Officer at the specialty metals company after almost eight 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 9.2 years, according to data compiled by exechange.
Harshman’s duties will be taken over by Robert S. (Bob) Wetherbee, currently Executive Vice President, Flat Rolled Products Group of Allegheny Technologies Incorporated.
“To spend more time with his family”
Harshman’s departure from the CEO post is explained as follows. Allegheny Technologies said: “Mr. Harshman, who currently serves as ATI’s Chairman, President and Chief Executive Officer, has informed the Board he will retire after a distinguished 41-year career with ATI to spend more time with his family.”
The phrase “to spend more time with his family” opens the door to speculation.
Precise information about Harshman’s future plans was not immediately available.
Allegheny Technologies said: “Richard J. Harshman will retire as President and Chief Executive Officer of the Company, effective December 31, 2018.”
Share price rise since January 2016
The change follows a rise in the share price of Allegheny Technologies Incorporated since January 2016.
In the position of CEO since 2011
Richard J. Harshman has been Chairman and Chief Executive Officer of Allegheny Technologies Incorporated since May 1, 2011 and its President since August 1, 2010.
Harshman has served as ATI’s Chairman, President and Chief Executive Officer since 2011.
Previously, he was President and Chief Operating Officer from 2010 until May 2011.
Prior to that, he served as Executive Vice President, Finance and Chief Financial Officer from 2003 to 2010.
Harshman joined the Company in 1978 and served in several financial management roles for the Company.
To ensure a smooth leadership transition, Harshman will remain Chairman, President and Chief Executive Officer until January 1, 2019, following which he will continue to serve as Executive Chairman of the Board until his retirement in conjunction with ATI’s May 9, 2019 Annual Meeting.
The Board has elected Diane C. Creel, who has served as ATI’s Lead Independent Director since 2011, to become Board Chair effective immediately following Harshman’s May 2019 retirement.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Rich Harshman’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 34.2018 ($).