- Push-out Score suggests push-out forces
- After around nine years in the position
- Search for a successor
- Baker will remain as Chairman at BG Staffing
(exechange) — Plano, Texas, August 16, 2018 — Allen Baker, chief executive of BG Staffing, leaves the position. As announced by BG Staffing, Inc. in a regulatory filing published on Thursday, August 16, 2018, L.Allen Baker leaves his post as Chief Executive Officer at the provider of temporary staffing services after around nine years in the role, effective upon the naming of his successor.
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.
BG Staffing will undertake a search for a successor.
No reason given
In the announcement, BG Staffing did not explicitly explain the reason for Baker’s move, leaving room for speculation.
Baker will remain as Chairman at BG Staffing
“On August 13, 2018, the Board of Directors of BG Staffing, Inc. … approved the appointment of L. Allen Baker, Jr. as Chairman of the Board of the Company,” BG Staffing said.
BG Staffing said: “Mr. Baker will resign as the Chief Executive Officer and President of the Company and its subsidiaries upon the naming of his successor.”
Share price rise since May 2018
The change follows a rise in the share price of BG Staffing, Inc. since May 2018.
In the position of CEO since 2009
L.Allen Baker, Jr., has been the Chief Executive Officer and President of BG Staffing, Inc. since April 2009 and its Chairman since August 13, 2018.
Baker joined the board of managers of LTN Acquisition, LLC (the former parent of the predecessor to BG Staffing, Inc.) in 2008 while serving as the Executive Vice President/Chief Financial Officer of Impact Confections, Inc., a confections manufacturing company in Colorado, a position Baker held from 2002 through 2009 and was appointed to the Company’s Board in November 2013.
He began serving as President and Chief Executive Officer of BG Staffing in 2009.
From 1985 to 2002, Baker served as Executive Vice President and Chief Financial Officer of Piping Design Services, Inc. d/b/a PDS Technical Services, a national, privately held staffing company headquartered in the Dallas/Fort Worth area, with operations in 43 states.
Prior to this position, he worked at Core Laboratories, Inc. as the Corporate Controller from 1980 to 1985 and as Data Processing Manager from 1976 to 1980.
Baker held several computer programmer positions prior to joining Core Laboratories, Inc.
He has a Bachelor of Science in Mathematics with a minor in Computer Information Systems from West Texas State University and a Master of Business Administration from the University of Dallas.
Baker will resign as the Chief Executive Officer and President of the Company and its subsidiaries upon the naming of his successor; will remain as Chairman, and will provide certain ongoing consulting services to the Company to be defined at a later date.
As a general rule, when a top leader announces to step aside with no successor in place, it is a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Allen Baker’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 ($).