- Push-out Score suggests push-out forces
- After about two and a half years in the position
- Praise and thanks for Whall
- Jim DeVries taking over
- Whall spoke at length and said 98 words
(exechange) — Boca Raton, Florida, September 4, 2018 — This news came the day after Labor Day. Tim Whall, chief executive of ADT, leaves. As announced by ADT Inc. in a news release and in a regulatory filing published on Tuesday, September 4, 2018, Timothy J. (Tim) Whall, Chief Executive Officer, leaves the maker of security and automation products after about two and a half years in the role, effective November 30, 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 9.2 years, according to data compiled by exechange. Only 21 percent of the CEOs who departed over the past 12 months left the position within three years.
Whall’s duties will be taken over by James D. (Jim) DeVries, currently President of ADT Inc.
“Now is the right time”
Whall’s departure from the CEO post is explained as follows. Whall said: “The Company has strengthened its core operations and is successfully executing on its strategy, and both the Board and I believe that now is the right time to initiate this transition of leadership responsibilities.”
Precise information about Whall’s future plans was not immediately available.
ADT said: “Jim DeVries, currently president of ADT, will be promoted to Chief Executive Officer to succeed Tim Whall, who will be retiring on November 30, 2018 after a decades-long career in the security industry.”
ADT further said: “[E]ffective November 30, 2018, Timothy J. Whall, the Company’s Chief Executive Officer, will retire from employment and his position as Chief Executive Officer of the Company, will resign from all officer and employee positions that he holds with the Company’s subsidiaries and affiliates (collectively with the Company, the “Company Group”), and will resign from all director positions of the Company Group, other than his membership on the Company’s Board of Directors.”
Share price decline
The change follows a decline in the share price of ADT Inc. since February 2018.
Chaired by Marc E. Becker
ADT Inc. is chaired by Marc E. Becker.
Becker is a Senior Partner of Apollo.
In the position of CEO since 2016
Timothy J. Whall has been the Chief Executive Officer at ASG Intermediate Holding Corp. and ADT Inc. since September 2017.
He has been Chief Executive Officer and President at The ADT Corporation since May 2, 2016.
Whall is the Company’s Chief Executive Officer and a member of the Company’s Board of Directors.
Whall has served as Chief Executive Officer of Prime Borrower since July 2015 and was also President of Prime Borrower from July 2015 to March 2018.
Previously, Whall served as the President, Chief Executive Officer, and a member of the board of directors of Protection One, Inc. from June 2010 to March 2017.
Whall joined SecurityLink in 1990 as a Service Manager.
He served as a General Manager before joining the senior management team in various capacities and ultimately became President and Chief Operating Officer.
After SecurityLink was acquired by GTCR in 2000, Whall continued to serve as President and Chief Operating Officer.
Following SecurityLink’s sale to Tyco in 2001, Whall was ADT’s Senior Vice President of Business Operations from 2001 to 2004.
In 2004, Whall partnered with GTCR to acquire Honeywell’s Security Monitoring division (“HSM”).
At HSM he served as President and Chief Operating Officer.
Following the sale of HSM to Stanley Black & Decker, Whall served as Chief Operating Officer of StanleyWorks’ Convergent Security Solutions division for one year.
In 2008, he left Stanley to pursue opportunities with GTCR.
That partnership led to GTCR’s acquisition of the Protection One business in June 2010.
Whall will remain on ADT’s Board and serve as an advisor to ADT.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tim Whall’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 37.2018 ($).