Cross Country CEO Bill Grubbs leaves

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Accolades, praise and thanks for Grubbs
  • Search for a successor
  • Grubbs spoke at length and said 126 words

(exechange) — Boca Raton, Florida, September 10, 2018 — Bill Grubbs, chief executive of Cross Country, leaves the position. As announced by Cross Country Healthcare, Inc. in a news release and in a regulatory filing published on Monday, September 10, 2018, William J. (Bill) Grubbs leaves his post as Chief Executive Officer at the healthcare staffing firm after about six years in the role, effective when his contract expires at the end of March 2019 or, if earlier, the date the Board of Directors appoints a new Chief Executive Officer.

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.

Cross Country will undertake a search for a successor.

“Drive the Company into its next phase of growth and improved profitability”

A reason for Grubbs’s departure from the CEO post was not explicitly given. Grubbs said: “After almost six years as President and Chief Executive Officer of Cross Country Healthcare, I am confident that now is the right time to transition to new leadership to drive the Company into its next phase of growth and improved profitability.”

Precise information about Grubbs’s future plans was not immediately available.

“Retire”

Cross Country said: “William J. Grubbs intends to retire as President, Chief Executive Officer and a member of the Board of Directors of the Company when his contract expires at the end of March 2019 or, if earlier, the date the Board of Directors appoints a new Chief Executive Officer.”

Share price decline

The change follows a decline in the share price of Cross Country Healthcare, Inc. since November 2015.

Chaired by Thomas C. Dircks

Cross Country Healthcare, Inc. is chaired by Thomas C. Dircks.

Thomas C. Dircks has been a director since July 1999 and was elected to serve as Chairman of the Board of Directors on August 2, 2013.

In the position of CEO since 2013

William J. Grubbs became President, Chief Operating Officer and a director of the Company on April 1, 2013.

He became Chief Executive Officer of the Company on July 5, 2013.

From October 2012 through March 2013, Grubbs was Executive Vice President and Chief Operating Officer of Trueblue, Inc., a staffing company.

From 2005 through 2011, Grubbs held various senior executive positions with SFN Group, Inc., a staffing company formerly known as Spherion Corporation (“SFN Group, Inc.”).

Grubbs holds a B.S. degree in Computer Science from University of New Hampshire.

He is currently a member of the Board of Directors of Volt Information Sciences, Inc.

Unexpected

As a general rule, when a top leader announces to step down with no successor available, it’s a sign that the move was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Bill Grubbs’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 38.2018 ($).