- Push-out Score determined
- After around seven years in the position
- Accolades, praise and thanks for Richards
- Richards will remain as Executive Chairman at CDW
- Richards spoke at length and said 143 words
(exechange) — Lincolnshire, Illinois, September 18, 2018 — Tom Richards, chief executive of CDW, hands over the reins. As announced by CDW Corporation in a news release and in a regulatory filing published on Tuesday, September 18, 2018, Thomas E. (Tom) Richards leaves his post as Chief Executive Officer at the tech products seller after around seven 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 9.1 years, according to data compiled by exechange.
Richards’s duties will be taken over by Christine A. (Chris) Leahy, currently Chief Revenue Officer of CDW Corporation.
Richards’s move is part of a management shake-up also involving the position of Chief Operating Officer.
“The right time”
The management change is explained as follows. Richards said: “This is the right time for this transition.”
Richards will remain as Executive Chairman at CDW
“Richards will become Executive Chairman of the Board of Directors and serve through at least 2019,” CDW said.
CDW said: “Tom Richards, Chairman and Chief Executive Officer, will step down on December 31, 2018, after nine years with CDW.”
CDW further said: “Thomas E. Richards notified the Company’s Board of Directors … of his intention to retire as President and Chief Executive Officer effective December 31, 2018.”
Share price rise since June 2013
The change follows a rise in the share price of CDW Corporation since June 2013.
In the position of CEO since 2011
Richards is the Company’s Chairman, President and Chief Executive Officer.
Richards has served as the Company’s President and Chief Executive Officer since October 2011 and was named Chairman in January 2013.
From 2009 to 2011, Richards served as the Company’s President and Chief Operating Officer.
Prior to joining CDW, Richards held leadership positions with Qwest Communications International Inc., a broadband Internet-based communications company.
From 2008 to 2009, he served as Executive Vice President and Chief Operating Officer, where he was responsible for the day-to-day operation and performance of Qwest, and before assuming that role was the Executive Vice President of the Business Markets Group from 2005 to 2008.
Richards also has served as Chairman and Chief Executive Officer of Clear Communications Corporation and as Executive Vice President of Ameritech Corporation.
Richards also serves as a board member of The Northern Trust Corporation, Junior Achievement of Chicago, Rush University Medical Center and the University of Pittsburgh.
Richards also is a member of The Economic Club of Chicago and the Executives’ Club of Chicago.
Richards is a graduate of the University of Pittsburgh where he earned a bachelor’s degree and a graduate of Massachusetts Institute of Technology where he earned a Master of Science in Management as a Sloan Fellow.
Push-out Score determined
Read the full story in the exechange report 39.2018 ($).