- Push-out Score suggests push-out forces
- After almost 21 years in the position
- Praise and thanks for Bill McGill
- Brett McGill taking over
- Bill McGill will remain as Executive Chairman at MarineMax
(exechange) — Clearwater, Florida, October 1, 2018 — Bill McGill, chief executive of MarineMax, leaves the position. As announced by MarineMax, Inc. in a news release on Monday, October 1, 2018, William H. (Bill) McGill leaves his post as Chief Executive Officer at the boat and yacht retailer after almost 21 years in the role.
It is the end of an era.
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 8.9 years, according to data compiled by exechange. Only 8 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
The exact date of Bill McGill’s departure was not given in the announcement. Obviously, it was an abrupt change.
Bill McGill’s duties will be taken over by W.Brett McGill, most recently Chief Operating Officer of MarineMax, Inc.
It is a generational change as well. Brett McGill is about 24 years younger than Bill McGill.
MarineMax has already removed the name of Bill McGill as Chief Executive Officer from the leadership page and lists Brett McGill as Chief Executive Officer and President.
No reason given
In the announcement, MarineMax did not explicitly explain the reason for Bill McGill’s move, leaving room for speculation.
Bill McGill will remain as Executive Chairman at MarineMax
“William H. McGill, Jr., the Company’s prior Chief Executive Officer and Chairman, has been named Executive Chairman of the Board of Directors,” MarineMax said.
Share price decline
The change follows a decline in the share price of MarineMax, Inc. since March 2015.
In the position of CEO since 1998
William H. McGill, Jr., has been the Chief Executive Officer of MarineMax, Inc. since January 23, 1998.
William H. McGill Jr. has served as the Chief Executive Officer of the Company since January 1998 and as the Chairman of the Board and as a director of the Company since March 1998.
McGill served as President of the Company from January 1998 until September 2000 and re-assumed that position from July 2002 to October 2017.
McGill was the principal owner and president of Gulfwind USA, Inc., one of the Company’s operating subsidiaries, from 1973 until its merger with the Company in March 1998.
In December 2016, McGill joined the Board of Directors of Joi Scientific, Inc., an energy company with which we have a licensing agreement.
McGill received a BS in Mechanical engineering from the University of Dayton in 1965 and worked for Pratt and Whitney Aircraft, Northrop Nortronics, and Colgate Palmolive prior to Gulfwind Marine.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bill McGill’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 41.2018 ($).