- Push-out Score suggests push-out forces
- After less than three years in the position
- Praise for Schwabero
- David Foulkes taking over
- Schwabero said 120 words
(exechange) — Mettawa, Illinois, October 25, 2018 — Mark Schwabero, chief executive of Brunswick, leaves. As announced by Brunswick Corporation in a news release and in a regulatory filing published on Thursday, October 25, 2018, Mark D. Schwabero leaves his post as Chief Executive Officer at the boat maker after less than three 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. Only 20 percent of the CEOs who departed over the past 12 months left the position within three years.
Mark Schwabero’s duties will be taken over by David M. Foulkes, currently president – Marine Consumer Solutions and Chief Technology Officer of Brunswick Corporation.
“Now is the ideal time”
Mark Schwabero’s departure from the CEO post is explained as follows. Schwabero said: “With the separation of Fitness underway and the focus on our future in the marine business, now is the ideal time to make this change.”
Precise information about Mark Schwabero’s future plans was not immediately available.
Brunswick said: “On October 19, 2018, Mark D. Schwabero notified the Board of Directors … of Brunswick Corporation … that he will retire as Chairman of the Board and Chief Executive Officer, effective as of December 31, 2018.”
In the position of CEO since 2016
Mark D. Schwabero has been the Chief Executive Officer and Chairman of Brunswick Corporation since February 11, 2016.
Previously, Schwabero had been President and Chief Operating Officer of Brunswick Corporation, having been appointed to that position in May 2014.
Previously, he had served as President – Mercury Marine since 2008.
Schwabero joined Mercury in 2004 as President – Mercury Outboards with 28 years experience as a senior executive in the automotive and commercial vehicle industries.
Prior to joining Mercury, he was President and Chief Executive Officer of Hendrickson International of Woodridge, Ill., a leading manufacturer of heavy truck and trailer suspension systems and components.
Before that he served as President, Automotive Products and Regional President for Pilkington Libbey-Owens-Ford.
Earlier, Schwabero was President of Bosch Braking Systems, North America, formed from an acquisition of AlliedSignal’s Braking Systems business, where he had served as President.
A 17-year career with Navistar International preceded these more recent roles and during that tenure he was a Group Vice President of the truck business, Group Vice President of operations and general manager of medium duty products.
He also spent two years in sales with Navistar.
Schwabero holds both a bachelor’s of science degree and master’s of science degree in industrial and systems engineering from The Ohio State University, where he was recognized with the University’s Distinguished Alumnus Award in 1991 and a Meritorious Service Award in 2008.
He also serves as director of 1st Source Corporation, and was the former Chairman of the National Marine Manufacturers Association.
Foulkes will also replace Schwabero as a member of Brunswick’s Board of Directors, effective Jan. 1, 2019, and will serve for the remainder of Schwabero’s term until the Company’s 2021 Annual Meeting of Shareholders.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mark Schwabero’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 44.2018 ($).