Black Hills CEO David Emery leaves post

  • Push-out Score suggests push-out forces
  • After almost 15 years in the position
  • Accolades, praise and good wishes for Emery
  • Linn Evans taking over
  • Emery will remain as executive chairman at Black Hills
  • Emery made a lengthy statement and said 253 words

(exechange) — Rapid City, South Dakota, October 31, 2018 — David Emery, chief executive of Black Hills, leaves the position. As announced by Black Hills Corp. in a news release on Wednesday, October 31, 2018, David R. Emery leaves his post as chief executive officer at the energy company after almost 15 years in the role, effective December 31, 2018.

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 9.1 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

David Emery’s duties will be taken over by Linden R. (Linn) Evans, currently president and chief operating officer of Black Hills Corp.

“Long-standing and comprehensive leadership succession plan”

David Emery’s departure from the CEO post is explained as follows. Black Hills said: “Consistent with the company`s long-standing and comprehensive leadership succession plan, the board appointed Linden R. (“Linn”) Evans, currently president and chief operating officer, to succeed Emery as chief executive officer effective Jan. 1, 2019.”

Emery will remain as executive chairman at Black Hills

“To facilitate a smooth leadership transition, Emery will continue to serve as an employee of the company in the role of executive chairman of the board of directors until May 1, 2020, following the expiration of his current board term ending at the April 2020 annual meeting of shareholders,” Black Hills said.

“Retire”

Black Hills said: “David R. Emery, chairman and chief executive officer, notified the Black Hills Corp. board of directors on Oct. 29, 2018, that he will retire as the company`s CEO on Dec. 31.”

Share price rise since September 2015

The change follows a rise in the share price of Black Hills Corp. since September 2015.

In the position of CEO since 2004

Emery has been the Chief Executive Officer of Black Hills Corporation since January 16, 2004 and served as its President from January 14, 2004 to January 1, 2016.

David R. Emery was elected Chairman in 2005 and has been the Company’s CEO and a member of the Company’s Board since 2004.

He also served as President from 2004 through 2015, and previously served as President and COO, Retail Business Segment from 2003 to 2004, and Vice President of Fuel Resources from 1997 to 2003.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered David Emery’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 45.2018 ($).