- Push-out Score determined
- After about four years in the position
- Praise for Brown
- Brown will remain as Chairman at AquaVenture
- Brown said 73 words
(exechange) — Tampa, Florida, November 1, 2018 — Doug Brown, chief executive of AquaVenture, hands over the reins. As announced by AquaVenture Holdings Ltd. in a news release and in a regulatory filing published on Thursday, November 1, 2018, Douglas R. (Doug) Brown leaves his post as Chief Executive Officer at the water services company after about four 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 9.2 years, according to data compiled by exechange.
Doug Brown’s duties will be taken over by Anthony A. (Tony) Ibarguen, currently President of AquaVenture Holdings Limited.
Doug Brown’s move is part of a management shake-up also involving the positions of Chief Executive Officer of Seven Seas Water; and President of Seven Seas Water.
“Culmination of a planned succession”
The management change is explained as follows. AquaVenture said: “AquaVenture Holdings Limited … today announced executive team changes that represent the culmination of a planned succession led by our founder CEO to the next generation of leadership.”
Brown will remain as Chairman at AquaVenture
“Mr. Brown will remain as Chairman of the Board of Directors. In addition, Mr. Brown will continue to serve in a full-time capacity, focusing on contributing to the execution of our M&A efforts,” AquaVenture said.
AquaVenture said: “Douglas Brown will step down from his role as Chief Executive Officer of AquaVenture Holdings and Seven Seas Water effective at the end of 2018.”
AquaVenture further said: “On November 1, 2018, Douglas Brown, Chairman of the Board of Directors … of AquaVenture Holdings Limited … and Chief Executive Officer of both the Company and of Seven Seas Water, notified the Company of his decision to resign in his position as Chief Executive Officer of the Company and of Seven Seas Water effective December 31, 2018.”
Share price decline
The change follows a decline in the share price of AquaVenture Holdings Limited since December 2016.
In the position of CEO since 2014
Douglas Brown has been the Chief Executive Officer of AquaVenture Holdings Limited (formerly, AquaVenture Holdings LLC) since October 2014 and has been its Chairman since January 2007.
Brown founded AVH in December 2006 and has served as the Company’s Chairman of the Board since January 2007.
Brown served as the Company’s Chief Executive Officer from January 2007 to October 2012 and from October 2014 to present.
Brown has also served as Chief Executive Officer of the Seven Seas Water business from January 2007 to October 2012 and from October 2014 to present.
From 2003 to 2005 Brown served as the Chief Executive Officer of Ionics, Incorporated (NYSE: ION), a water purification technology company that was sold to General Electric in 2005.
Together with his prior experience at Ionics, he has 20 years of experience in the water industry.
Before joining Ionics, Brown spent 17 years at Advent International Corporation, a global private equity firm, the last 7 years of which he was chief executive officer.
He also serves as an operating partner and senior advisor of Element Partners LP, a private equity firm.
Brown received a B.S. in Chemical Engineering from Massachusetts Institute of Technology and an M.B.A. from Harvard Business School where he was designated a Baker Scholar and a Loeb Rhodes Fellow in Finance.