- Push-out Score suggests push-out forces
- After about five years in the position
- Praise and thanks for Loechner
- Phil Evans taking over in the interim
- Search for a successor
- Loechner said 100 words
(exechange) — San Juan Capistrano, California, November 1, 2018 — David Loechner, chief executive of Emerald Expositions, leaves the position. It is a change at short notice. As announced by Emerald Expositions Events Inc. in a news release and in a regulatory filing published on Thursday, November 1, 2018, David Loechner leaves his post as Chief Executive Officer at the business-to-business trade show, event, and conference producer after about five years in the role, effective November 8, 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.
Loechner leaves the company effective December 31, 2018.
Emerald Expositions will undertake a search for a successor.
David Loechner’s duties will be taken over in the interim by Philip (Phil) Evans, currently Chief Financial Officer of Emerald Expositions Events, Inc., as Interim Chief Executive Officer.
“This is the right time”
David Loechner’s imminent departure from the CEO post is explained as follows. Loechner said: “After more than 35 years with Emerald and its predecessor companies, this was a difficult decision to make. However, I believe that the Company is well positioned in its industry and its end markets, and this is the right time for me to retire from Emerald.”
Precise information about David Loechner’s future plans was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CEO leaves the position at short notice and without a reasonable explanation.
Emerald Expositions said: “David Loechner has resigned his position as President and Chief Executive Officer and as a member of the Board, effective as of the close of business on November 8, 2018.”
Emerald Expositions further said: “On October 31, 2018, David Loechner, the Company’s Chief Executive Officer … and President, provided notice to the Board of Directors of the Company …, that, effective as of the close of business on November 8, 2018, he is resigning from his position as CEO and President, and as a member of the Board.”
“Not the result of a disagreement”
“Such resignation is not the result of a disagreement with the Company or in connection with any matter relating to the Company’s operations, policies or practices,” Emerald Expositions said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The change follows a decline in the share price of Emerald Expositions Events, Inc. since August 2018.
Chaired by Kosty Gilis
Emerald Expositions Events, Inc. is chaired by Kosty Gilis.
Gilis has been a member of the Board since June 2013, its Chairman since June 2013 and has served on the Audit Committee and the Compensation Committee of the Board.
In the position of CEO since 2013
David Loechner has been the Chief Executive Officer at Emerald Expositions Events, Inc. since August 2013.
Loechner has served as President and Chief Executive Officer of Emerald Expositions since 2013.
From 2010 to 2013 he was President of Nielsen Expositions (renamed Emerald Expositions in 2013).
He has more than 30 years of experience in trade shows and publishing, having started as a sales rep with the Outdoor Retailer Show and progressed steadily up the organization under numerous corporate owners, including Miller Freeman and VNU.
He holds a BA from Principia College.
Loechner’s interests include skiing, golf, paddle boarding, mountain biking and off-road motorcycling.
He lives in Laguna Beach, CA with his family.
Loechner will stay on with the Company as an employee through December 31, 2018 and will work closely with Evans and the leadership team to ensure a smooth transition.
As a general rule, when a top leader announces to step aside with no permanent successor available, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered David Loechner’s imminent 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 ($).