- Push-out Score suggests push-out forces
- After about four years in the position
- Praise and thanks for Baliff
- Tom Amonett taking over in the interim
- Search for a successor
- Baliff said 81 words
(exechange) — Houston, Texas, November 9, 2018 — Jonathan Baliff, chief executive of Bristow, leaves. As announced by Bristow Group Inc. in a news release and in a regulatory filing published on Friday, November 9, 2018, Jonathan E. Baliff leaves his post as Chief Executive Officer at the helicopter services company after about four years in the role.
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.
The exact date of Jonathan Baliff’s departure from his post was not specified in the announcement. Obviously, it was an abrupt change.
Bristow will undertake a search for a successor.
Jonathan Baliff’s duties will be taken over in the interim by Thomas N. (Tom) Amonett, most recently Vice-Chairman of the Board of Directors of Bristow Group Inc., as interim President.
Tom Amonett is about 20 years older than Jonathan Baliff.
“We still have significant work to do to reduce costs and improve our financial position”
A reason for Jonathan Baliff’s departure from the CEO post was not explicitly given.
Bristow also announced that it is acquiring heavy lift specialist Columbia Helicopters in a debt and stock deal worth $560 million.
Thomas C. Knudson, Chairman of the Board of Directors, said: “While we are now a more effective, efficient organization, we still have significant work to do to reduce costs and improve our financial position. The Columbia acquisition will strengthen our financial position, broaden our industrial aviation capabilities, and continue to diversify and expand our fleet and customer base.”
Precise information about Jonathan Baliff’s future plans was not immediately available.
Bristow said: “Bristow Group Inc. (BRS), the leading provider of global industrial aviation services, today announced the upcoming retirement of Jonathan E. Baliff, Chief Executive Officer of Bristow Group, in the coming months.”
Share price decline
The change follows a decline in the share price of Bristow Group Inc. since June 2014.
Chaired by Thomas C. Knudson
Bristow Group Inc. is chaired by Thomas C. Knudson.
Thomas C. Knudson joined Bristow’s Board in June 2004. Knudson has been chairman of Bristow’s Board since 2006.
In the position of CEO since 2014
Jonathan E. Baliff has been the Chief Executive Officer of Bristow Group Inc. (formerly, Offshore Logistics Inc.) since July 31, 2014.
Baliff was appointed as President and Chief Executive Officer in July 2014.
He joined Bristow and served as Senior Vice President and Chief Financial Officer from October 2010 to June 2014.
Prior to joining the Company, Baliff had been the Executive Vice President, Strategy at NRG Energy since May 2008, where he led the development and implementation of NRG’s corporate strategy, as well as acquisitions and business alliances.
Prior to joining NRG, Baliff was a Managing Director in Credit Suisse’s Global Energy Group, where he advised energy companies on merger and acquisition assignments and project and corporate financings since 1996.
Baliff started his business career at Standard and Poor’s and then JP Morgan’s Natural Resources Group.
Baliff served on active duty in the U.S. Air Force for eight years from 1985 to 1993 where he was engaged in numerous assignments flying the F-4G Phantom, including the first combat missions during the first Gulf War before being honorably discharged from the Air Force with the rank of Captain.
Baliff serves on the board of directors of Texas Capital Bancshares, Inc., the parent company of Texas Capital Bank.
Until Baliff’s retirement, he will focus on integration planning for the Columbia Helicopters, Inc. (“Columbia”) acquisition, which was announced by the Company in a separate press release.
Baliff will resign from the Board of Directors concurrently with the effectiveness of his retirement.
The senior management of the Company will report directly to Amonett, who will work closely with Thomas C. Knudson, Chairman of the Board of Directors, to oversee operations.
Baliff will continue to report to the Board of Directors.
As a general rule, when a top manager announces to step aside with no permanent successor available, it’s a signal that the move was unplanned and too early.
Generally speaking, potential causes for an unplanned change can be, among others, disagreement or dispute.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jonathan Baliff’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 46.2018 ($).