- Push-out Score suggests push-out forces
- After 26 years in the position
- Accolades, praise and thanks for Hultquist
- Larry Helling taking over
- Hultquist spoke at length and said 146 words
(exechange) — Moline, Illinois, November 19, 2018 — Doug Hultquist, chief executive of QCR Holdings, leaves his post. His departure is made public at an early stage. As announced by QCR Holdings Inc. in a news release and in a regulatory filing published on Monday, November 19, 2018, Douglas M. (Doug) Hultquist leaves his post as Chief Executive Officer at the commercial bank after 26 years in the role, effective May 23, 2019.
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 9 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Doug Hultquist’s duties will be taken over by Larry J. Helling, currently President and Chief Executive Officer of Cedar Rapids Bank and Trust.
Doug Hultquist’s move is part of a management shake-up also involving the position of President.
No reason given
In the announcement, QCR Holdings did not explicitly explain the reason for Doug Hultquist’s move, leaving room for speculation.
Precise information about Doug Hultquist’s future plans was not immediately available.
QCR Holdings said: “[E]ffective at the annual stockholders meeting on May 23, 2019, Douglas M. Hultquist will retire from the Company’s board of directors and from his roles as President and Chief Executive Officer.”
Share price decline
The change follows a decline in QCR Holdings, Inc.’s share price of 26 percent since July 2018.
Chaired by Patrick S. Baird
QCR Holdings, Inc. is chaired by Patrick S. Baird.
Patrick S. Baird is the retired President and Chief Executive Officer of Aegon USA, LLC, the U.S. subsidiary of the Aegon Insurance Group, a leading multinational insurance organization.
In the position of CEO since 1993
Douglas M. Hultquist co-founded QCR Holdings Inc. in 1993 and has been its Chief Executive Officer and President since 1993.
Douglas M. Hultquist is a Certified Public Accountant (inactive) and previously served as a tax partner with two major accounting firms.
He began his career with KPMG Peat Marwick in 1977 and was named a partner in 1987.
In 1991, the Quad Cities office of KPMG Peat Marwick merged with McGladrey & Pullen.
Hultquist served as a tax partner in the Illinois Quad Cities office of McGladrey & Pullen from 1991 until co-founding QCR Holdings in 1993.
During his public accounting career, Hultquist specialized in bank taxation, taxation of closely held businesses, and mergers and acquisitions. He received his undergraduate degree from Augustana College in Accounting and Economics in 1977 and in 2009 received an Honorary Doctorate degree from the college.
Hultquist served on the board of directors of the PGA TOUR John Deere Classic and was its chairman for the 2001 tournament.
He is a past chairman of the Augustana College Board of Trustees and rejoined the board in 2016.
Hultquist is past president of the Quad City Estate Planning Council, past finance chairman of Butterworth Memorial Trust and previously served on the board of the Illinois Bankers Association.
Hultquist is a former member of the board of directors of United Fire Group, Inc. and former Risk Management Committee chair.
He served as director on the Quad Cities Chamber of Commerce board and Executive Committee and was past chair of its board.
He currently serves on the board of the Rock Island County Children’s Advocacy Center and participates in Big Brothers/Big Sisters.
Hultquist received the 1998 Ernst & Young “Entrepreneur of the Year” award for the Iowa and Nebraska region and was inducted into the Quad Cities Area Junior Achievement Business Hall of Fame in 2003.
He is also a member of the American Institute of CPAs and the Iowa Society of CPAs, and was selected as the Iowa Society of CPAs’ Outstanding CPA in Business and Industry for 2011.
Hultquist was also recognized as a 2015 Male Champion of Change Honoree by Women’s Connection and the 2016 Mardi Gras King by Junior Board of Rock Island.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Doug Hultquist’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 48.2018 ($).