- After less than two years in the position
- Responsibilities redistributed
(exechange) — Fort Myers, Florida, November 20, 2018 — Remy Trafelet, chief executive of Alico, takes a leave of absence. It is an abrupt change. As announced by Alico Inc. in a regulatory filing published on Tuesday, November 20, 2018, Remy White Trafelet has left his post at the orange groves company after less than two years in the role, effective November 19, 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. Only 11 percent of the CEOs who departed over the past 12 months left the position within two years, and 21 percent left the position within three years.
His position is currently not filled. Remy Trafelet’s responsibilities are redistributed.
No reason given
In the announcement, Alico did not explicitly explain the obviously compelling reason for Remy Trafelet’s sudden move, leaving room for speculation.
“It intends to consider terminating his employment for ’cause'”
Alico said: “On November 19, 2018, Alico, Inc. …, with unanimous approval of the members of the Board of Directors of the Company … other than Remy W. Trafelet, notified Mr. Trafelet, the Company’s President and Chief Executive Officer and a member of the Board, that it intends to consider terminating his employment for “cause” pursuant to the terms of his employment agreement with the Company and option agreements entered into under the Company’s Stock Incentive Plan of 2015 … As required by the Compensation Documents, the Company will schedule a special meeting of the Board at a future date, at which meeting Mr. Trafelet and his counsel (if he so elects) may meet with the Board to address this matter. The Board will make its final determination as to Mr. Trafelet’s employment following such meeting. Mr. Trafelet has been placed on administrative leave pending the outcome of these proceedings.”
Share price increase since January 2017
The change follows an increase in Alico, Inc.’s share price of 23 percent since January 2017.
Chaired by Henry R. Slack
Alico, Inc. is chaired by Henry R. Slack.
Slack has served on the Board of Directors since November 19, 2013 and as Executive Chairman since December 31, 2016.
In the position of CEO since 2016
Remy White Trafelet has been Chief Executive Officer and President of Alico, Inc. since December 31, 2016.
Trafelet is also the Managing Member of 734 Investors, LLC, Alico’s largest shareholder.
He is the Managing Partner of Trafelet Brokaw & Company, LLC, a long-term value-based private investment firm that manages capital for the firm’s principals and select outside investors.
In 2000, Trafelet formed Trafelet & Company, LLC, which managed several long/short equity hedge funds.
The firm grew to over $6bn in assets under management with offices in New York and London. In 2009, Trafelet spun off the firm’s London operations to form Habrok Capital Management, a global long/short equity hedge fund.
He is also the founder and Chairman of Hazeltree Treasury Solutions, the leading provider of treasury management strategies with offices in New York, London and Hong Kong. Trafelet is a Trustee and Chairman of the Investment Committee for the Boys’ Club of New York, he serves as a member of the board and Executive Committee for the Children’s Scholarship Fund, and is President of the Trafelet Family Foundation.
He is a member of the Investment Committee of Phillips Exeter Academy and is a former Trustee.
Additionally, Trafelet is a Trustee for The Eaglebrook School, a board member of the Tall Timbers Research Station & Land Conservancy, the Atlantic Salmon Federation and is a member of the Florida Land Council.
Trafelet was graduated from Phillips Exeter Academy and earned an A.B. from Dartmouth College, where he was graduated with honors and named a Presidential Scholar.
He is a Chartered Financial Analyst.
Trafelet resides in New York City with his three children.