- Push-out Score suggests push-out forces
- After about a year and a half in the position
- Thanks and good wishes for Iyyanki
- Cris Gaut taking over
(exechange) — Houston, Texas, December 3, 2018 — Prady Iyyanki, chief executive of Forum Energy, leaves. As announced by Forum Energy Technologies Inc. in a news release on Monday, December 3, 2018, Prady Iyyanki leaves his post as Chief Executive Officer at the oilfield products company after about a year and a half in the role.
No company wants a CEO to flame out in the first years.
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 12 percent of the CEOs who departed over the past 12 months left the position within two years, and 22 percent left the position within three years.
The exact date of Prady Iyyanki’s departure from his post was not given in the announcement.
Prady Iyyanki’s duties will be taken over by C.Christopher (Cris) Gaut, currently Chairman of Forum Energy Technologies, Inc.
Forum Energy Technologies, Inc. still listed Iyyanki as President and Chief Executive Officer on its leadership page.
“Significant upside potential”
A reason for Prady Iyyanki’s departure from the CEO post was not explicitly given. Cris Gaut said: “Forum is a strong company with tremendous talent and significant upside potential.”
Precise information about Prady Iyyanki’s future plans was not immediately available.
Share price decline
The change follows a decline in Forum Energy Technologies, Inc.’s share price of 82 percent since June 2014.
In the position of CEO since 2017
Prady Iyyanki has been Chief Executive Officer and President of Forum Energy Technologies, Inc. since May 16, 2017.
Iyyanki has served as President and Chief Executive Officer, and as a member of the Company’s board of directors, since May 2017.
From May 2016 to May 2017, Iyyanki served as President and Chief Operating Officer, and from January 2014 to May 2016, he served as Executive Vice President and Chief Operating Officer.
Iyyanki was a private investor from March 2013 through December 2013.
From April 2011 to March 2013, Iyyanki served as Vice President of GE Oil and Gas, a manufacturer of capital equipment and service provider for the oil and gas industry, and from April 2011 to December 2012, he served as President and Chief Executive Officer of the GE Oil and Gas Turbo Machinery business.
From June 2006 to April 2011, Iyyanki served as President and Chief Executive Officer of the GE Power and Water Gas Engines business.
At the time of Prady Iyyanki’s appointment as Chief Executive Officer at Forum Energy, Cris Gaut had commented: “It has been a privilege to serve as Chairman and CEO of Forum since its inception six and a half years ago. Three years ago we brought Prady on board to create a more professional, streamlined, and efficient organization that was capable of becoming a force to be reckoned with in the oilfield manufacturing space. Since then he has proven himself at every turn to be an excellent leader with strong business judgement. I was pleased to recommend this move to our Board, and I look forward to the continued growth and prosperity of the company under Prady’s leadership.”
At the time of his appointment as Chief Executive Officer at Forum Energy, Prady Iyyanki had said: “I am honored to lead Forum into its next chapter. Cris successfully set the direction for Forum’s business and financial strategy, led the transition to being a public company and built a firm foundation of trust with our investors and customers. He established Forum as a strong competitor within the oilfield equipment manufacturing sector, and has proven to be an excellent mentor for me and many others. In his new position, he will continue to be actively involved with our larger strategic matters, as well as acquisition and capital markets efforts. I look forward to continuing my strong partnership with Cris.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Prady Iyyanki’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 50.2018 ($).