- Push-out Score suggests push-out forces
- After less than four years in the position
- Praise and thanks for Dickey
- Search for a successor
- Dickey spoke at length and said 183 words
(exechange) — McLean, Virginia, December 5, 2018 — Bob Dickey, chief executive of Gannett, leaves. As announced by Gannett Co. Inc. in a news release on Wednesday, December 5, 2018, Robert J. (Bob) Dickey leaves his post as Chief Executive Officer at the media company after less than 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 years, according to data compiled by exechange.
Gannett will undertake a search for a successor.
Dickey will continue to lead the company as president and CEO during this process and has agreed to stay on until May 7, 2019, or, if earlier, until a successor is named.
“The board undertakes its duty to plan for the future”
A reason for Bob Dickey’s departure from the CEO post was not explicitly given. Dickey said: “While the board undertakes its duty to plan for the future, I will continue working hard alongside my talented and dedicated colleagues to support Gannett’s leadership, continue our digital transformation and position our brands for long-term success.”
Precise information about Bob Dickey’s future plans was not immediately available.
Gannett said: “President and Chief Executive Officer Robert J. Dickey has informed the company’s board of directors of his intention to retire.”
Share price decline
The change follows a decline in Gannett Co., Inc.’s share price of 40 percent since April 2016.
Chaired by J.Jeffry Louis
Gannett Co., Inc. is chaired by J.Jeffry Louis.
In the position of CEO since 2015
Robert J. Dickey has been the Chief Executive Officer and President of Gannett Co., Inc., since June 29, 2015.
From February 2008 until the separation, he served as President of the U.S. Community Publishing Division of the Company’s former parent, formerly the Newspaper Division.
Previously, he served as Senior Group President of the Pacific Group of the Company’s former parent and Chairman of Phoenix Newspapers, Inc. from 2005 to 2008; President and Publisher of The Desert Sun (Palm Springs, CA) from 1993 to 2005; and Group Vice President of the Pacific Group of the Company’s former parent from 1997 to 2005.
Dickey currently serves on the board of The Associated Press and served as chairman of News Media Alliance from March 2014 until March 2015.
He has served as a director of the Company since June 29, 2015.
Generally speaking, when a top manager announces to step aside with no successor available, it is a signal that the move was unplanned and too early.
In general, possible causes for an unplanned change may be, among others, disagreement or dispute.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob Dickey’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 ($).