- Push-out Score suggests push-out forces
- After almost nine years in the position
- Accolades, praise, thanks and good wishes for Pappas
- Search for a successor
- Pappas said 84 words
(exechange) — Berwyn, Pennsylvania, December 11, 2018 — Chris Pappas, chief executive of Trinseo, leaves. As announced by Trinseo SA in a news release and in a regulatory filing published on Tuesday, December 11, 2018, Christopher Daniel (Chris) Pappas, Chief Executive Officer, leaves the maker of plastics, latex binders and synthetic rubber after almost nine years in the role, effective in 2019.
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.
Trinseo will undertake a search for a successor.
No reason given
In the announcement, Trinseo did not explicitly explain the reason for Chris Pappas’s move, leaving room for speculation.
Precise information about Chris Pappas’s future plans was not immediately available.
Trinseo said: “Christopher D. Pappas, President and Chief Executive Officer, has announced his plans to retire in 2019.”
Trinseo further said: “On December 10, 2018, Christopher D. Pappas, President and Chief Executive Officer of Trinseo. S.A. … notified the Company’s board of directors of his intention to retire in 2019, with his definitive retirement date to be determined at a later date.”
Share price decline
The change follows a decline in Trinseo S.A.’s share price of 43 percent since October 2018.
Chaired by Stephen M. Zide
Trinseo S.A. is chaired by Stephen M. Zide.
Zide became a director of the Company in June 2010. Zide retired from Bain Capital, LP, a private equity investment firm, in 2017, having joined the firm in 1997.
In the position of CEO since 2010
Pappas joined Trinseo as President and Chief Executive Officer in June 2010 and served as interim chief financial officer from November 2015 until June 2016.
Prior to joining Trinseo, Pappas held a number of executive positions at NOVA Chemicals of increasing responsibility from July 2000 to November 2009, most recently as President and Chief Executive Officer from May 2009 to November 2009, President & Chief Operations Officer from October 2006 to April 2009 and Vice President and President of Styrenics from July 2000 to September 2006.
Before joining NOVA Chemicals, Pappas was Commercial Vice President of DuPont Dow Elastomers where he joined as Vice President of ethylene elastomers in 1995.
Pappas began his chemicals career in 1978 with The Dow Chemical Company (“Dow”) where he held various sales and managerial positions until 1995.
Generally speaking, when a top leader announces to step down with no successor available, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chris Pappas’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 51.2018 ($).