- Push-out Score suggests push-out forces
- After about five years in the position
- Praise, thanks and good wishes for Stebbins
- Tim McQuay taking over
- Search for a successor
(exechange) — Southfield, Michigan, December 14, 2018 — Don Stebbins, chief executive of Superior Industries, leaves the position. It is an abrupt change. As announced by Superior Industries International Inc. in a news release and in a regulatory filing published on Friday, December 14, 2018, Donald J. (Don) Stebbins leaves his post as Chief Executive Officer at the aluminum wheel supplier after about five years in the role, effective immediately.
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.
Stebbins leaves the company effective December 31, 2018.
Superior Industries will undertake a search for a successor.
Don Stebbins’s duties will be taken over by Timothy C. (Tim) McQuay, currently Chairman of Superior Industries International, Inc.
“Enhance the Company’s operations and financial performance”
A reason for Don Stebbins’s sudden departure from the CEO post was not explicitly given. Superior Industries said: “Until a permanent Chief Executive Officer is identified, Mr. McQuay will lead the team in the continued execution of Superior’s strategy to further position Superior for growth, accelerate the integration of best practices across the organization, and enhance the Company’s operations and financial performance.”
Precise information about Don Stebbins’s future plans was not immediately available.
Superior Industries said: “Don Stebbins, President and Chief Executive Officer and Member of the Board of Directors, will retire effective December 31, 2018.”
Share price decline
The change follows a decline in Superior Industries International, Inc.’s share price of 73 percent since August 2018.
In the position of CEO since 2014
Stebbins was appointed as the Company’s President and Chief Executive Officer effective May 5, 2014.
He was previously Chairman, President and Chief Executive Officer of Visteon Corporation (NYSE: VC) (“Visteon”), a global supplier of automotive systems, modules and components to global automotive original equipment manufacturers, from December 1, 2008 through August 2012.
Stebbins was a member of the board of directors of Visteon from December 2006 through August 2012.
Prior to that, Stebbins was Visteon’s President and Chief Executive Officer from June 2008 through November 2008, and its President and Chief Operating Officer from May 2005 through May 2008.
After leaving Visteon in 2012, Stebbins provided consulting services for several private equity firms. Before joining Visteon, Stebbins served as President and Chief Operating Officer of operations in Europe, Asia and Africa for Lear Corporation (NYSE: LEA) (“Lear”), a supplier of automotive seating and electrical distribution systems, since August 2004, President and Chief Operating Officer of Lear’s operations in the Americas since September 2001 and prior to that, as Lear’s Chief Financial Officer.
As a general rule, when a top leader announces to step down with no successor in place, it’s a signal that the change was unplanned and too early.
In general, possible causes for an unplanned management change may be, among others, disagreement or dispute.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Don Stebbins’s sudden 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 ($).