Kemet CEO Per Loof leaves abruptly

  • Push-out Score determined
  • After almost 14 years in the position
  • Accolades and praise for Loof
  • Bill Lowe taking over

(exechange) — Fort Lauderdale, Florida, December 20, 2018 — Per Loof, chief executive of Kemet, leaves — “in agreement with the Board.” It is an abrupt change. As announced by Kemet Corp. in a news release and in a regulatory filing published on Thursday, December 20, 2018, Per-Olof (Per) Loof leaves his post as Chief Executive Officer at the supplier of passive electronic components after almost 14 years in the role, effective immediately.

It is the end of an era.

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 8.8 years, according to data compiled by exechange. Only 35 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

Per Loof’s duties will be taken over by William M. (Bill) Lowe, most recently Chief Financial Officer of Kemet Corporation.

“Consensual personal relationship between Mr. Loof and an employee”

Per Loof’s sudden departure from the CEO post is explained as follows. Kemet said in a fairly blunt statement: “Mr. Loof’s departure follows an investigation overseen by certain independent members of the Kemet Board, with the assistance of an external law firm, of the facts and circumstances surrounding a consensual personal relationship between Mr. Loof and an employee of the Company and related actions which were inconsistent with the Company’s policies. The alleged conduct did not relate to questions regarding the Company’s operations or the integrity of the Company’s financial statements.”

“Kemet is committed to ensuring that the Company’s policies are upheld by all Kemet employees,” said Frank G. Brandenberg, Chairman of the Board.

Precise information regarding Per Loof’s future plans was not immediately available.

“Resigned”

Kemet said: “Mr. Lowe succeeds Per-Olof Loof, who, in agreement with the Board, has resigned as Chief Executive Officer and as a member of the Board.”

“Voluntarily resigned”

Kemet further said: “On Thursday, December 20, 2018, Kemet Corporation … issued a press release in which it announced the appointment of William M. Lowe, Jr. as Chief Executive Officer of the Company and a member of the Company’s Board of Directors, succeeding Per-Olof Loof, who, in agreement with the Company’s Board, has voluntarily resigned as Chief Executive Officer and as a member of the Board.”

Share price decline

The change follows a decline in Kemet Corporation’s share price of 42 percent since July 2018.

Chaired by Frank G. Brandenberg

Kemet Corporation is chaired by Frank G. Brandenberg.

Frank G. Brandenberg, 71, Chairman and Director, was named such in October 2003.

In the position of CEO since 2005

Per-Olof Loof, Chief Executive Officer and Director, was named such in April 2005.

Loof was previously the Managing Partner of QuanStar Group, LLC, a management consulting firm and had served in such capacity since December 2003.

Prior thereto, he served as Chief Executive Officer of Sensormatic Electronics Corporation and in various management roles with Andersen Consulting, Digital Equipment Corporation, AT&T and NCR.

Loof serves on several charity boards including the Boca Raton Regional Hospital and the International Centre for Missing & Exploited Children.

He received a “civilekonom examen” degree in economics and business administration from the Stockholm School of Economics.

Push-out Score determined
Read the full story in the exechange report 52.2018 ($).