- Push-out Score determined
- After about four years in the position
- Praise for Heard
- Bill Bosway taking over
- Heard will remain as Vice Chairman of the Board at Gibraltar Industries
- Heard said 61 words
(exechange) — Buffalo, New York, January 7, 2019 — Frank Heard, chief executive of Gibraltar Industries, leaves the position. It is an abrupt change. As announced by Gibraltar Industries Inc. in a news release on Monday, January 7, 2019, Frank G. Heard has left his post as Chief Executive Officer at the maker of building products after about four years in the role, effective January 2, 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 8.7 years, according to data compiled by exechange.
Frank Heard’s duties were taken over by William T. (Bill) Bosway, most recently Chief Executive Officer of the Refrigeration & Food Equipment segment of Dover Corporation.
The fact that Frank Heard’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Valuable expertise in driving organic growth accelerated by strategic acquisitions”
A reason for Frank Heard’s sudden departure from the CEO post was not explicitly provided. William Montague, Chairman of the Board, said: “Bill brings significant experience leading complex businesses at Fortune 500 global industrial companies, and valuable expertise in driving organic growth accelerated by strategic acquisitions.”
Heard will remain as Vice Chairman of the Board at Gibraltar Industries
“As part of the Company’s planned succession strategy, Frank Heard will remain employed with the Company in the newly created role of Vice Chairman of the Board through March 3, 2020, with the principal responsibility of ensuring a smooth leadership transition,” Gibraltar Industries said.
Share price increase since January 2015
The management change announcement follows an increase in Gibraltar Industries, Inc.’s share price of 141 percent since January 2015.
Chaired by William P. Montague
Gibraltar Industries, Inc. is chaired by William P. Montague.
William P. Montague has served as Chairman of the Board of Directors since 2015, as Lead Independent Director since 2010, and as a Director of the Company since its Initial Public Offering in 1993.
In the position of CEO since 2015
Frank G. Heard has been the President of Gibraltar Industries, Inc. since May 14, 2014 and its Chief Executive Officer since January 1, 2015.
Heard has served as Chief Executive Officer and a Director of the Company since 2015.
He joined Gibraltar as President and Chief Operating Officer in 2014 with more than 25 years of experience in the building products industry.
Prior to joining Gibraltar, Heard served as President of the Building Components Group, a division of ITW. In that role, he had global responsibility for the strategic direction and operational performance of 25 business units in 18 countries across a wide range of industry segments including residential and commercial construction, retail, and component manufacturing.
Prior to serving as President of the Building Components Group, Heard held various executive management roles for ITW dating back to 1990.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Gibraltar Industries and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2019 ($).