- Push-out Score determined
- After 11 years in the position
- Praise, thanks and good wishes for DiDomizio
- Roger Fordyce taking over
(exechange) — East Rutherford, New Jersey, January 9, 2019 — Joe DiDomizio, chief executive of Hudson, leaves. It is an abrupt change. As announced by Hudson Ltd. in a news release on Wednesday, January 9, 2019, Joseph (Joe) DiDomizio has left his post as Chief Executive Officer at the travel retail company after 11 years in the role, effective January 8, 2019.
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 8.6 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.
Joe DiDomizio’s move comes 16 months after Juan Carlos Torres Carretero took over as Chairman of Hudson Ltd.
Joe DiDomizio’s duties were taken over by Roger Fordyce, most recently Chief Operating Officer of Hudson Ltd.
“To pursue other interests”
Joe DiDomizio’s sudden departure from the CEO post is explained as follows. Hudson said: “Mr. Fordyce succeeds Joseph DiDomizio who is leaving the Company to pursue other interests.”
The phrase “to pursue other interests” opens the door to speculation.
Precise information regarding Joe DiDomizio’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without a reasonable explanation.
Share price decline
The management change announcement follows a decline in Hudson Ltd.’s share price of 27 percent since September 2018.
Chaired by Juan Carlos Torres Carretero
Hudson Ltd. is chaired by Juan Carlos Torres Carretero.
He was appointed to the Company’s board of directors on September 15, 2017, and has served as the Chairman of Dufry AG since 2003.
In the position of CEO since 2008
Joseph DiDomizio was appointed to the Company’s board of directors on August 3, 2017, and serves as a member of the Divisional Executive Committee of Dufry AG.
He has served in a variety of roles at Hudson Group over the past 25 years, including as Retail Operations Manager in 1992, Director of Business in 1994, Vice President of Business Development in 1996, Chief Operating Officer in 2003, and Chief Executive Officer since 2008.
He holds a Bachelor of Science in Marketing from the University of Bridgeport.
Joseph DiDomizio also serves on the National Board of Directors for Communities in Schools.
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 Hudson and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2019 ($).