- Push-out Score determined
- After about three years in the position
- Accolades, praise and thanks for Raab
- Search for a successor
- Raab said 77 words
(exechange) — Lake Mary, Florida, January 10, 2019 — Simon Raab, chief executive of Faro, leaves. As announced by Faro Technologies Inc. in a news release on Thursday, January 10, 2019, Simon Raab leaves his post as Chief Executive Officer at the computer-aided measurement and imaging devices and software company after about three years in the role.
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.
Raab will remain in his current role as President and CEO and as a member of the Board of Directors until a successor is appointed.
Faro will undertake a search for a successor.
No reason given
In the announcement, Faro did not explicitly explain the reason for Simon Raab’s move, leaving room for speculation.
Precise information regarding Simon Raab’s future plans was not immediately available.
Faro said: “Dr. Simon Raab plans to retire as President and Chief Executive Officer and as a member of the Board of Directors.”
Share price increase since January 2016
The management change announcement follows an increase in Faro Technologies, Inc.’s share price of 74 percent since January 2016.
Chaired by John Donofrio
Faro Technologies, Inc. is chaired by John Donofrio.
In the position of CEO since 2015
Simon Raab is a co-founder of the Company and has served as Chairman of the Board of Directors of the Company since its inception in 1982.
Raab has served as the Company’s President and Chief Executive Officer since December 2015.
Raab previously served as Chief Executive Officer of the Company from its inception in 1982 until January 2006, as Co-Chief Executive Officer from January 2006 until December 2006, and as President of the Company from 1986 until 2004.
Raab also serves as a director of two privately-held companies: Cynvenio Biosystems, Inc. and True Vision Systems, Inc.
Raab holds a Ph.D. in Mechanical Engineering from McGill University, Montreal, Canada, a Masters of Engineering Physics from Cornell University and a Bachelor of Science in Physics from the University of Waterloo, Canada.
Generally speaking, when a top manager announces to step aside with no successor in place, it’s a signal that the move was unexpected and too early.
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 Faro and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2019 ($).