- Push-out Score determined
- After almost seven years in the position
- Praise for Clemons
- Michael Combs taking over
- Clemons will remain as Chairman at CorVel
- Clemons said 62 words
(exechange) — Irvine, California, January 18, 2019 — Gordon Clemons, chief executive of CorVel, leaves the position. It is an abrupt change. As announced by CorVel Corp. in a news release and in a regulatory filing published on Friday, January 18, 2019, Victor Gordon Clemons leaves his post as Chief Executive Officer at the workers compensation managed care organization after almost seven 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 8.5 years, according to data compiled by exechange.
Gordon Clemons’s duties will be taken over by Michael G. Combs, most recently President of CorVel Corporation.
“Carefully planned succession process”
Gordon Clemons’s sudden departure from the CEO post is explained as follows. CorVel’s lead independent Board Member, Judd Jessup, said: “Michael’s appointment to CEO is the result of a carefully planned succession process.”
Clemons will remain as Chairman at CorVel
“Mr. Clemons will continue to serve as Chairman focusing his attention on strategy and product development,” CorVel said.
CorVel said: “Mr. Combs succeeds Mr. Clemons, the company’s founder, Chairman and CEO.”
CorVel further said: “In connection with Mr. Combs’ appointment and in accordance with the Company’s Bylaws, V. Gordon Clemons resigned his title as Chief Executive Officer of the Company effective as of January 18, 2019, but will continue to serve as Chairman of the Company and will remain an employee of the Company focusing his attentions on strategy and product development.”
Share price increase since November 2016
The management change announcement follows an increase in CorVel Corporation’s share price of 98 percent since November 2016.
In the position of CEO since 2012
Victor Gordon Clemons, Sr., has been the Chief Executive Officer of CorVel Corporation since April 13, 2012.
Clemons has served as the Company’s Chairman of the Board since April 1991.
He served as the Company’s Chief Executive Officer from January 1988 until August 2007 and as the Company’s President from January 1988 until May 2006.
He was reappointed as the Company’s Chief Executive Officer, President and Chief Operating Officer in April 2012 and served in the role of President until April 2017.
Clemons was President of Caremark, Inc., a home intravenous therapy company, from May 1985 to September 1987, at which time Caremark was purchased by Baxter International, Inc.
From 1981 to 1985, Clemons was President of INTRACORP, a medical management company and subsidiary of CIGNA Corporation.
Clemons has 41 years of experience in the healthcare and insurance industries.
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 CorVel and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2019 ($).