- Push-out Score determined
- After about six years in the position
- Accolades, praise and thanks for Mezey
- Search for a successor
- Mezey spoke at length and said 150 words
(exechange) — Liberty Lake, Washington, January 22, 2019 — This news came the day after Martin Luther King, Jr. Day. Philip Mezey, chief executive of Itron, leaves. As announced by Itron Inc. in a news release and in a regulatory filing published on Tuesday, January 22, 2019, Philip C. Mezey leaves his post as Chief Executive Officer at the technology company that offers products on energy and water resource management after about six 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 8.5 years, according to data compiled by exechange.
By mutual agreement with the Board, Mezey will continue to lead the Company as President and Chief Executive Officer and serve as a member of its Board until August 31, 2019, or until a successor is appointed.
Itron will undertake a search for a successor.
“The right time”
Philip Mezey’s departure from the CEO post is explained as follows. Mezey said: “With the strategy, plan and team firmly in place, and with the majority of our operational improvement initiatives behind us, I felt that now was the right time for me pass the baton to the next leader, who will continue to improve on what we have built.”
Precise information regarding Philip Mezey’s future plans was not immediately available.
Itron said: “Philip C. Mezey has informed the Company of his intention to retire as the Company’s President and Chief Executive Officer and a member of the Company’s board of directors.”
“Not due to any disagreement”
“Mr. Mezey’s separation is not due to any disagreement related to the Company’s operations, policies or practices, financial status or financial statements,” Itron said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The management change announcement follows a decline in Itron, Inc.’s share price of 31 percent since October 2017.
Chaired by Lynda Ziegler
Itron, Inc. is chaired by Lynda Ziegler.
Lynda L. Ziegler has been a director since February 2013 and was elected Vice Chair of the Board in April 2015, and then Chair of the Board in September 2016.
In the position of CEO since 2013
Philip C. Mezey has been a director since 2013.
Effective January 1, 2013, he was elected Itron’s President and Chief Executive Officer, and was previously President and Chief Operating Officer of Itron’s Energy segment from March 2011 until December 31, 2012.
Mezey joined Itron in March 2003 as Managing Director of Software Development for Itron’s Energy Management Solutions Group as part of Itron’s acquisition of Silicon Energy Corp., where he had most recently served as its Senior Vice President of Product Development and Strategy.
Mezey was promoted to Group Vice President and Manager of Software Solutions in 2004.
In 2005, he became Senior Vice President Software Solutions, and in 2007 Mezey became Senior Vice President and Chief Operating Officer Itron North America.
Upon the appointment of a successor, Mezey will remain with the Company as an advisor through December 31, 2019, to help facilitate a seamless transition.
As a general rule, when a top leader announces to step down with no successor available, 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 Itron and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2019 ($).