- Push-out Score determined
- After less than two and a half years in the position
- Praise and thanks for Tufano
- Search for a successor
- Tufano said 124 words
(exechange) — Tempe, Arizona, February 7, 2019 — Paul Tufano, chief executive of Benchmark Electronics, leaves. As announced by Benchmark Electronics Inc. in a news release on Thursday, February 7, 2019, Paul J. Tufano leaves his post as Chief Executive Officer at the provider of engineering services after less than two and a half 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 8.1 years, according to data compiled by exechange. Only 24 percent of the CEOs who departed over the past 12 months left the position within three years.
Paul J. Tufano, President and Chief Executive Officer, will retire after transitioning his responsibilities to a successor to be identified by the Board of Directors.
“The timing is right to act on my planned retirement and transition to a new CEO”
Paul Tufano’s departure from the CEO post is explained as follows. Tufano said that “the timing is right to act on my planned retirement and transition to a new CEO who will continue guiding the organization towards the full achievement of our strategy.”
Precise information regarding Paul Tufano’s future plans was not immediately available.
Benchmark Electronics said: “Paul J. Tufano, President and Chief Executive Officer, will retire after transitioning his responsibilities to a successor to be identified by the Board of Directors.”
Chaired by David Scheible
Benchmark Electronics, Inc. is chaired by David Scheible.
In the position of CEO since 2016
Paul J. Tufano has been President and Chief Executive Officer of the Company since September 2016 and a director of the Company since March 2016.
He served as the Chief Financial Officer of Alcatel-Lucent, a global telecommunications equipment company, from 2008 to September 2013 and Chief Operating Officer from January 2013 to September 2013.
He was Executive Vice President of Alcatel-Lucent from 2008 to September 2013 and served as a consultant to Alcatel-Lucent from September 2013 to April 2014.
Tufano was the Executive Vice President and Chief Financial Officer of Solectron Corporation, an electronics manufacturing company for original equipment manufacturers, from 2006 to 2007 and served as Interim Chief Executive Officer during 2007.
Prior to joining Solectron, he was President and Chief Executive Officer of Maxtor Corporation, a manufacturer of computer hard disks, from 2003 to 2004, Executive Vice President and Chief Operating Officer from 2001 to 2003, and Chief Financial Officer from 1996 to 2003.
From 1979 to 1996, Tufano held management positions in finance, operations and logistics at IBM.
He has served on the board of directors of Teradyne, Inc., a global supplier of automatic test equipment, since 2005, and on the board of directors of EnerSys, a global manufacturer, marketer and distributor of industrial batteries and related equipment, since 2015.
He also served on the board of directors of International Manufacturing Services, Inc., an electronics manufacturing services provider, from 1996 to 1998.
He holds a Bachelor of Science in Economics from St. John’s University and a Masters of Business Administration, Finance, Accounting and International Business from Columbia University.
He will also resign from the Board once his successor assumes the role of CEO.
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 Benchmark Electronics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2019 ($).