- Push-out Score determined
- After less than three and a half years in the position
- Accolades, praise and thanks for Roeth
- Search for a successor
- Roeth made a lengthy statement and said 217 words
(exechange) — Walnut Creek, California, February 11, 2019 — George Roeth, chief executive of Central Garden, leaves. As announced by Central Garden & Pet Co. in a news release on Monday, February 11, 2019, George C. Roeth leaves his post as Chief Executive Officer at the maker of products for the lawn and garden, and pet supplies markets after less than three and a half years in the role, effective September 28, 2019.
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.
George Roeth’s move comes 12 months after Brooks M. Pennington took over as Chairman of Central Garden & Pet Company.
Central Garden will undertake a search for a successor.
“Promising organic and M&A-driven growth opportunities ahead for Central”
A reason for George Roeth’s departure from the CEO post was not explicitly provided. Sonny Pennington, Chairman of the Board of Central Garden & Pet, said: “Looking ahead, the Board will focus on finding the right leader who will continue to champion Central’s culture of entrepreneurship, customer-first orientation, and collaboration to help drive the Company’s positive trajectory. We are committed to empowering our team to take charge, innovate, and execute on our strategy of building scale and efficiency in our core businesses, including our pursuit of promising organic and M&A-driven growth opportunities ahead for Central.”
The phrase “promising organic and M&A-driven growth opportunities ahead for Central” opens the door to speculation.
Precise information regarding George Roeth’s future plans was not immediately available.
Central Garden said: “President and Chief Executive Officer George Roeth has announced his intention to retire from his roles, effective at the end of the Company’s fiscal year on September 28, 2019. Prior to that date, Mr. Roeth will continue to lead the Company in his capacity as President and Chief Executive Officer to ensure a smooth transition.”
Share price decline
The announcement follows a decline in Central Garden & Pet Company’s share price of 33 percent since July 2018.
Chaired by Brooks M. Pennington
Central Garden & Pet Company is chaired by Brooks M. Pennington.
Brooks M. (Sonny) Pennington has been a Director of Special Projects at Central Garden & Pet Company since October 1, 2006 and Chairman of the Board since February 2018.
In the position of CEO since 2016
Roeth has been the Company’s President and Chief Executive Officer since June 2016.
Roeth was an executive with The Clorox Company for 27 years prior to his retirement in 2015.
From 2013 to 2014, Roeth served as Chief Operating Officer of Lifestyle, Household and Global Operating Functions of Clorox.
Previously, Roeth served as Senior Vice President and General Manager, during which time he was also Chairman of the Board for the Clorox and Procter & Gamble Joint Venture.
Prior to that, Roeth served in several senior-level marketing and operations roles at Clorox, including Vice President and General Manager, Vice President of Growth and Marketing, and Vice President of Brand Development, among others.
Roeth currently serves on the boards of the Oil-Dri Corporation and the East Oakland Youth Development Foundation.
As a former senior executive of a large consumer products company, Roeth has a proven track record of delivering profitable growth.
As a general rule, when a top manager announces to step down with no successor in place, it’s a signal that the change was unplanned 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 Central Garden and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2019 ($).