- Push-out Score determined
- After almost 10 years in the position
- Praise and thanks for Painter
- Painter will remain as executive chairman at Kadant
- Painter spoke at length and said 170 words
(exechange) — Westford, Massachusetts, February 13, 2019 — Jon Painter, chief executive of Kadant, hands over the reins. As announced by Kadant Inc. in a news release and in a regulatory filing published on Wednesday, February 13, 2019, Jonathan W. (Jon) Painter leaves his post as chief executive officer at the supplier of components and engineered systems used in process industries after almost 10 years in the role, effective July 1, 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 8.2 years, according to data compiled by exechange.
Jon Painter’s duties will be taken over by Jeffrey L. (Jeff) Powell, currently co-chief operating officer of Kadant Inc.
Jon Painter’s departure from the CEO post is explained as follows. Kadant said: “Jeffrey L. Powell will be named president effective April 1, 2019 and chief executive officer and a director effective July 1, 2019, as part of a succession plan adopted by the board of directors.”
Painter will remain as executive chairman at Kadant
“As part of the succession plan, Jonathan W. Painter will become executive chairman of the board of directors effective July 1, 2019,” Kadant said.
Share price increase since January 2016
The announcement follows an increase in Kadant Inc.’s share price of 150 percent since January 2016.
Chaired by William A. Rainville
Kadant Inc. is chaired by William A. Rainville.
William A. Rainville, the Company’s current chairman of the board of directors, has decided not to stand for reelection as a director of the Company and will cease to be a director and the chairman of the board of directors when his current term ends at the Company’s 2019 annual meeting of stockholders.
In the position of CEO since 2010
Painter has been the Company’s chief executive officer and a member of the Company’s board of directors since January 2010 and the Company’s president since September 2009.
He also served as the Company’s chief operating officer from September 2009 to January 2010.
Prior to becoming the Company’s president, Painter was the Company’s executive vice president from 1997 to September 2009, and from 2007 to September 2009 had supervisory responsibility for the Company’s stock-preparation and fiber-based products businesses.
He also served as president of the Company’s composites building products business from 2001 until its sale in 2005.
Painter was the Company’s treasurer and the treasurer of Thermo Electron Corporation (now named Thermo Fisher Scientific Inc., “Thermo”), a manufacturer of high-tech instrumentation, from 1994 to 1997.
Prior to 1994, Painter held various managerial positions with the Company and Thermo.
Painter also serves as a director of Graham Corporation, a publicly-traded designer and manufacturer of vacuum and heat transfer equipment for energy markets and process industries worldwide.
The succession plan is designed to retain the services of Painter for one year from the appointment of his successor as CEO.
In his new position as executive chairman, Painter will continue to participate in strategic planning and acquisition activities, consult with management on operational matters, and be responsible for corporate governance matters.
Painter is expected to continue as a director in a non-executive role after his retirement on June 30, 2020.
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 Kadant and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2019 ($).