- Push-out Score determined
- After around 14 years in the position
- Accolades, praise and thanks for Hagan
- Mike Finley taking over
- Hagan said 78 words
(exechange) — Los Angeles, California, February 21, 2019 — Dave Hagan, chief executive of Boingo, leaves. It is a change at short notice. As announced by Boingo Wireless Inc. in a news release and in a regulatory filing published on Thursday, February 21, 2019, David (Dave) Hagan leaves his post as chief executive officer at the provider of mobile Internet access for wireless-enabled consumer devices, after around 14 years in the role, effective March 18, 2019.
It is the end of an era.
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. Only 31 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Dave Hagan’s duties will be taken over by Michael J. (Mike) Finley, most recently president of North America and Australia of Qualcomm.
Already a director
Finley is already a director of Boingo. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Finley understands the expectations and dynamics of the board and has knowledge of Boingo’s organization, risk-management practices and strategy.
“Lead Boingo successfully into the 5G future”
A reason for Dave Hagan’s imminent departure from the CEO post was not explicitly provided. Dave Hagan said: “His wireless background coupled with the institutional knowledge he’s gleaned as a member of the board make Mike uniquely qualified to lead Boingo successfully into the 5G future.”
Precise information regarding Dave Hagan’s future plans was not immediately available.
Boingo said: “Finley succeeds Boingo’s current CEO and chairman of the board Dave Hagan, who has announced his desire to retire after 17 years of service to the company.”
Share price decline
The announcement follows a decline in Boingo Wireless, Inc.’s share price of 25 percent since September 2018.
In the position of CEO since 2004
David Hagan has served as the Company’s Chief Executive Officer and a member of the Company’s Board of Directors since November 2004.
He also served as the Company’s President from 2001 to May 2013.
In August 2014, Hagan was elected as Chairman of the Company’s Board of Directors.
Prior to joining the Company, Hagan served as Chief Executive Officer of FirstSource Corp., an e-commerce solutions provider, and as a President and Chief Operating Officer of Ticketmaster Online CitySearch, an online ticket retailer and city website manager.
Hagan has over 25 years of experience in senior management roles in the telecommunications industry with Sprint in the United States and Canada, including President, Consumer Services Group.
Hagan is a member of the Consumer Technology Association (CTA) and is currently Chairman of the CTA Executive Board and previously served as the Chairman of the CTA Wireless Division board.
He received a B.S. from the University of Kansas and a M.B.A. from Baker University.
Hagan will continue to serve as a member of the board, while Lance Rosenzweig, Boingo’s lead independent director, will become chairman of the board. All changes will take effect March 18, 2019.
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 Boingo and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2019 ($).