- Push-out Score determined
- After 10 years in the position
- Praise and thanks for Brightman
- Brady Murphy taking over
- Brightman kept it short and said 58 words
(exechange) — The Woodlands, Texas, February 25, 2019 — Stu Brightman, chief executive of Tetra, leaves. As announced by Tetra Technologies Inc. in a news release and in a regulatory filing published on Monday, February 25, 2019, Stuart M. (Stu) Brightman leaves his post as Chief Executive Officer at the oil and gas services company, after 10 years in the role, effective May 3, 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.
Stu Brightman’s duties will be taken over by Brady M. Murphy, currently Chief Operating Officer of Tetra Technologies, Inc.
Stu Brightman’s departure from the CEO post is explained as follows. William D. Sullivan, Chairman of the Board of Tetra, said: “It is our pleasure to congratulate Stu on his outstanding career, and his planned retirement.”
Precise information regarding Stu Brightman’s future plans was not immediately available.
Tetra said: “Stuart M. Brightman, Chief Executive Officer and a director of Tetra, has advised the Board of Directors of his intent to retire from his role as Chief Executive Officer immediately following the Annual Meeting of Tetra stockholders on May 3, 2019.”
Tetra further said: “Tetra Technologies, Inc. … announced that on February 22, 2019 Stuart M. Brightman informed the Company that he intends to retire from his position as Chief Executive Officer of Tetra immediately following the Annual Meeting of Tetra stockholders on May 3, 2019.”
Share price decline
The announcement follows a decline in Tetra Technologies, Inc.’s share price of 46 percent since September 2018.
Chaired by William D. Sullivan
Tetra Technologies, Inc. is chaired by William D. Sullivan.
Sullivan has served as a member of the Company’s Board of Directors since August 2007 and as Chairman since May 2015.
In the position of CEO since 2009
Brightman has served as the Company’s Chief Executive Officer and as a director since May 2009.
From May 2009 until February 2018, he also served as the Company’s President.
He served as the Company’s Executive Vice President and Chief Operating Officer from April 2005 through May 2009.
Brightman also serves as chairman of the board of directors of the Company’s CSI Compressco GP Inc. subsidiary, the general partner of CSI Compressco LP (“CSI Compressco” or “CCLP”), one of the Company’s consolidated subsidiaries and a publicly traded limited partnership subject to the reporting requirements of the Exchange Act.
From April 2004 to April 2005, Brightman was self-employed.
Brightman served as president of the Dresser Flow Control division of Dresser, Inc. from April 2002 until April 2004.
From November 1998 to April 2002, Brightman was president of the Americas Operation of the Dresser Valve Division of Dresser, Inc.
He served in other capacities during the earlier portion of his career with Dresser, from 1993 to 1998. From 1982 to 1993, Brightman served in several financial and operational positions with Cameron Iron Works and its successor, Cooper Oil Tools.
Brightman also serves on the board of directors and as a member of the compensation and nominating and governance committees of C&J Energy Services, Inc., a public company subject to the reporting requirements of the Exchange Act.
Brightman received his B.S. degree from the University of Pennsylvania and his Master of Business Administration degree from the Wharton School of Business.
Brightman has been nominated for election to Tetra’s Board of Directors for an additional one year term, from May 2019 to May 2020.
Brightman will continue as a non-executive employee, and will be available to support the board and management in an advisory role.
Since May 2014, Brightman has also been the Executive Chairman of the Board of CSI Compressco GP Inc. (“CCGP”), the general partner of CSI Compressco LP (NASDAQ: CCLP), a partially owned subsidiary of Tetra.
Brightman has also advised of his intent to retire from the board of CCGP after the 2019 Annual Meeting of the Tetra stockholders. It is anticipated that Murphy will be named Executive Chairman of the Board of CSI Compressco GP Inc at that time. Murphy has been a member of the CCGP Board since February 21, 2018.
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 Tetra and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2019 ($).