- Push-out Score determined
- After about nine years in the position
- Accolades, praise and thanks for Hilton
- Search for a successor
- Hilton said 108 words
(exechange) — Westlake, Ohio, February 28, 2019 — Mike Hilton, chief executive of Nordson, leaves. As announced by Nordson Corp. in a news release and in a regulatory filing published on Thursday, February 28, 2019, Michael F. (Mike) Hilton leaves his post as Chief Executive Officer at the adhesive manufacturing company after about nine 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 8.2 years, according to data compiled by exechange.
The Board of Directors has initiated a search of internal and external candidates for his successor. Throughout this process, Hilton will remain in his current role as President and CEO to ensure a smooth transition.
“My intent to retire”
A reason for Mike Hilton’s departure from the CEO post was not explicitly provided. Hilton said: “After nine years with Nordson, I’ve shared with our Board of Directors my intent to retire by calendar year-end.”
Precise information regarding Mike Hilton’s future plans was not immediately available.
Nordson said: “Michael F. Hilton plans to retire as President and Chief Executive Officer after nine successful years with the company.”
Nordson further said: “On February 26, 2019, Michael F. Hilton notified Nordson Corporation … that he intends to retire from his position as Chief Executive Officer at a date to be determined.”
Share price increase since January 2016
The announcement follows an increase in Nordson Corporation’s share price of 139 percent since January 2016.
Chaired by Michael Merriman
Nordson Corporation is chaired by Michael Merriman.
In the position of CEO since 2010
Michael F. Hilton has been the Chief Executive Officer and President of Nordson Corporation since January 16, 2010.
Prior to his joining Nordson, Hilton was senior vice president and general manager for Air Products and Chemicals, Inc. (NYSE: APD) from 2007 until 2010, with specific responsibility for leading the company’s $2 billion global Electronics and Performance Materials segment.
Air Products and Chemicals serves customers in industrial, energy, technology, and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.
Hilton is a director of Ryder System, Inc. (NYSE: R), a FORTUNE® 500 provider of leading-edge transportation, logistics, and supply chain management solutions.
He is also a director of Lincoln Electric Holdings, Inc. (Nasdaq: LECO). Lincoln Electric is the world leader in the design, development, and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market.
Generally speaking, when a top manager announces to step aside with no successor available, it’s a sign that the change was unplanned and too early.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Nordson and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2019 ($).