- Push-out Score determined
- After almost eight years in the position
- Thanks and good wishes for Cazenave
- Carl Johnson taking over in the interim
- Search for a successor
(exechange) — Vancouver, Washington, March 1, 2019 — Bruce Cazenave, chief executive of Nautilus, leaves. It is an abrupt change. As announced by Nautilus Inc. in a news release and in a regulatory filing published on Friday, March 1, 2019, Bruce M. Cazenave, Chief Executive Officer, leaves the maker of home fitness equipment after almost eight years in the role, effective immediately.
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.
Nautilus will undertake a search for a successor.
Bruce Cazenave’s duties will be taken over in the interim by M.Carl Johnson, currently Chairman of the Board of Nautilus, Inc., as interim Chief Executive Officer.
“Financial results in 2018 interrupted a cadence of strong performance”
A reason for Bruce Cazenave’s sudden departure from the CEO post was not explicitly provided. Johnson said: “While financial results in 2018 interrupted a cadence of strong performance that we have delivered over several years, we recognize that the Company needs to continue to invest in innovative products and services to capitalize on its brands.”
Precise information regarding Bruce Cazenave’s future plans was not immediately available.
Nautilus said: “[E]ffective March 1, 2019, Chief Executive Officer Bruce Cazenave has resigned from the Company.”
Nautilus further said: “On February 26, 2019, the Board of Directors … of Nautilus, Inc. … accepted the resignation of Bruce Cazenave, the Company’s Chief Executive Officer, from his positions as an officer and director effective March 1, 2019.”
Share price decline
The announcement follows a decline in Nautilus, Inc.’s share price of 74 percent since September 2016.
In the position of CEO since 2011
Bruce M. Cazenave has been Chief Executive Officer of Nautilus Inc. since May 26, 2011.
Bruce M. Cazenave was appointed Chief Executive Officer and elected to The Board of Directors in May 2011.
He also served as Acting Chief Financial Officer from July 3, 2013 until February 27, 2014.
From January 2010 until his appointment as Chief Executive Officer, Cazenave served as Managing Director of Inflection Point Consulting, a business consulting firm, where he consulted with and served as an executive advisor to private equity firms in the U.S. and Europe.
From 2006 to 2009, he worked for Central Garden & Pet Company, a marketer and producer of quality branded products for the lawn and garden and pet supplies markets, serving as President of its Garden Décor Group.
From January 2006 to August 2006, he served as a strategy consultant to Timex Corporation, a watch manufacturer, where he focused on supply chain, operational and organizational priorities.
From 2002 to 2005, Cazenave served as President and CEO of Dorel Juvenile Group, a subsidiary of Dorel Industries, Inc. Dorel Juvenile Group is a marketer and manufacturer of juvenile products.
He has also served in senior executive roles at Black & Decker U.S., Inc. and Timberland – both in the U.S. and Europe. Cazenave is a graduate of Johns Hopkins University and received a Master’s degree from George Washington University.
As a general rule, when a top leader announces to step down with no permanent successor available, it is a signal that the move was unplanned and too early.
In general, possible causes for an unexpected management change can be, among others, disagreement or dispute.
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 Nautilus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2019 ($).