- Push-out Score determined
- After about three years in the position
- Praise and thanks for Powers
- Powers said 63 words
(exechange) — Dallas, Texas, March 4, 2019 — Dave Powers, chief executive of Eagle Materials, hands over the reins. As announced by Eagle Materials Inc. in a news release on Monday, March 4, 2019, David B. (Dave) Powers leaves his post as Chief Executive Officer at the producer of building materials after about three 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 8.1 years, according to data compiled by exechange.
Dave Powers’s duties will be taken over by Michael Haack, currently President and Chief Operating Officer of Eagle Materials Inc.
It is a generational change as well. Michael Haack is about 23 years younger than Dave Powers.
“Culmination of a multi-year succession plan”
Dave Powers’s departure from the CEO post is explained as follows. Eagle Materials said: “This move represents the culmination of a multi-year succession plan and a comprehensive set of transition preparedness steps undertaken by the Board over the last four years.”
Precise information regarding Dave Powers’s future plans was not immediately available.
Eagle Materials said: “Dave Powers, 68, has decided to retire as an officer of the company effective July 1, 2019.”
Share price increase since September 2011
The announcement follows an increase in Eagle Materials Inc.’s share price of 371 percent since September 2011.
Chaired by Rick Stewart
Eagle Materials Inc. is chaired by Rick Stewart.
Stewart joined Eagle Materials’ Board of Directors in 2006 and currently serves as Chairman of the Board and is a member of the Company’s Corporate Governance and Nominating Committee.
In the position of CEO since 2016
Powers was appointed the Company’s President and Chief Executive Officer on March 31, 2016, at which time he was also appointed to the Board.
Prior to his promotion to President and Chief Executive Officer of the Company, Powers served as Executive Vice President – Gypsum of the Company and as President of American Gypsum Company LLC, a subsidiary of the Company (“American Gypsum”), since January 2005.
Powers previously served as Executive Vice President – Marketing, Sales and Distribution of American Gypsum, beginning in June 2002.
Powers will remain on the Eagle Materials Board of Directors.
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 Eagle Materials and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2019 ($).