- Push-out Score determined
- After around 11 years in the position
- Accolades, praise and thanks for Macadam
- Marvin Riley taking over
- Macadam said 77 words
(exechange) — Charlotte, North Carolina, March 11, 2019 — Steve Macadam, chief executive of EnPro, leaves his post. His departure is made public at an early stage. As announced by EnPro Industries Inc. in a news release and in a regulatory filing published on Monday, March 11, 2019, Stephen E. (Steve) Macadam leaves his post as Chief Executive Officer at the industrial conglomerate after around 11 years in the role, effective July 29, 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 8.1 years, according to data compiled by exechange. Only 30 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Steve Macadam’s duties will be taken over by Marvin A. Riley, currently Chief Operating Officer of EnPro Industries, Inc.
“Planning for his succession”
A reason for Steve Macadam’s departure from the CEO post was not explicitly provided. David Hauser, EnPro’s non-executive Chairman of the Board, said: “Steve was instrumental in not only initiating the planning for his succession but also in guiding Marvin’s development to enable him to be fully prepared to be EnPro’s next CEO.”
Precise information regarding Steve Macadam’s future plans was not immediately available.
EnPro said: “Stephen E. Macadam, the company’s Chief Executive Officer and President, has informed its board of directors of his decision to retire from those positions on July 29, 2019 and that the board of directors will appoint Marvin A. Riley, EnPro’s Executive Vice President and Chief Operating Officer, to succeed Mr. Macadam as Chief Executive Officer and President at that time.”
EnPro further said: “On March 11, 2019, Stephen E. Macadam, the Chief Executive Officer and President of EnPro Industries, Inc. …, informed the Board of Directors of the Company of his decision to retire as Chief Executive Officer and President of the Company effective at the close of business on July 29, 2019.”
Share price decline
The announcement follows a decline in EnPro Industries, Inc.’s share price of 29 percent since December 2017.
Chaired by David Hauser
EnPro Industries, Inc. is chaired by David Hauser.
In the position of CEO since 2008
Macadam has served as the Company’s Chief Executive Officer and President since April 14, 2008.
Previously, he was Chief Executive Officer of BlueLinx Holdings Inc.
Before joining BlueLinx in October 2005, Macadam had been the President and Chief Executive Officer of Consolidated Container Company LLC since August 2001.
He served previously with Georgia-Pacific Corp. where he was Executive Vice President, Pulp & Paperboard from July 2000 until August 2001, and Senior Vice President, Containerboard & Packaging from March 1998 until July 2000.
Macadam held positions of increasing responsibility with McKinsey and Company, Inc. from 1988 until 1998, culminating in the role of principal in charge of McKinsey’s Charlotte, North Carolina operation.
He received a B.S. in mechanical engineering from the University of Kentucky, an M.S. in finance from Boston College and an M.B.A. from Harvard University, where he was a Baker Scholar.
Macadam’s employment agreement provides that during the term of his employment with EnPro he will be included in the slate nominated by the board of directors for election as a member of the board.
Macadam has agreed to serve as Vice Chairman, to facilitate the transition of the company’s leadership and provide assistance to Riley, until the end of February 2020, at which time he intends to resign from the board.
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 EnPro and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2019 ($).