- Push-out Score determined
- After less than two years in the position
- Praise, thanks and good wishes for Hall
- Responsibilities redistributed
(exechange) — Greensboro, North Carolina, March 18, 2019 — Kevin Hall, chief executive of Unifi, leaves — as “mutually agreed.” It is an abrupt change. As announced by Unifi Inc. in a news release on Monday, March 18, 2019, Kevin D. Hall leaves his post as Chief Executive Officer at the maker of synthetic and recycled products made from polyester and nylon after less than two years in the role, effective immediately.
No company wants a CEO to flame out in the first years.
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 14 percent of the CEOs who departed over the past 12 months left the position within two years, and 23 percent left the position within three years.
Following Kevin Hall’s departure, the position of Chief Executive Officer will not be filled for the time being. Kevin Hall’s responsibilities are being redistributed.
No reason given
In the announcement, Unifi did not explicitly explain the obviously compelling reason for Kevin Hall’s sudden move, leaving room for speculation.
Precise information regarding Kevin Hall’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CEO leaves the position abruptly and without comprehensible reasons being given.
Unifi said that Kevin D. Hall and the Company “have mutually agreed that Mr. Hall would resign as the Company’s Chief Executive Officer and as a director of Unifi, both effective immediately.”
Share price decline
The announcement follows a decline in Unifi, Inc.’s share price of 44 percent since April 2018.
In the position of CEO since 2017
Kevin Duane Hall has been the Chief Executive Officer and Director of Unifi, Inc. since May 19, 2017.
Hall has served as Chief Executive Officer of Unifi since May 2017 and as Chairman of the Board since October 2017.
Prior to joining Unifi, Hall served as Chief Executive Officer of NatPets LLC, a high-growth natural/organic premium pet company, from September 2016 to May 2017.
From 2014 to 2015, Hall was President and Chief Executive Officer of Geneva Watch Group, a global fashion watch and accessories business.
Between 2012 and 2014, Hall ran the KDH Advisory Group, a strategic marketing, branding and consulting firm, where he served as a consultant/advisor to a number of companies, including Pact at Revelry Brands, Vogue International and Inmar, Inc.
From 2006 to 2011, Hall served as Chief Marketing Officer at Hanesbrands Inc. and then was promoted to President of the Outerwear strategic business unit of Hanesbrands Inc., a business unit that included Champion Activewear, Just My Size and Hanes Casualwear.
From 2001 to 2006, Hall was Senior Vice President of Marketing at Fidelity Investments Retirement Services Company.
Prior to that, Hall held various brand marketing and general manager positions at The Procter & Gamble Company from 1985 to 2001.
At the time of Kevin Hall’s appointment as Chief Executive Officer at Unifi, Unifi’s then-Chairman, James Mead, stated: “Kevin brings more than thirty years of best-in-class strategic marketing and breakthrough brand development to Unifi. His substantial leadership and managerial experience in the apparel industry coupled with his strong track record of delivering results, developing licensing and business partner relationships will prove invaluable to Unifi in the execution of our strategic growth plan.”
At the time of his appointment as Chief Executive Officer at Unifi, Hall said: “I am honored by the Board’s selection. I look forward to working closely with the entire Unifi team in furthering its focused growth, selling and market expansion strategy. I am energized by Unifi’s collaborative culture and unwavering commitment to innovation.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Kevin Hall was pushed out or felt pressure to leave the position.
exechange reached out to Unifi and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2019 ($).