- Push-out Score determined
- After nine years in the position
- Praise and thanks for Rosenthal
- Search for a successor
- Rosenthal said 79 words
(exechange) — Birmingham, Alabama, March 22, 2019 — Jeff Rosenthal, chief executive of Hibbett, leaves. As announced by Hibbett Sports Inc. in a news release and in a regulatory filing published on Friday, March 22, 2019, Jeffry O. (Jeff) Rosenthal leaves his post as Chief Executive Officer at the sporting goods retailer after 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 years, according to data compiled by exechange.
Rosenthal will remain at the Company in his CEO capacity until a successor is named.
Hibbett will undertake a search for a successor.
“Appropriate time to begin a transition”
Jeff Rosenthal’s departure from the CEO post is explained as follows. Rosenthal said: “I believe that the Company is well positioned, and it is an appropriate time to begin a transition.”
Precise information regarding Jeff Rosenthal’s future plans was not immediately available.
Hibbett announced “the planned retirement of Jeff Rosenthal, President and Chief Executive Officer.”
Hibbett further said that it was “Mr. Rosenthal’s decision” to retire.
Share price decline
The announcement follows a decline in Hibbett Sports, Inc.’s share price of 73 percent since December 2013.
Chaired by Mickey Newsome
Hibbett Sports, Inc. is chaired by Mickey Newsome.
Michael J. Newsome is a non-independent Director of the Company’s Board, and served as the Company’s Executive Chairman of the Board from March 2010 to February 2014 at which time he stepped down from executive management and became Chairman of the Company’s Board.
In the position of CEO since 2010
Jeffry O. Rosenthal was appointed as a non-independent Director of the Company’s Board in October 2013.
Rosenthal has been the Company’s Chief Executive Officer and President since March 2010.
Formerly, he served as President and Chief Operating Officer from February 2009 through March 2010 and as Vice President of Merchandising from August 1998 through February 2009.
Prior to joining the Company, Rosenthal was Vice President and Divisional Merchandise Manager for Apparel with Champs Sports, a division of Foot Locker, Inc. from 1981 to 1998.
The retirement of Rosenthal is planned to take effect at the time the Board of Directors appoints his successor.
Generally speaking, when a top leader announces to step aside with no successor available, it’s a signal that the change was unplanned and too early.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Jeff Rosenthal was pushed out or felt pressure to leave the position.
exechange reached out to Hibbett and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2019 ($).