- Push-out Score determined
- After about four years in the position
- Praise, thanks and good wishes for Callahan
- John Turner taking over
- Callahan said 113 words
(exechange) — Tucker, Georgia, April 3, 2019 — Mike Callahan, chief executive of GMS, leaves. As announced by GMS Inc. in a news release on Wednesday, April 3, 2019, G.Michael (Mike) Callahan leaves his post as Chief Executive Officer at the specialty distributor of interior building products after about four years in the role, effective August 2, 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 7.9 years, according to data compiled by exechange.
Mike Callahan’s duties will be taken over by John C. Turner, currently President of Dal-Tile Corporation.
The fact that Mike Callahan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Now is the right time”
Mike Callahan’s departure from the CEO post is explained as follows. Callahan said: “After a 26-year career at GMS, I am confident that now is the right time to transition the Company to its next generation of leadership.”
Precise information regarding Mike Callahan’s future plans was not immediately available.
GMS said: “Mike Callahan, President and Chief Executive Officer, has informed the Board of Directors of his decision to retire effective August 2, 2019.”
Share price decline
The announcement follows a decline in GMS Inc.’s share price of 60 percent since January 2018.
Chaired by Richard K. Mueller
GMS Inc. is chaired by Richard K. Mueller.
Richard K. Mueller, the Chairman of the Company’s board of directors, co-founded the Company in 1971. Mueller served as the Company’s Chief Executive Officer from 1990 until May 2015, and as the Company’s President from 1990 until 2013.
In the position of CEO since 2015
G.Michael Callahan, Jr., the Company’s Chief Executive Officer, President and member of the Company’s Board, joined the Company in 1993.
Callahan has served as the Company’s Chief Executive Officer since May 2015 and as the Company’s President since 2013.
From 1993 to 2013, Callahan served as the Company’s Vice President of Finance and Chief Financial Officer.
Prior to joining the Company, from 1974 to 1993, Callahan served as a Senior Vice President and Group Manager at C&S National Bank and Nations Bank.
Callahan earned a B.A. in Economics from Georgia State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Mike Callahan was pushed out or felt pressure to leave the position.
exechange reached out to GMS and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 14.2019 ($).