- Push-out Score determined
- After about five years in the position
- Accolades, praise and good wishes for Betler
- Betler said 83 words
(exechange) — Wilmerding, Pennsylvania, April 25, 2019 — Ray Betler, chief executive of Wabtec, hands over the reins. As announced by Wabtec Corp. in a news release on Thursday, April 25, 2019, Raymond T. (Ray) Betler leaves his post as chief executive officer at the railroad equipment and stock manufacturing company after about five 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 7.7 years, according to data compiled by exechange.
Ray Betler’s duties will be taken over by Rafael O. Santana, currently president and chief executive officer of the freight segment of Wabtec Corporation.
“Culmination of a thorough CEO succession planning process”
Ray Betler’s departure from the CEO post is explained as follows. Wabtec Executive Chairman Al Neupaver said: “This transition comes at a time of strength at Wabtec given our diverse portfolio, excellent management team, and strong backlog and balance sheet. The selection of Rafael to succeed Ray is the culmination of a thorough CEO succession planning process that evaluated both internal and external candidates.”
Precise information regarding Ray Betler’s future plans was not immediately available.
Wabtec said: “Santana, who will also become a Wabtec board member, will succeed Ray Betler, who will retire as a Wabtec executive and board member.”
Share price decline
The announcement follows a decline in Wabtec Corporation’s share price of 33 percent since September 2018.
Chaired by Al Neupaver
Wabtec Corporation is chaired by Al Neupaver.
Al Neupaver joined Wabtec Corporation on February 1, 2006 as president and chief executive officer, and a member of the company’s Board of Directors. He was named Executive Chairman on May 14, 2014. On May 10, 2017, Neupaver assumed the role of Chairman of the company’s Board of Directors.
In the position of CEO since 2014
Raymond T. Betler has been the President of Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation since May 17, 2013 and has been its Chief Executive Officer since May 14, 2014.
Ray Betler is the President and Chief Executive Officer of Wabtec Corporation, and also serves on the Company’s Board of Directors.
Betler started his career as a design engineer for Westinghouse, and he became the youngest President and CEO in the 120-year history of the company.
He served with the same company under different ownership and corporate structures for 30 years.
The company evolved from Westinghouse to AEG Transportation, ABB Daimler-Benz Transportation (Adtranz) and finally Bombardier Transportation.
Betler not only led the worldwide Total Transit Systems business, headquartered in Pittsburgh, he also lived and worked for two years in the United Kingdom to lead Bombardier’s London Underground Division, a $7.5 billion business, and the largest transportation industry public private partnership effort in the world.
He joined Wabtec in 2008 as Group Executive Transit and was promoted to Chief Operating Officer in 2010.
He was named President and Chief Operating Officer in 2013, and President and Chief Executive Officer in 2014.
A native of Pittsburgh, Betler holds a B.S. degree in Electrical Engineering and Economics as well as a degree in Administration/Management Science, both from Carnegie Mellon University.
He has attended graduate classes at Katz Business School at the University of Pittsburgh.
He has certificates from the Executive Development Program at IMD in Lausanne, Switzerland and the Finance for Executives Program at INSEAD in Fontainebleau, France.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Wabtec and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 17.2019 ($).