- Push-out Score determined
- After about three years in the position
- Praise, thanks and good wishes for Maier
- Larry McWilliams taking over in the interim
- Search for a successor
- Maier kept it short and said 46 words
(exechange) — Lancaster, Pennsylvania, May 3, 2019 — Don Maier, chief executive of Armstrong Flooring, leaves — as “mutually agreed.” As announced by Armstrong Flooring Inc. in a news release on Friday, May 3, 2019, Donald R. (Don) Maier leaves his post as chief executive officer at the producer of resilient flooring products after about three years in the role, effective immediately.
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 7.8 years, according to data compiled by exechange.
Armstrong Flooring will undertake a search for a successor.
Don Maier’s duties will be taken over in the interim by Larry S. McWilliams, most recently chair of Armstrong Flooring, Inc., as interim chief executive officer.
No reason given
In the announcement, Armstrong Flooring did not explicitly explain the reason for Don Maier’s move.
Precise information regarding Don Maier’s future plans was not immediately available.
Armstrong Flooring announced “that its board of directors and Donald R. Maier, President and Chief Executive Officer, have mutually agreed that Mr. Maier would step down as CEO, effective immediately.”
Share price decline
The announcement follows a decline in Armstrong Flooring, Inc.’s share price of 13 percent since September 2018.
In the position of CEO since 2016
Donald R. Maier was named President and Chief Executive Officer of Armstrong Flooring, Inc. in April 2016.
Prior to this, he had served as Executive Vice President of Armstrong World Industries and Chief Executive Officer of its Flooring Division, since September 2014.
He joined Armstrong in January 2010, serving as Senior Vice President of Global Operations Excellence.
Donald R. Maier came to Armstrong from TPG Capital Advisors, the buyout group of the private investment firm TPG Global, where he had worked since 2007.
Prior to TPG, he held a steady progression of roles at Hillenbrand Industries, beginning in 1987 as a manufacturing and product engineer for the company’s subsidiary Batesville Casket Company.
He then moved from product development and marketing leadership roles to Vice President of Manufacturing and Operations.
In 2002, he became Vice President of Strategy and Business Development for a larger Hillenbrand subsidiary, Hill-Rom.
In 2003, Donald R. Maier became Vice President and General Manager of Hill Rom’s North America division before being named Senior Vice President in 2005.
He holds a bachelor’s degree in Industrial Systems Engineering from The Ohio State University in Columbus, Ohio, and an MBA, with a concentration in Marketing, from Xavier University in Cincinnati, Ohio.
He serves as a board member for the National Association of Manufacturers, Quanex Building Products Corporation, and United Way of Lancaster County.
Maier has resigned from the Board of Directors and will not stand for re-election at the upcoming 2019 annual meeting.
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 Armstrong Flooring and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 18.2019 ($).