- Push-out Score determined
- After less than one year in the position
- Praise and thanks for Deckard
- Rick Navarre taking over in the interim
- Search for a successor
- Deckard said 84 words
(Updates information in sixth paragraph and adds information in seventh paragraph.)
(exechange) — Independence, Ohio, May 9, 2019 — Jenniffer Deckard, chief executive of Covia, leaves. As announced by Covia Holdings Corp. in a news release on Thursday, May 9, 2019, Jenniffer D. Deckard leaves her post as Chief Executive Officer at the provider of mineral-based and material solutions for the Industrial and Energy markets after less than one year 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 7.8 years, according to data compiled by exechange. Only 4 percent of the CEOs who departed over the past 12 months left the position within their first year. Around 14 percent left the position within two years, and 23 percent left the position within three years.
The exact date of Jenniffer Deckard’s departure from her post was not specified in the announcement.
Covia will undertake a search for a successor.
Jenniffer Deckard’s duties will be taken over in the interim by Richard A. (Rick) Navarre, most recently Chairman of the Board of Directors of Covia Holdings Corporation, as Interim Chief Executive Officer.
Covia Holdings Corporation still listed Deckard as President and Chief Executive Officer on its leadership page shortly after the announcement was published.
Later in the day, Covia removed the name of Deckard as Chief Executive Officer from the leadership page and listed Rick Navarre as Chairman, Interim President and Chief Executive Officer.
“Following the Board’s decision to take a different leadership direction”
Jenniffer Deckard’s departure from the CEO post is explained as follows. Covia said: “Mr. Navarre succeeds Jenniffer Deckard who has resigned as President, Chief Executive Officer and as a member of the Board of Directors following the Board’s decision to take a different leadership direction.”
Precise information regarding Jenniffer Deckard’s future plans was not immediately available.
Share price decline
The announcement follows a decline in Covia Holdings Corporation’s share price of 84 percent since June 2018.
In the position of CEO since 2018
Jenniffer Deckard will serve as a consultant to the Company for an interim period in order to help ensure a smooth transition.
Deckard has served as the Company’s President, CEO and as a director since June 2018.
Previously, Deckard served as President, CEO and a director of Fairmount Santrol Holdings Inc. from 2013 until June 2018.
At Fairmount Santrol, she was President from 2011 until 2013, and served as Vice President of Finance and Chief Financial Officer and in other roles in accounting and finance from 1994 until 2011. Deckard joined the Board of Directors of RPM International Inc. (NYSE: RPM) in 2015 and currently serves as a member of RPM’s Audit Committee.
In her local community, Deckard serves on the boards of the Cleveland Foundation and the EDWINS Foundation.
She also serves on the Case Western Reserve Weatherhead School of Management’s Visiting Committee and the Board of Directors for the Fairmount Santrol Foundation.
Deckard received a B.S. from the University of Tulsa and a MBA from Case Western Reserve University.
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 Covia and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2019 ($).