- Push-out Score determined
- After less than four years in the position
- Praise and thanks for Hemmeter
- Al Bolles taking over
(exechange) — Santa Clara, California, May 28, 2019 — This news came the day after Memorial Day. Molly Hemmeter, chief executive of Landec, leaves. As announced by Landec Corp. in a news release on Tuesday, May 28, 2019, Molly A. Hemmeter leaves her post as chief executive officer at the health and wellness company after less than four 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.
Molly Hemmeter’s duties will be taken over by Albert D. (Al) Bolles, most recently executive vice president, chief technology and operations officer of ConAgra Foods.
Already a director
Bolles is already a director of Landec. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Bolles understands the expectations and dynamics of the board and has knowledge of Landec’s organization, risk-management practices and strategy.
“For personal reasons”
Molly Hemmeter’s departure from the CEO post is explained as follows. Landec said: “Landec Corporation …, a diversified health and wellness company with two operating businesses, Curation Foods Inc. and Lifecore Biomedical Inc., today announced that its board of directors has named board member Albert D. Bolles, Ph.D. as chief executive officer effective immediately, following the resignation of Molly Hemmeter for personal reasons.”
Precise information regarding Molly Hemmeter’s future plans was not immediately available.
Share price decline
The announcement follows a decline in Landec Corporation’s share price of 39 percent since December 2018.
In the position of CEO since 2015
Molly A. Hemmeter has been the Company’s President and Chief Executive Officer since October 15, 2015.
Prior to that, she served as the Chief Operating Officer of the Company from January 2014 to October 2015, prior to which she served as Chief Commercial Officer of the Company from December 2010 to January 2014 and Vice President, Business Development and Global Marketing of the Company from June 2009 to December 2010.
From July 2006 until joining the Company in June 2009, Hemmeter was Vice President of Global Marketing and New Business Development for the Performance Materials division of Ashland, Inc., a global specialty chemicals company.
Prior to joining Ashland, Inc., Hemmeter was Vice President of Strategy and Marketing for Siterra Corporation and Chief Marketing Officer for CriticalArc Technologies in the San Francisco Bay Area, both of which were privately held software startup companies that were eventually acquired by larger entities, and she previously held various positions at Bausch & Lomb and Eli Lilly and Company.
Hemmeter received a B.E.S. and M.Eng. from the University of Louisville and an M.B.A. from Harvard 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 Landec and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2019 ($).