ION Geophysical CEO Brian Hanson leaves

  • Push-out Score determined
  • After around seven years in the position
  • Praise and thanks for Hanson
  • Chris Usher taking over
  • Hanson said 107 words

(exechange) — Houston, Texas, May 29, 2019 — Brian Hanson, chief executive of ION Geophysical, leaves. As announced by ION Geophysical Corp. in a news release on Wednesday, May 29, 2019, R.Brian Hanson leaves his post as Chief Executive Officer at the provider of seismic data to oil and gas companies after around seven years in the role, effective June 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 7.8 years, according to data compiled by exechange.

Brian Hanson’s duties will be taken over by Christopher T. (Chris) Usher, currently Executive Vice President of the Operations Optimization segment of ION Geophysical Corporation.

“Succession planning”

Brian Hanson’s imminent departure from the CEO post is explained as follows. ION Geophysical said: “Mr. Hanson has had a long tenure at ION, serving as the Chief Financial Officer from 2006 to 2011 and in his current role as President and CEO from 2011 to present.  Brian has been contemplating the right time to retire for some time and initiated formal succession planning last year.  Chris Usher was identified as a natural fit for the role as he’s led a number of large technology businesses and can seamlessly continue to drive ION’s strategy and shareholder value.  With the industry upturn, all parties felt like this was an opportune time to make the transition.”

Precise information regarding Brian Hanson’s future plans was not immediately available.

“Retirement”

ION Geophysical said: “ION Geophysical Corporation … today announced the retirement of Brian Hanson, its President and Chief Executive Officer, and his resignation from its Board of Directors, both effective June 1, 2019, and the appointment of Chris Usher, previously Executive Vice President of ION’s Operations Optimization segment, to succeed Mr. Hanson as President and CEO.  Mr. Usher has also been elected to serve on the Board of Directors.”

Share price decline

The announcement follows a decline in ION Geophysical Corporation’s share price of 71 percent since August 2018.

Chaired by Jay Lapeyre

ION Geophysical Corporation is chaired by Jay Lapeyre.

Lapeyre served as Chairman of the Company’s Board from 1999 until January 1, 2012, and again from January 1, 2013 until present.

In the position of CEO since 2012

Hanson has been the Company’s President and Chief Executive Officer since January 1, 2012.

He joined ION in May 2006 as the Company’s Executive Vice President and Chief Financial Officer and was appointed the Company’s President and Chief Operating Officer in August 2011.

Prior to joining ION, Hanson served as the Executive Vice President and Chief Financial Officer of Alliance Imaging, Inc., a NYSE-listed provider of diagnostic imaging services to hospitals and other healthcare providers, from July 2004 until November 2005.

From 1998 to 2003, Hanson held a variety of positions at Fisher Scientific International, Inc., a NYSE-listed manufacturer and supplier of scientific and healthcare products and services, including Vice President Finance of the Healthcare group from 1998 to 2002 and Chief Operating Officer from 2002 to 2003.

From 1986 until 1998, Hanson served in various positions with Culligan Water Conditioning, an international manufacturer of water treatment products and producer and retailer of bottled water products, most recently as Vice President of Finance and Chief Financial Officer.

Hanson received a Bachelor’s degree in engineering from the University of New Brunswick and a Master of Business Administration degree from Concordia University in Montreal.

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 ION Geophysical and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 22.2019 ($).