- Push-out Score determined
- After less than four years in the position
- Praise, thanks and good wishes for Bradley
- Karl Watson taking over
(exechange) — Irving, Texas, June 24, 2019 — Jeff Bradley, chief executive of Forterra, leaves. As announced by Forterra Inc. in a news release and in a regulatory filing published on Monday, June 24, 2019, Jeffrey K. (Jeff) Bradley leaves his post as Chief Executive Officer at the manufacturer of water and drainage infrastructure pipe and products after less than four years in the role, effective June 30, 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 7.5 years, according to data compiled by exechange.
Jeff Bradley’s duties as CEO will be taken over by Karl H. Watson, most recently Chief Operating Officer of Summit Materials, Inc.
The fact that Jeff Bradley’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To pursue other opportunities”
Jeff Bradley’s imminent departure from the CEO post is explained as follows. Forterra said: “Mr. Watson succeeds Jeff Bradley, who has stepped down as CEO and a director to pursue other opportunities.”
Precise information regarding Jeff Bradley’s future plans was not immediately available.
Forterra said: “Jeff Bradley will continue to serve as the Company’s Chief Executive Officer until his departure on June 30, 2019, and continued to serve as a Class I director until his resignation effective June 21, 2019.”
Share price decline
The announcement follows a decline in Forterra, Inc.’s share price of 77 percent since May 2017.
Chaired by Chris Meyer
Forterra, Inc. is chaired by Chris Meyer.
In the position of CEO since 2015
Jeff Bradley has served as the Company’s Chief Executive Officer since September 2015 and a member of the Company’s Board since July 2016.
Bradley joined Forterra from Globe Specialty Metals, a publicly-traded producer of silicon metal and silicon based alloys, where he served as Chief Executive Officer from 2008 through 2015, when the company was purchased by Ferroglobe plc.
From 2005 to 2008, Bradley served as Chairman and Chief Executive Officer of Claymont Steel, a U.S. custom steel plate producer.
Prior to Claymont Steel, Bradley held numerous key roles at Worthington Industries.
Bradley holds a Bachelor of Science degree in Business Administration from Loyola 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 Forterra and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2019 ($).