- Push-out Score determined
- After less than three and a half years in the position
- Praise for Poling
- Randy Dearth taking over
- Poling will remain as Executive Chairman at GCP
- Poling said 107 words
(exechange) — Cambridge, Massachusetts, July 1, 2019 — Greg Poling, chief executive of GCP, leaves the position. As announced by GCP Applied Technologies Inc. in a news release and in a regulatory filing published on Monday, July 1, 2019, Gregory E. (Greg) Poling leaves his post as Chief Executive Officer at the chemicals company after less than three and a half years in the role, effective August 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 7.5 years, according to data compiled by exechange.
Greg Poling’s duties as CEO will be taken over by Randall S. (Randy) Dearth, currently President and Chief Operating Officer of GCP Applied Technologies Inc.
“Culmination of the Board’s ongoing long-term succession planning process”
Greg Poling’s imminent departure from the CEO post is explained as follows. GCP said: “Randy’s appointment is the culmination of the Board’s ongoing long-term succession planning process.”
“Remaining open to other opportunities”
GCP further said: “The Board of Directors of GCP Applied Technologies Inc. … announced today a leadership transition plan that supports the Board’s commitment to executing the Company’s existing strategic and financial plan while remaining open to other opportunities that deliver value to GCP shareholders.”
Poling will remain as Executive Chairman at GCP
“Gregory E. Poling will be assuming the role of Executive Chairman, with a particular focus on ongoing evaluation of strategic opportunities. The Company will continue to benefit from Greg’s 40 years of experience, including the successful launch of GCP as an independent public company as well as his deep knowledge of our sector, in transitioning GCP into its next successful stage of growth,” GCP said.
“Retire”
GCP said: “[E]ffective August 1, 2019, Gregory E. Poling will retire from his position as Chief Executive Officer of the Company and will transition to the role of Executive Chairman of the Company.”
Share price decline
The announcement follows a decline in GCP Applied Technologies Inc.’s share price of 33 percent since January 2018.
In the position of CEO since 2016
Poling has served as GCP’s President and Chief Executive Officer since the Company’s separation from Grace on February 3, 2016.
Poling joined Grace in 1977 and became President of Grace Division (one of Grace’s two operating segments at the time) and Vice President of Grace in 2005.
Poling served as President and Chief Operating Officer of Grace from 2011 to early 2016.
As a result of his service at Grace, Poling has developed valuable business, management and leadership experience, including 23 years of experience in construction products, and has long-standing relationships with many of GCP’s customers.
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 GCP and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2019 ($).