- Push-out Score determined
- After almost 14 years in the position
- Praise and thanks for Flynn
- John Dietrich taking over
- Flynn will remain as Chairman at Atlas Air
- Flynn said 123 words
(exechange) — Purchase, New York, July 2, 2019 — Bill Flynn, chief executive of Atlas Air, leaves his post. His departure is made public at an early stage. As announced by Atlas Air Worldwide Holdings Inc. in a news release on Tuesday, July 2, 2019, William J. (Bill) Flynn, Chief Executive Officer, leaves the cargo airline after almost 14 years in the role, effective January 1, 2020.
It is the end of an era.
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. Only 28 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.
Bill Flynn’s duties as CEO will be taken over by John W. Dietrich, currently Chief Operating Officer of Atlas Air Worldwide Holdings, Inc.
“Culmination of a comprehensive succession process”
Bill Flynn’s departure from the CEO post is explained as follows. Atlas Air said: “The transitions and appointments are the culmination of a comprehensive succession process led by the board to ensure strong leadership continuity as the company continues to advance its strategic growth agenda.”
Flynn will remain as Chairman at Atlas Air
“President and Chief Executive Officer William J. (Bill) Flynn will retire from the company effective January 1, 2020, after a successful 13-year tenure, and become Chairman of the Board on that date,” Atlas Air said.
Share price decline
The announcement follows a decline in Atlas Air Worldwide Holdings, Inc.’s share price of 39 percent since June 2018.
Chaired by Robert F. Agnew
Atlas Air Worldwide Holdings, Inc. is chaired by Robert F. Agnew.
In the position of CEO since 2006
Flynn has been the Company’s President and Chief Executive Officer since June 22, 2006.
Flynn has a 42-year career in international supply chain management and freight transportation.
Prior to joining the Company, Flynn served as President and Chief Executive Officer of GeoLogistics Corporation since 2002 where he led a successful turnaround of the company’s profitability and the sale of the company in September 2005.
Prior to his tenure at GeoLogistics, Flynn served as Senior Vice President at CSX Transportation from 2000 to 2002.
Flynn spent over 20 years with Sea-Land Service, Inc., a global provider of container shipping services, serving in roles of increasing responsibility in the U.S., Latin America, and Asia.
He ultimately served as head of the company’s operations in Asia. Within the last five years, Flynn was a director of Republic Services, Inc.
He currently serves as a director of Airlines for America (a trade association).
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 Atlas Air and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2019 ($).