- Push-out Score determined
- After almost 13 years in the position
- Accolades and praise for Marcelo
- Search for a successor
- Marcelo will remain as Executive Chairwoman at Care.com
- Marcelo said 81 words
(exechange) — Waltham, Massachusetts, August 6, 2019 — Sheila Marcelo, chief executive of Care.com, leaves — as “mutually agreed.” As announced by Care.com Inc. in a news release and in a regulatory filing published on Tuesday, August 6, 2019, Sheila Lirio Marcelo leaves her post as Chief Executive Officer at the online marketplace for finding and managing family care after almost 13 years in the role.
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 7.3 years, according to data compiled by exechange. Only 26 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.
Marcelo will serve as CEO until a new CEO is named.
Care.com will undertake a search for a successor.
“Next phase of growth and innovation”
A reason for Sheila Marcelo’s departure from the CEO post was not explicitly provided. Marcelo said: “After 13 years as CEO, I’m excited to be able to focus on broader policy and advocacy issues, while being available to advise and support our new leadership on the next phase of growth and innovation.”
Marcelo will remain as Executive Chairwoman at Care.com
“Founder, Chairwoman and CEO Sheila Lirio Marcelo of Care.com (NYSE: CRCM), the world’s largest online marketplace for finding and managing family care, announced today on behalf of the Company that she will assume the role of Executive Chairwoman of Care.com,” Care.com said.
Care.com said: “On August 6, 2019, the Company and Sheila Lirio Marcelo, the Company’s Chief Executive Officer, mutually agreed that Ms. Marcelo would resign as President and Chief Executive Officer of the Company, effective as of her successor’s start date with the Company (the “Resignation Date”), and her acceptance of the role of Executive Chairwoman of the Company, effective as of the Resignation Date.”
Share price decline
The announcement follows a decline in Care.com, Inc.’s share price of 60% since March 2019.
In the position of CEO since 2006
Sheila Marcelo became CEO of the Company in October 2006.
“As Executive Chairwoman and board member, Marcelo will advocate for improvements and innovations in the country’s care infrastructure to better enable families to find quality care and caregivers to find meaningful work. At the same time, she will champion efforts to drive systemic change across the care economy as a whole and support initiatives to leverage the Company’s data, scale and influence,” the company said.
Marcelo will also advise the new CEO, in areas such as Care@Work client relationships, policy initiatives and public engagement.
Sheila Lirio Marcelo is the Company’s founder and has served as the Company’s President and Chief Executive Officer and a director since October 2006.
Marcelo has served as the Chairwoman of the Board since October 2011.
Prior to founding Care.com in 2006, Marcelo was an Entrepreneur-in-Residence at Matrix Partners, a venture capital firm.
From 2005 to early 2006, Marcelo served as Vice President and General Manager of TheLadders.com, an online job matching service. Before joining TheLadders.com, Marcelo spent five years at Upromise, Inc., an online service that helps families save for college, where she held various executive positions, including Vice President, Product Management and Marketing.
Earlier in her career, Marcelo was a consultant for Monitor Group and Pyramid Research, and she began her career as an analyst at Putnam, Hayes & Bartlett.
Marcelo graduated from Mount Holyoke College with a degree in economics and received her M.B.A. and J.D. 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 Care.com and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2019 ($).