- Push-out Score determined
- After about two years in the position
- Praise, thanks and good wishes for Staples
- Dennis Eidson taking over in the interim
- Search for a successor
(exechange) — Grand Rapids, Michigan, August 12, 2019 — Dave Staples, chief executive of SpartanNash, leaves. As announced by SpartanNash Co. in a news release on Monday, August 12, 2019, David M. (Dave) Staples leaves his post as Chief Executive Officer at the food distributor and grocery store retailer after about two years in the role, effective immediately.
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 24 percent of the CEOs who departed over the past 12 months left their position within three years.
SpartanNash will undertake a search for a successor.
Dave Staples’s duties as CEO will be taken over in the interim by Dennis Eidson, most recently Chairman of SpartanNash Company, as Interim Chief Executive Officer.
“Execution has fallen short of our expectations”
Dave Staples’s departure from the CEO post is explained as follows. Douglas Hacker, Lead Independent Director of the Board, said: “The Board remains confident in the Company’s strategic direction and its ability to generate top line growth; however, execution has fallen short of our expectations and we believe that now is the time for a leadership change.”
Precise information regarding Dave Staples’s future plans was not immediately available.
SpartanNash said: “The Board also announced that it has accepted the resignation of President and CEO, Dave Staples, who is leaving the Company and the SpartanNash Board.”
Share price decline
The announcement follows a decline in SpartanNash Company’s share price of 73% since May 2017.
In the position of CEO since 2017
Dave Staples became CEO of the Company in May 2017.
David M. Staples has been a director of the Company since his appointment to the board in March 2017.
He has served as CEO since May 2017 and President since August 2016.
Prior to his promotion to CEO, Staples served in executive positions of increasing responsibility since joining SpartanNash in 2000, including Chief Operating Officer, Chief Financial Officer, Executive Vice President, and Vice President Finance.
From December 1998 to January 2000, Staples served as Divisional Vice President Strategic Planning and Reporting of Kmart Corporation and from June 1997 to December 1998 he served as Divisional Vice President Accounting Operations.
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 SpartanNash and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2019 ($).