- Push-out Score determined
- After less than three years in the position
- Thanks for Wright
- Sandip Mukerjee taking over
- Wright said 69 words
(exechange) — Hunt Valley, Maryland, August 20, 2019 — Murray Wright, chief executive of Tessco, leaves. As announced by Tessco Technologies Inc. in a news release and in a regulatory filing published on Tuesday, August 20, 2019, Murray Wright leaves his post as Chief Executive Officer at the wireless technology firm after less than three 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 announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 24% of the CEOs who announced their departure over the past 12 months left their posts within three years.
Murray Wright’s duties as CEO will be taken over by Sandip Mukerjee, most recently President, Global Professional & Consulting Services Business of Nokia Software.
The fact that Murray Wright’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To spend more time with my family”
Murray Wright’s departure from the CEO post is explained as follows. Wright said: “Earlier this year I began to consider the possibility of retirement to spend more time with my family. Assisted by a team at Spencer Stuart, the Board of Directors and I initiated a thorough search process for the right executive to lead Tessco during this exciting time, and I am delighted that Sandip will be succeeding me as CEO.”
Precise information regarding Murray Wright’s future plans was not immediately available.
Tessco said: “Former CEO Murray Wright will retire following a transition period to ensure a smooth succession process.”
Tessco further said: “On August 20, 2019, Tessco Technologies Incorporated (the “Company”) announced that the Board of Directors appointed Sandip Mukerjee as the Company’s President and Chief Executive Officer, as successor to Murray Wright.”
Share price decline
The announcement follows a decline in Tessco Technologies Incorporated’s share price of 32% since February 2018.
Chaired by Robert B. Barnhill, Jr.
Tessco Technologies Incorporated is chaired by Robert B. Barnhill, Jr.
Robert B. Barnhill, Jr. founded Tessco Technologies Incorporated in 1982 as Your Total Source® products for 2-way radio dealers and carriers. In September 2016, Barnhill transitioned his role as President and Chief Executive Officer to Murray Wright, and now is Executive Chairman and remains Chairman of the Board.
In the position of CEO since 2016
Murray Wright became CEO of the Company in September 2016.
Wright will remain employed by the Company to assist with the transition.
Murray Wright has served as President and Chief Executive Officer of the Company since September 2016.
Prior to joining Tessco, Wright served as Chief Executive Officer of Zones, Inc., a global IT solutions provider, from 2013 to 2015.
Wright also served at Tech Data Corporation, as Senior Vice President, US Sales from 2006 to 2010, and as President, the Americas, a publicly traded global distributer of IT products and solutions, from 2011 to 2013.
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 Tessco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2019 ($).