- Push-out Score determined
- After about a year in the position
- Praise and thanks for Clarke
- Hartmut Liebel taking over
- Clarke kept it short and said 50 words
(exechange) — San Jose, California, September 11, 2019 — Michael Clarke, chief executive of Sanmina, leaves. As announced by Sanmina Corp. in a news release and in a regulatory filing published on Wednesday, September 11, 2019, Michael J. Clarke leaves his post as Chief Executive Officer at the electronics manufacturing services provider after about a year in the role, effective September 30, 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 announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. Around 4% of the CEOs who announced their departure over the past 12 months left their posts within their first year. On an accumulated basis, around 14% left their posts within two years, and 25% left their posts within three years.
Michael Clarke’s duties as CEO will be taken over by Hartmut Liebel, currently President and Chief Operating Officer of Sanmina Corporation.
No reason given
In the announcement, Sanmina did not explicitly explain the reason for Michael Clarke’s move.
Precise information regarding Michael Clarke’s future plans was not immediately available.
“Resign”
Sanmina said: “Mr. Liebel will succeed Michael Clarke who will remain in an advisory capacity through a transition period.”
Sanmina further said: “On September 9, 2019, the Board of Directors of Sanmina Corporation (the “Company”) appointed Hartmut Liebel as Chief Executive Officer of the Company, effective September 30, 2019, replacing Michael Clarke, Mr. Clarke will also resign from the Board effective as of such date and will continue to serve in an advisory role during a transition period.”
Share price increase since October 2018
The announcement follows an increase in Sanmina Corporation’s share price of 17% since October 2018.
Chaired by Jure Sola
Sanmina Corporation is chaired by Jure Sola.
Jure Sola has served as Executive Chairman of the Board since October 2017. Sola served as Sanmina’s Chief Executive Officer from April 1991 to October 2017, as Chairman of Sanmina’s Board from April 1991 to December 2001, as Co-Chairman of the Board from December 2001 to December 2002 and as Chairman of the Board from December 2002 to October 2017. Sola co-founded Sanmina Corporation in 1980.
In the position of CEO since 2018
Michael Clarke became CEO of the Company in October 2018.
Michael J. Clarke has served as the Chief Executive Officer of Sanmina since October 2018 and as a director of Sanmina since December 2013.
Clarke is also a member of the board of directors of U.S. LBM Holdings, Inc., a privately-held specialty building materials distributor.
From December 2011 through July 2016, Clarke was a member of the Board of Directors, President and Chief Executive Officer of Nortek, Inc., a manufacturer of products for remodeling, residential and new construction, manufactured housing and personal and enterprise computer markets.
From 2005 until joining Nortek, Clarke served as President, Flex Infrastructure and Group President of Integrated Network Solutions of Flextronics International, Ltd, a publicly traded provider of design and electronics manufacturing services to original equipment manufacturers.
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 Sanmina and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2019 ($).