- Push-out Score determined
- After less than four years in the position
- Praise, thanks and good wishes for Banyard
- Andrean Horton taking over in the interim
- Search for a successor
(exechange) — Akron, Ohio, October 3, 2019 — Dave Banyard, chief executive of Myers, leaves. As announced by Myers Industries Inc. in a news release and in a regulatory filing published on Thursday, October 3, 2019, R.David (Dave) Banyard, Chief Executive Officer, leaves the manufacturer of polymer products after less than four years in the role, effective October 25, 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 7.1 years, according to data compiled by exechange.
Myers will undertake a search for a successor.
Dave Banyard’s duties as CEO will be taken over in the interim by Andrean R. Horton, currently Executive Vice President, Chief Legal Officer and Secretary of Myers Industries, Inc., as Interim Chief Executive Officer.
“To accept another professional opportunity”
Dave Banyard’s departure from the CEO post is explained as follows. Myers Industries announced that Dave Banyard “has resigned as President and Chief Executive Officer, effective October 25, 2019, to accept another professional opportunity.”
Precise information regarding Dave Banyard’s future plans was not immediately available.
“Resignation”
Myers said: “R.David Banyard, President and Chief Executive Officer, tendered his resignation as an officer and director of the Company on October 1, 2019 to be effective October 25, 2019.”
Share price increase since December 2015
The announcement follows an increase in Myers Industries, Inc.’s share price of 45% since December 2015.
Chaired by F.Jack Liebau, Jr.
Myers Industries, Inc. is chaired by F.Jack Liebau, Jr.
In the position of CEO since 2015
Dave Banyard became CEO of the Company in December 2015.
Business Experience:
- Former Group President, Fluid Handling Technologies of Roper Technologies (NYSE: ROP), a diversified industrial company that produces engineered products for global niche markets
- Former Director of ID Modeling, Inc., a hydraulic modeling and water resource management company
- Former Vice President and General Manager — Kollmorgen Vehicle Systems Division, Danaher Corporation (NYSE: DHR), a designer, manufacturer, and marketer of industrial and consumer products
- Former Director of Operations — Jacobs Vehicle Systems, Danaher Corporation (NYSE: DHR)
Skills and Expertise:
- Successive leadership roles in manufacturing and engineering industries
- Proven track record of outperforming market growth, expanding profit margins and driving improved cash flow performance
- Variety of experiences resulting from service as a director and in management for other companies.
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 Myers and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2019 ($).