- Push-out Score determined
- After around 12 years in the position
- Thanks for Barnhart
- Sara Greenstein taking over
(exechange) — Manchester, Connecticut, October 15, 2019 — This news came the day after Columbus Day. Dale Barnhart, chief executive of Lydall, leaves. As announced by Lydall Inc. in a news release and in a regulatory filing published on Tuesday, October 15, 2019, Dale G. Barnhart leaves his post as Chief Executive Officer at the maker of products for the thermal/acoustical and filtration/separation markets after around 12 years in the role, effective November 18, 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 7.2 years, according to data compiled by exechange. On an accumulated basis, around 27% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Dale Barnhart’s duties as CEO will be taken over by Sara A. Greenstein, most recently senior executive of U.S. Steel.
It is a generational change as well. Sara Greenstein is about 21 years younger than Dale Barnhart.
The fact that Dale Barnhart’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Lydall did not explicitly explain the reason for Dale Barnhart’s move.
Precise information regarding Dale Barnhart’s future plans was not immediately available.
Lydall said: “Ms. Greenstein will succeed Dale G. Barnhart, who will be retiring after more than 12 years of service with Lydall.”
Lydall further said: “On October 15, 2019, Lydall, Inc. (the “Company”) announced that its Board of Directors (the “Board”) appointed Sara A. Greenstein, 45, as President, Chief Executive Officer and Director of the Company succeeding Dale G. Barnhart, who plans to retire from the Company, both effective on November 18, 2019 (the “Effective Date”).”
Share price decline
The announcement follows a decline in Lydall, Inc.’s share price of 60% since October 2017.
Chaired by Marc T. Giles
Lydall, Inc. is chaired by Marc T. Giles.
In the position of CEO since 2007
Dale Barnhart became CEO of the Company in August 2007.
Barnhart has served as President and Chief Executive Officer of the Company since 2007.
Barnhart was the Chief Executive Officer of Synventive Molding Solutions, a manufacturer of hot runner systems, machine nozzles, temperature controllers and sprue bushings for the injection molding industry, from 2005 to 2007.
Prior to that, Barnhart was a consultant working with two private equity groups and was President of Invensys Climate Control, a provider of products and services to the heating, ventilating and air conditioning and commercial refrigeration markets.
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 Lydall and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2019 ($).