- Push-out Score determined
- After less than one year in the position
- Praise and thanks for Shaw
- Ben Wolin taking over in the interim
(exechange) — Portland, Maine, October 22, 2019 — Ben Shaw, chief executive of Covetrus, leaves. As announced by Covetrus Inc. in a news release and in a regulatory filing published on Tuesday, October 22, 2019, Benjamin (Ben) Shaw has left his post as chief executive officer at the animal-health technology and services company after less than one year in the role, effective October 21, 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 7.3 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.
Ben Shaw’s duties as CEO will be taken over in the interim by Benjamin (Ben) Wolin, most recently chair of the board of Covetrus, Inc., as acting Chief Executive Officer.
“Help the company successfully focus and execute on its strategy”
A reason for Ben Shaw’s departure from the CEO post was not explicitly provided. Philip A. Laskawy, the board’s lead independent director, said: “Covetrus offers a compelling and transformative value proposition within the global animal health market, and Benjamin Wolin, with his deep expertise in public company management in the digital healthcare, pharmacy and technology space, is the right leader to help the company successfully focus and execute on its strategy.”
Precise information regarding Ben Shaw’s future plans was not immediately available.
Covetrus said: “Benjamin Shaw has stepped down as the company’s president and chief executive officer and will transition to a strategic advisor to the board.”
Covetrus further said: “On October 22, 2019, Covetrus, Inc. (the “Company”) announced that Ben Shaw, the Company’s Chief Executive Officer and President, has resigned effective immediately. Mr. Shaw has also resigned as a director of the Company. Following his resignation, Mr. Shaw will serve as a strategic advisor to the Company’s Board of Directors (the “Board”) for a period to be mutually agreed, which shall not be less than six months.”
Share price decline
The announcement follows a decline in Covetrus, Inc.’s share price of 78% since February 2019.
In the position of CEO since 2019
Ben Shaw became CEO of the Company in February 2019.
Benjamin Shaw was appointed the Company’s President and Chief Executive Officer and a director in February 2019 in connection with the Transactions.
From May 2010 until such appointment, Shaw was the Chief Executive Officer and Co-Founder and until August 2018, President of Vets First Choice.
Previously, Shaw co-founded Black Point Group and served as Partner from 2003 to 2017.
Shaw holds a B.A. in Biology, Political Science and Environmental Studies from Bates College.
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 Covetrus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2019 ($).