- Push-out Score determined
- After about 16 years in the position
- Jenny Johnson taking over
- Greg Johnson will remain as executive chairman at Franklin Templeton
- Greg Johnson spoke at length and said 134 words
(exechange) — San Mateo, California, November 21, 2019 — Greg Johnson, chief executive of Franklin Templeton, leaves his position. As announced by Franklin Resources Inc. in a news release and in a regulatory filing published on Thursday, November 21, 2019, Gregory E. (Greg) Johnson leaves his post as chief executive officer at the investment management company after about 16 years in the role, effective February 11, 2020.
It is the end of an era.
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. On an accumulated basis, around 11% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
Greg Johnson’s duties as CEO will be taken over by Jennifer M. (Jenny) Johnson, currently Chief Operating Officer of Franklin Resources, Inc.
Franklin Resources, Inc. is a global investment management organization operating as Franklin Templeton.
“Natural evolution”
A reason for Greg Johnson’s departure from the CEO post was not explicitly provided. Gregory E. Johnson said: “Jenny’s appointment as president and CEO is the natural evolution of her current role and recognizes both her strong track record and our confidence in her ability to lead the firm strategically into the future.”
Greg Johnson will remain as executive chairman at Franklin Templeton
“Current CEO Gregory E. Johnson will become executive chairman of Franklin Resources, Inc. and continue in his role as chairman of the Company’s board of directors,” Franklin Templeton said.
“Step down”
Franklin Templeton said: “On November 20, 2019, Mr. Gregory E. Johnson, Chairman of the Board of Directors (the “Board”) of Franklin Resources, Inc. (the “Company”), announced that he will step down as Chief Executive Officer of the Company, effective February 11, 2020.”
Share price decline
The announcement follows a decline in Franklin Resources, Inc.’s share price of 37% since January 2018.
In the position of CEO since 2004
Greg Johnson became CEO of the Company in January 2004.
As executive chairman, Johnson will continue to play an active role within the organization, represent the Company with key stakeholders, consult on significant decisions such as merger and acquisition opportunities, and advise on the strategic direction of the firm.
Greg Johnson’s CV reads as follows:
- Chairman of the Board since June 2013 and Chief Executive Officer of the Company since January 2004
- President from December 1999 to September 2015
- Officer and/or director of certain subsidiaries of the Company
- Officer and/or director or trustee of 44 registered investment companies managed or advised by subsidiaries of the Company
Johnson is a Certified Public Accountant and prior to joining the Company, was a senior accountant with Coopers & Lybrand.
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 Franklin Templeton and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2019 ($).