- Push-out Score determined
- After less than four years in the position
- Praise and good wishes for Fetherman
- Search for a successor
- Fetherman kept it short and said 58 words
(exechange) — Evansville, Indiana, November 21, 2019 — Dave Fetherman, chief executive of Escalade, leaves. As announced by Escalade Inc. in a news release published on Friday, November 15, 2019 and in a regulatory filing published on Thursday, November 21, 2019, David L. (Dave) Fetherman leaves his post as Chief Executive Officer at the manufacturer of sporting goods products after less than four years in the role.
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 7.5 years, according to data compiled by exechange.
Pending the hiring of his replacement, Fetherman has agreed to continue to serve as President and Chief Executive Officer through this transition period. In addition, it is anticipated that Fetherman will continue to serve on Escalade’s Board of Directors until his successor takes office.
Escalade will undertake a search for a successor.
No reason given
In the announcement, Escalade did not explicitly explain the reason for Dave Fetherman’s move.
Precise information regarding Dave Fetherman’s future plans was not immediately available.
“Retire”
Escalade said: “David L. Fetherman has informed the Escalade Board of Directors of his intent to retire from his position as the Company’s President and Chief Executive Officer.”
Escalade further said: “On November 15, 2019, Escalade, Incorporated (“Escalade” or the “Company”) announced that David L. Fetherman, its President and Chief Executive Officer, informed Escalade that he intends to retire from his positions with the Company.”
Share price decline
The announcement follows a decline in Escalade, Incorporated’s share price of 5% since January 2019.
Chaired by Walter P. Glazer, Jr.
Escalade, Incorporated is chaired by Walter P. Glazer, Jr.
Walter P. Glazer, Jr. was elected to the board on April 24, 2015. He is the Founder and Chief Executive Officer of Speedball Art Products Company, a manufacturer and worldwide distributor of fine art materials (since 1997).
In the position of CEO since 2015
Dave Fetherman became CEO of the Company in December 2015.
Fetherman has served as Escalade’s President and Chief Executive Officer, and as a member of Escalade’s Board of Directors since 2015.
Prior to assuming those positions, he was the President of Escalade Sports since 2012 and was its Vice President of Sales and Marketing beginning in 2007.
Fetherman continues a 35+ year career in various roles including Chief Executive Officer, President, and Vice President of Sales and Marketing.
Business Experience:
- President and Chief Executive Officer of the Company (since 2015)
- President of Escalade Sports (2012 – 2015)
- Vice President of Sales and Marketing of Escalade Sports (2007 – 2012)
- Vice President of Sales and Marketing of WM Barr (1997 – 2007)
- Sales Director at Armor All Home care (1995 -1997)
- Various management roles for Thompson & Formby, a subsidiary of The Kodak Company (1990 – 1995)
- Various sales and management roles with The Vendo Company (1980 – 1990).
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 Escalade and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2019 ($).