- Push-out Score determined
- After about half a year in the position
- Bart Weijermars taking over in the interim
(exechange) — New York, November 25, 2019 — Hal Turner, chief executive of Pareteum, leaves. As announced by Pareteum Corp. in a news release and in a regulatory filing published on Monday, November 25, 2019, Robert H. (Hal) Turner has left his post as Chief Executive Officer at the internet service providers company after about half a year in the role, effective November 22, 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 7.4 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 15% left their posts within two years, and 25% left their posts within three years.
Hal Turner’s duties as CEO will be taken over in the interim by Bart Weijermars, currently Chief Strategy Officer of Pareteum Corporation, as Interim Chief Executive Officer.
“To complete the restatement process and improve the company’s financial and operational controls”
Hal Turner’s departure from the CEO post is explained as follows. Independent Director Mary Beth Vitale, who has been appointed interim Chairman of the Board for the transition period, said: “A leadership transition was necessary as a key step while we work to complete the restatement process and improve the company’s financial and operational controls. Pareteum’s Board is committed to the highest managerial and governance standards and we are actively working to deliver long-term, sustainable, shareholder value. Our products and technology have significant traction in the market and are well-accepted by global customers. We are executing on our large market opportunity and remain focused on driving growth while completing the financial restatements.”
Precise information regarding Hal Turner’s future plans was not immediately available.
“Terminated”
Pareteum said: “Robert H. Turner has been terminated as Chairman and CEO of Pareteum.”
Pareteum further said: “On November 22, 2019, the Board of Directors (the “Board”) of Pareteum Corporation (the “Company”) terminated Robert H. Turner from his positions as Executive Chairman and Chief Executive Officer.”
Share price decline
The announcement follows a decline in Pareteum Corporation’s share price of 91% since May 2019.
In the position of CEO since 2019
Hal Turner became CEO of the Company in May 2019.
Robert H. Turner was appointed Executive Chairman of the Board of Directors on November 16, 2015 and Chief Executive Officer on May 24, 2019.
Turner has 40 years’ experience, cultivating and growing “all stage” global software, telecom and tech companies. He emphasizes strategy, sales, organizational leadership, and fundamental financial results and leads with a culture that passionately serves the needs of valued constituents, while sustaining growth.
Turner launched his career at AT&T, where he rose to serve at the highest ranks in a broad spectrum of international, start-up, and corporate firms, including (selected highlights): NeoNova Network Services, Inc.; Pac West; Telecom, Inc.; Panterra Networks; PTT Telecom Netherlands, US Inc. (now KPN); and BellSouth Communications, Inc. (now AT&T).
Turner is also an advisory board member of The Capital Angels, affiliated with SC Angel Network. Turner earned a Bachelor of Science degree and a Master of Business Administration from the University of South Carolina, where he was presented with a Distinguished Alumni award in 2010.
Turner is Guest Lecturer in the Darla Moore School of Business Professional MBA program.
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 Pareteum and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2019 ($).