- Push-out Score determined
- After about six years in the position
- Praise for D’Orazio
- Paul Nester taking over
- D’Orazio said 64 words
(exechange) — Roanoke, Virginia, November 26, 2019 — John D’Orazio, chief executive of RGC Resources, leaves. As announced by RGC Resources Inc. in a news release and in a regulatory filing published on Tuesday, November 26, 2019, John S. D’Orazio leaves his post as Chief Executive Officer at the natural gas distribution company after about six years in the role, effective February 7, 2020.
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.
John D’Orazio’s duties as CEO will be taken over by Paul W. Nester, currently Chief Financial Officer of RGC Resources, Inc.
“Succession plan”
John D’Orazio’s departure from the CEO post is explained as follows. RGC Resources said: “As part of the Company’s corporate succession plan, the Board of Directors approved the appointment of Paul W. Nester, age 45, as President and CEO of the Company effective with Mr. D’Orazio’s retirement.”
Precise information regarding John D’Orazio’s future plans was not immediately available.
“Will voluntarily retire”
RGC Resources said: “John S. D’Orazio will voluntarily retire as President and Chief Executive Officer effective February 7, 2020.”
RGC Resources further said: “On November 25, 2019, John S. D’Orazio, President and CEO of RGC Resources, Inc. (the “Company” or “Resources”) informed the Board of Directors of his intent to retire effective February 7, 2020.”
Share price increase since January 2017
The announcement follows an increase in RGC Resources, Inc.’s share price of 70% since January 2017.
Chaired by John B. Williamson
RGC Resources, Inc. is chaired by John B. Williamson.
In the position of CEO since 2014
John D’Orazio became CEO of the Company in February 2014.
D’Orazio has indicated his willingness to serve in an advisory capacity for a year following his retirement.
D’Orazio will also step down from the Board following the Annual Meeting of Shareholders to be held February 3, 2020.
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 RGC Resources and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2019 ($).