- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Griffiths
- George Wilson taking over
- Griffiths will remain as Executive Chairman at Quanex
- Griffiths said 63 words
(exechange) — Houston, Texas, December 11, 2019 — Bill Griffiths, chief executive of Quanex, leaves his position. As announced by Quanex Building Products Corp. in a news release and in a regulatory filing published on Wednesday, December 11, 2019, William C. (Bill) Griffiths leaves his post as Chief Executive Officer at the maker of components for original equipment manufacturers in the building products industry after about six and a half years in the role, effective January 1, 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.
Bill Griffiths’s duties as CEO will be taken over by George L. Wilson, currently Chief Operating Officer of Quanex Building Products Corporation.
“Succession plan”
Bill Griffiths’s departure from the CEO post is explained as follows. Griffiths said: “It has been extremely rewarding to lead this Company over the last six years, and working with the Board to successfully conclude an internal succession plan has been satisfying.”
Griffiths will remain as Executive Chairman at Quanex
“Mr. Griffiths, 68, will remain as Executive Chairman of the Board and will continue to support Mr. Wilson,” Quanex said.
“Stepping down”
Quanex said: “George Wilson, 51, Quanex’s Chief Operating Officer, has been elected by the Company’s Board of Directors (the “Board”) to succeed Bill Griffiths as Quanex’s President and Chief Executive Officer (“CEO”). Mr. Wilson will also join the Company’s Board, all effective January 1, 2020.”
Quanex further said: “[T]he Company’s Chief Executive Officer and President, William C. Griffiths, will be stepping down from those roles effective January 1, 2020.”
Share price increase since January 2019
The announcement follows an increase in Quanex Building Products Corporation’s share price of 30% since January 2019.
In the position of CEO since 2013
Bill Griffiths became CEO of the Company in 2013.
Griffiths was named Chairman, President, and Chief Executive Officer of the Company in July 2013.
Prior to joining the Company as President and CEO, Griffiths served as the Managing Director and a member of the board of directors of Sealine (International) Ltd., a privately held manufacturer of yachts and other marine vessels based in the United Kingdom.
Prior to joining Sealine in January 2012, Griffiths served as Chairman of the Board, President and CEO of Champion Enterprises, Inc., a NYSE-traded producer of modular and manufactured housing until 2010.
He joined Champion as a Director, and as President and Chief Executive Officer, in August 2004, and was named Chairman of the Board in 2006.
Champion filed for Chapter 11 bankruptcy on November 15, 2009.
From 2001 to 2004, Griffiths was President—Fluid Systems Division at SPX Corporation, a global multi-industry company located in Charlotte, North Carolina. Griffiths graduated from the University of London with a BS with Honors in Mining Engineering.
In addition, Griffiths is a graduate of the Harvard Business School’s PMD executive education 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 Quanex and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2019 ($).