- Push-out Score determined
- After about four years in the position
- Lee Delaney taking over
- Baldwin will remain as Executive Chairman at BJ’s Wholesale
- Baldwin spoke at length and said 134 words
(exechange) — Westborough, Massachusetts, December 19, 2019 — Chris Baldwin, chief executive of BJ’s Wholesale, leaves his position. As announced by BJ’s Wholesale Club Holdings Inc. in a news release and in a regulatory filing published on Thursday, December 19, 2019, Christopher J. (Chris) Baldwin leaves his post as Chief Executive Officer at the operator of membership warehouse clubs after about four years in the role, effective February 2, 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 7.6 years, according to data compiled by exechange.
Chris Baldwin’s duties as CEO will be taken over by Lee Delaney, currently president of BJ’s Wholesale Club Holdings Inc.
No reason given
In the announcement, BJ’s Wholesale did not explicitly explain the reason for Chris Baldwin’s move.
Baldwin will remain as Executive Chairman at BJ’s Wholesale
“BJ’s Wholesale Club (NYSE: BJ), a leading operator of membership warehouse clubs in the Eastern United States, today named Christopher J. Baldwin Executive Chairman,” BJ’s Wholesale said.
“Transition”
BJ’s Wholesale said: “On December 19, 2019, BJ’s Wholesale Club Holdings, Inc. (the “Company”) appointed Lee Delaney as the Company’s Chief Executive Officer to succeed Christopher J. Baldwin, who will transition from Chief Executive Officer and Chairman of the Board of Directors (the “Board”) to serve as the Executive Chairman of the Board, effective as of February 2, 2020.”
Share price decline
The announcement follows a decline in BJ’s Wholesale Club Holdings Inc.’s share price of 23% since September 2018.
In the position of CEO since 2016
Chris Baldwin became CEO of the Company in 2016.
In his role as executive chairman, Baldwin, who joined the company and the board in 2015, will serve as a strategic advisor to Delaney and will lead the board of directors.
Christopher J. Baldwin is Chairman, President & Chief Executive Officer and a director of the Company.
Baldwin joined BJ’s in September 2015 as President and Chief Operating Officer and director and was promoted to Chief Executive Officer in February 2016 and Chairman of the Board in 2018.
Prior to joining BJ’s, he was Chief Executive Officer of Hess Retail Corporation, a spin-off of Hess Corporation from 2010.
Under Baldwin’s leadership, Hess Retail Corporation operated more than 1,300 convenience stores and served over a million customers daily.
Before joining Hess Retail Corporation, he held executive roles at Kraft Foods from 2007 to 2010, and The Hershey Company from 2004 to 2007.
Earlier in his career, Baldwin also held various roles at Nabisco and The Procter & Gamble Company. Baldwin is the Chairman of the National Retail Federation, the world’s largest retail trade association.
Baldwin is also active in the community, serving as an executive board member at Harlem Lacrosse and Leadership, a school-based nonprofit that provides educational intervention, leadership training and lacrosse for at-risk youth.
Baldwin graduated from Siena College in Loudonville, New York with a B.S. in Economics.
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 BJ’s Wholesale and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2019 ($).