- Push-out Score determined
- After less than five months in the position
- Carl Grimstad taking over
(exechange) — Lafayette, Louisiana, January 3, 2020 — Adam Price, chief executive of Waitr, leaves. As announced by Waitr Holdings Inc. in a news release and in a regulatory filing published on Friday, January 3, 2020, Adam Price has left his post as Chief Executive Officer at the on-demand food delivery business after less than five months in the role, effective December 27, 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 7.6 years, according to data compiled by exechange. Around 5% of the CEOs who announced their departure over the past 12 months left their posts within their first year. On an accumulated basis, around 14% left their posts within two years, and 25% left their posts within three years.
Adam Price’s duties as CEO will be taken over by Carl A. Grimstad, currently chief manager of C.Grimstad Associates, LLC.
The fact that Adam Price’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Evaluating every aspect of Waitr”
A reason for Adam Price’s departure from the CEO post was not explicitly provided. Grimstad said: “Over the past few weeks I, along with the Company’s Board, advisors and key stakeholders, have been evaluating every aspect of Waitr. This process has given me confidence in the future of Waitr.”
Precise information regarding Adam Price’s future plans was not immediately available.
Waitr said: “Adam Price, the Company’s prior Chief Executive Officer and member of the Board, has resigned from both positions.”
Waitr further said: “On December 27, 2019, Adam Price (“Mr. Price”) resigned his position as Chief Executive Officer and as a Class II member of the Board of Directors (the “Board”) of Waitr Holdings Inc. (the “Company”).”
Share price decline
The announcement follows a decline in Waitr Holdings Inc.’s share price of 80% since September 2019.
In the position of CEO since 2019
Adam Price became CEO of the Company in 2019.
On August 8, 2019, Waitr announced that Adam Price has been promoted to the position of Chief Executive Officer effective immediately.
Price joined Waitr in February of 2019 as Chief Logistics Officer prior to being named the Company’s Chief Operations Officer.
Prior to joining Waitr Holdings, he spent over five years as Chief Executive Officer of Homer Logistics, a provider of local delivery fulfillment solutions for businesses using logistics technology.
From 2007 until 2013, he held various business development and engineering roles at ATA Engineering.
Price holds a B.S. in Aerospace Engineering from the University of California, San Diego.
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 Waitr and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 1.2020 ($).