- Push-out Score determined
- After about five years in the position
- Praise and thanks for Corrick
- Nate Jorgensen taking over
(exechange) — Boise, Idaho, January 15, 2020 — Tom Corrick, chief executive of Boise Cascade, leaves. As announced by Boise Cascade Co. in a news release and in a regulatory filing published on Wednesday, January 15, 2020, Thomas K. (Tom) Corrick leaves his post as chief executive officer at the producer of engineered wood products and plywood after about five years in the role, effective March 6, 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 7.5 years, according to data compiled by exechange.
Tom Corrick’s duties as CEO will be taken over by Nate Jorgensen, currently chief operating officer of Boise Cascade Co.
“Deliberate succession planning process”
Tom Corrick’s departure from the CEO post is explained as follows. Tom Carlile, board chair, said: “Our deliberate succession planning process has enabled us to ensure a seamless transition.”
Precise information regarding Tom Corrick’s future plans was not immediately available.
Boise Cascade said: “Mr. Jorgensen will replace Tom Corrick, who will be retiring from his roles as CEO and director after nearly 37 years with Boise Cascade. Mr. Jorgensen will also replace Mr. Corrick’s seat on the Board of Directors.”
Boise Cascade further said: “On January 15, 2020, Tom Corrick, Chief Executive Officer of Boise Cascade Company (“Boise Cascade” or the “Company”), notified the Company of his retirement as CEO and director effective March 6, 2020.”
Share price increase since June 2019
The announcement follows an increase in Boise Cascade Co.’s share price of 64% since June 2019.
Chaired by Tom Carlile
Boise Cascade Co. is chaired by Tom Carlile.
Carlile has been one of the Company’s directors since the Company’s initial public offering in February 2013, and was a director of the Company’s former parent company, Boise Cascade Holdings, L.L.C., from 2009-2013.
In the position of CEO since 2015
Tom Corrick became CEO of the Company in 2015.
Corrick has served as the Company’s chief executive officer since March 6, 2015.
Prior to that, he served in various roles including chief operating officer, executive vice president of the Company’s Wood Products segment, senior vice president of engineered wood products in the Company’s Wood Products segment, and various other management and financial positions.
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 Boise Cascade and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2020 ($).