- Push-out Score determined
- After less than two years in the position
- Praise and thanks for Jarrault
- Bill Higgins taking over
- Jarrault said 74 words
(exechange) — Rochester, New Hampshire, January 21, 2020 — This news came the day after Martin Luther King, Jr. Day. Olivier Jarrault, chief executive of Albany, leaves — “by mutual agreement with the Board.” As announced by Albany International Corp. in a news release and in a regulatory filing published on Tuesday, January 21, 2020, Olivier M. Jarrault has left his post as chief executive officer at the manufacturer of engineered components after less than two years in the role, effective January 20, 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. On an accumulated basis, around 14% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 27% left their posts within three years.
Olivier Jarrault’s duties as CEO will be taken over by A.William (Bill) Higgins, most recently Chairman of the Board of Albany International Corp.
“This is the right time for new leadership”
Olivier Jarrault’s departure from the CEO post is explained as follows. Jarrault said: “The Board and I have agreed that this is the right time for new leadership at Albany, and I have every confidence that Albany will continue to grow and thrive under Bill and the senior management team.”
Precise information regarding Olivier Jarrault’s future plans was not immediately available.
Albany said: “Albany International Corp. (NYSE: AIN) announced today that its Board of Directors has appointed A. William Higgins as President and Chief Executive Officer, effective January 20, to succeed Olivier Jarrault, who has resigned by mutual agreement with the Board.”
Albany further said: “On January 21, 2020 Albany International Corp. (“the Company”) announced that the Board of Directors of the Company (the “Board”) has appointed A. William Higgins as President and Chief Executive Officer of the Company effective January 20, 2020 to succeed Olivier Jarrault, who has resigned by mutual agreement with the Board.”
Share price increase since March 2018
The announcement follows an increase in Albany International Corp.’s share price of 19% since March 2018.
In the position of CEO since 2018
Olivier Jarrault became CEO of the Company in 2018.
Olivier Jarrault has been a Director of the Company, as well as the Company’s President and CEO, since March 2, 2018.
From 2001 until 2016, Jarrault served as an Executive Vice President and Group President for Alcoa Engineered Products and Solutions (“EPS”), leading a portfolio of global advanced-technology components manufacturing businesses serving a number of markets, including aerospace, industrial gas turbines, commercial transportation, and building and construction.
Prior to being named President of EPS, Jarrault served in a number of senior management positions at Alcoa — including as Chief Operating Officer of EPS from 2010 until 2011 and President of Alcoa Fastening Systems from 2002 until 2010 — as well as at Fairchild Fasteners and LISI Aerospace.
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 Albany and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2020 ($).