- Push-out Score determined
- After about six and a half years in the position
- Accolades, praise and thanks for Barag
- Brian Davis taking over
- Barag said 62 words
(exechange) — Atlanta, Georgia, January 21, 2020 — This news came the day after Martin Luther King, Jr. Day. Jerry Barag, chief executive of CatchMark, leaves. As announced by CatchMark Timber Trust Inc. in a news release and in a regulatory filing published on Tuesday, January 21, 2020, Jerrold (Jerry) Barag leaves his post as chief executive officer at the timber REIT after about six and a half years in the role, effective immediately.
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.
Jerry Barag’s duties as CEO will be taken over by Brian M. Davis, most recently President and Chief Financial Officer of CatchMark Timber Trust Inc.
“To pursue other interests”
Jerry Barag’s departure from the CEO post is explained as follows. CatchMark said: “Following six successful years in his role, Mr. Barag made the personal decision to retire from the company to pursue other interests. He will be available to Mr. Davis and the Board in a consulting capacity as needed through April 20, 2020. Mr. Barag will also step down from the Board, effective immediately.”
Precise information regarding Jerry Barag’s future plans was not immediately available.
CatchMark said: “Brian M. Davis, previously President and Chief Financial Officer, will succeed Jerry Barag as the company’s next Chief Executive Officer and join the company’s Board of Directors, effective immediately.”
CatchMark further said: “On January 21, 2020, Jerrold Barag retired as the Chief Executive Officer of CatchMark Timber Trust, Inc. (the “Company”) and as a member of the Company’s board of directors (the “Board”).”
“Not as a result of any disagreement”
“Mr. Barag’s retirement was not as a result of any disagreement with the Company on any matters related to the Company’s operations, policies or practices,” CatchMark said.
Share price decline
The announcement follows a decline in CatchMark Timber Trust Inc.’s share price of 15% since January 2018.
Chaired by Willis J. Potts Jr.
CatchMark Timber Trust Inc. is chaired by Willis J. Potts Jr.
Willis J. Potts, Jr. has served as the Company’s Chairman of the Board since November 2013 and as one of the Company’s independent directors since 2006.
In the position of CEO since 2013
Jerry Barag became CEO of the Company in 2013.
Jerry Barag has served as the Company’s Chief Executive Officer since October 2013 and became a director in December 2013.
Barag also served as the Company’s President from October 2013 to April 2019.
Barag previously served as a consultant to the Company from August 2013 to his appointment as the Company’s Chief Executive Officer and President.
From September 2011 to October 2013, Barag served as a Principal of TimberStar Advisors, an Atlanta‑based timberland investment consulting firm, where he specialized in acquiring and managing timberlands in the United States.
From 2004 to September 2011, he served as Managing Director of TimberStar Operating Partnership, a timberland investment joint venture among himself, the Company’s former Chief Operating Officer and Secretary John F. Rasor, iStar Financial, Inc. and other institutional investors.
While at TimberStar, he oversaw the acquisition of over $1.4 billion of timberlands in Arkansas, Louisiana, Maine and Texas. From 2003 to 2004, he served as Chief Investment Officer of TimberVest, LLC (“TimberVest”), an investment manager specializing in timberland investment planning.
Prior to joining TimberVest, Barag served as Chief Investment Officer and Chairman of the Investment Committees for Lend Lease, a subsidiary of Lend Lease Corp., a construction, development and real estate investment management advisory company traded on the Australian Securities Exchange with over $35 billion of assets under management.
Barag received his Bachelor of Science from The University of Pennsylvania, Wharton School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to CatchMark and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2020 ($).