- Push-out Score determined
- After around seven years in the position
- Praise, thanks and good wishes for Massman
- Arsen Kitch taking over
- Massman kept it short and said 52 words
(exechange) — Spokane, Washington, January 28, 2020 — Linda Massman, chief executive of Clearwater, leaves. As announced by Clearwater Paper Corp. in a news release and in a regulatory filing published on Tuesday, January 28, 2020, Linda K. Massman leaves her post as chief executive officer at the pulp and paper product manufacturer after around seven years in the role, effective April 1, 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.
Linda Massman’s duties as CEO will be taken over by Arsen S. Kitch, currently senior vice president and general manager of the consumer products division of Clearwater Paper Corp.
The company has initiated a comprehensive search process to identify and evaluate potential candidates to be the company’s next general manager of its consumer products division.
No reason given
In the announcement, Clearwater did not explicitly explain the reason for Linda Massman’s move.
Precise information regarding Linda Massman’s future plans was not immediately available.
“Retire/will no longer serve”
Clearwater said: “Mr. Kitch will succeed Linda K. Massman, who has informed the board of her decision to retire from Clearwater Paper after serving in the CEO position since January 2013.”
Clearwater further said: “Clearwater Paper Corporation (“Clearwater Paper” or the “Company”) announced that Arsen S. Kitch was elected President and Chief Executive Officer and will join the Company’s Board of Directors, effective as of April 1, 2020 (the “Effective Date”). Linda K. Massman will no longer serve as President and Chief Executive Officer as of the Effective Date.”
Share price decline
The announcement follows a decline in Clearwater Paper Corp.’s share price of 69% since January 2015.
Chaired by Alexander Toeldte
Clearwater Paper Corp. is chaired by Alexander Toeldte.
In the position of CEO since 2013
Linda Massman became CEO of the Company in 2013.
Massman has been a director since January 2013.
Massman has served as President and CEO of Clearwater Paper since January 1, 2013 and served as President and COO from November 2011 to December 2012.
Massman served as CFO and Senior Vice President, Finance from May 2011 to November 2011, and as CFO and Vice President, Finance from December 2008 to May 2011.
From September 2008 to December 2008, Massman served as Vice President of Potlatch Corporation pending completion of the spin-off of Clearwater Paper Corporation.
From May 2002 to August 2008, Massman was Group Vice President, Finance and Corporate Planning, for SUPERVALU Inc., a grocery retail company.
Massman has served as a director of TreeHouse Foods, Inc. (NYSE:THS) since 2016 and is a member of its Audit Committee.
She served as a member of their Nominating and Governance Committee from 2016 to 2018.
Massman also served as a Director for Black Hills Corporation (NYSE: BKH), an energy company, from 2015 to 2018 and was a member of its Compensation Committee.
In 2017, Massman served as board chair for the American Forest & Paper Association, the national trade association of the forest products industry.
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 Clearwater and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2020 ($).