- Push-out Score determined
- After less than two years in the position
- Thanks and good wishes for Tiede
- Howard Coker taking over
- Tiede kept it short and said 51 words
(exechange) — Hartsville, South Carolina, February 3, 2020 — Rob Tiede, chief executive of Sonoco, leaves. As announced by Sonoco Products Co. in a news release on Monday, February 3, 2020, Robert C. (Rob) Tiede leaves his post as chief executive officer at the packaging company after less than two 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. On an accumulated basis, around 15% 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.
Rob Tiede’s duties as CEO will be taken over by R.Howard Coker, most recently senior vice president of the Paper/Industrial Converted Products segment of Sonoco Products Co.
No reason given
In the announcement, Sonoco did not explicitly explain the reason for Rob Tiede’s move.
Precise information regarding Rob Tiede’s future plans was not immediately available.
Sonoco said: “Coker, 57, succeeds Robert C. Tiede, 61, who has elected to retire from Sonoco after serving as president and CEO since April 2018. Coker has also been elected to the Company’s Board of Directors, replacing Tiede.”
Share price decline
The announcement follows a decline in Sonoco Products Co.’s share price of 14% since July 2019.
Chaired by John R. Haley
Sonoco Products Co. is chaired by John R. Haley.
In the position of CEO since 2018
Rob Tiede became CEO of the Company in 2018.
Tiede has been the Company’s President and Chief Executive Officer since April 2018.
He was previously Executive Vice President and Chief Operating Officer from 2017 to 2018; Senior Vice President, Global Consumer Packaging & Services, Protective Solutions & Reels from 2015 to 2017 and Senior Vice President, Global Consumer Packaging & Services from 2013 to 2015.
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 Sonoco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2020 ($).