- Push-out Score determined
- After around 16 years in the position
- Praise for Lockard
- Bill Siwek taking over
- Lockard will remain as Chairman at TPI Composites
- Lockard said 79 words
(exechange) — Scottsdale, Arizona, March 12, 2020 — Steve Lockard, chief executive of TPI Composites, leaves his position. As announced by TPI Composites Inc. in a news release and in a regulatory filing published on Thursday, March 12, 2020, Steven C. (Steve) Lockard leaves his post as chief executive officer at the manufacturer of composite wind blades after around 16 years in the role, effective May 20, 2020.
It is the end of an era.
Steve Lockard’s duties as CEO will be taken over by William E. (Bill) Siwek, currently President of TPI Composites Inc.
“Part of our succession planning”
Steve Lockard’s departure from the CEO post is explained as follows. Paul Giovacchini, the Company’s current Chairman of the Board, said: “Bill’s appointment as CEO is part of our succession planning efforts to ensure that TPI remains well positioned to execute on its long-term strategic goals.”
Lockard will remain as Chairman at TPI Composites
“Steven C. Lockard, whose career at TPI began in 1999 and who has served as CEO since 2004, has been nominated for a new three-year term as Director and, if elected, will become Chairman of the TPI Board, effective May 20, 2020. Steve will also serve as Chairman of a newly formed Technology Committee of the Board to oversee the company’s innovation efforts for both wind and transportation markets,” TPI Composites said.
TPI Composites said: “Steven Lockard will transition from his current role as the Company’s Chief Executive Officer and assume the role of Chairman of the Board on May 20, 2020, coinciding with the date of the Company’s 2020 Annual Meeting of Stockholders.”
Share price decline
The announcement follows a decline in TPI Composites Inc.’s share price of 42% since March 2019.
In the position of CEO since 2004
Steve Lockard became CEO of the Company in 2004.
Lockard became the Company’s President and Chief Executive Officer in 2004 and has served as a member of the Company’s board of directors since 2004.
Prior to joining the Company in 1999, Lockard was Vice President of Satloc, Inc., a supplier of precision GPS equipment, from 1997 to 1999.
Prior to that, Lockard was Vice President of marketing and business development and a founding officer of ADFlex Solutions, Inc., a NASDAQ-listed international manufacturer of interconnect products for the electronics industry, from 1993 to 1997.
Prior to that, Lockard held several marketing and management positions including Business Unit Manager, Corporate Market Development Manager and Marketing/Applications Engineer at Rogers Corporation from 1982 to 1993.
Lockard serves on the board of and is the Chairman of the Board of the American Wind Energy Association.
Lockard holds a B.S. in Electrical Engineering from Arizona State University.
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 TPI Composites and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2020 ($).