- Push-out Score determined
- After about six years in the position
- Rod Rushing taking over
(exechange) — Milwaukee, Wisconsin, March 23, 2020 — Tim Sullivan, chief executive of REV, leaves. As announced by REV Group Inc. in a news release and in a regulatory filing published on Monday, March 23, 2020, Timothy W. (Tim) Sullivan leaves his post as chief executive officer at the manufacturer of specialty vehicles after about six years in the role, effective immediately.
Tim Sullivan’s duties as CEO will be taken over by Rodney N. (Rod) Rushing, most recently President, Building Solutions North America of Johnson Controls Inc.
The fact that Tim Sullivan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Financial acuity, commercial excellence, and operational discipline”
REV did not give an explicit reason for Tim Sullivan’s departure from the CEO post. Paul Bamatter, Chairman of the Board, said: “The Board is confident we’ve selected the ideal next leader of REV Group in Rod. He has a proven track record of delivering high-quality performance through organizational development, financial acuity, commercial excellence, and operational discipline.”
Precise information regarding Tim Sullivan’s future plans was not immediately available.
REV said: “Timothy Sullivan is departing as CEO and as a member of the Board of Directors.”
REV further said: “On March 17, 2020, stockholders of REV Group, Inc. (the “Company”) holding a majority of the voting power of the issued and outstanding shares of common stock of the Company, by written consent, voted to remove Timothy Sullivan, without cause, from his position as a member of the board of directors of the Company (the “Board”), effective immediately. In addition, effective March 22, 2020, the Board removed Mr. Sullivan as President and Chief Executive Officer and terminated his employment with the Company.”
Share price decline
The announcement follows a decline in REV Group Inc.’s share price of 84% since January 2018.
Chaired by Paul Bamatter
REV Group Inc. is chaired by Paul Bamatter.
Bamatter has served as a member of the Company’s Board of Directors since 2016.
In the position of CEO since 2014
Tim Sullivan became CEO of the Company in 2014.
Sullivan served as Chief Executive Officer and Director of REV, positions that he has held since August 2014.
Previously, Sullivan was Chairman and Chief Executive Officer of Gardner Denver, Inc., a manufacturer of oil and gas, medical and industrial pumps and compressors, from 2013 to 2014 and the President and Chief Executive Officer of Bucyrus International, Inc., a manufacturer of mining equipment, from 2000 to 2011.
In 2012, he served as a special consultant to Wisconsin’s Governor and chaired the Wisconsin Governor’s Council on Workforce Investment and the Wisconsin Governor’s College and Workforce Readiness Council.
He is a current director of the Metropolitan Milwaukee Association of Commerce and the St. Ann Center for Intergenerational Care.
He is a former director of Aurora Healthcare, Big Brothers Big Sisters of Greater Milwaukee, Boys and Girls Clubs of Greater Milwaukee, Bucyrus International, Inc., Carroll University, Children’s Hospital of Wisconsin, Cliffs Natural Resources, Inc., Crosby, Inc., Generac, Inc., the Greater Milwaukee Committee, Medical College of Wisconsin, Milacron, Inc., Milwaukee School of Engineering, National Mining Association in Washington, D.C., Northwestern Mutual Life Insurance Company, Southeast Wisconsin Business Health Coalition, United Way of Greater Milwaukee and the University of Wisconsin Milwaukee Business Advisory Council.
Sullivan holds a bachelor of science degree in business administration from Carroll University and a master of business administration degree from Arizona State University’s Thunderbird School of International Management.
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.
Read the full story in the exechange report 13.2020 ($).