Aaon CEO Norm Asbjornson leaves his post

  • Push-out Score determined
  • After 31 years in the position
  • Praise for Asbjornson
  • Gary Fields taking over
  • Asbjornson will remain as Executive Chairman at Aaon Inc.
  • Asbjornson made a lengthy statement and said 400 words

(exechange) — Tulsa, Oklahoma, May 7, 2020 — Norm Asbjornson, chief executive of Aaon, leaves his position. As announced by Aaon Inc. in a news release and in a regulatory filing published on Thursday, May 7, 2020, Norman H. (Norm) Asbjornson leaves his post as chief executive officer at the maker of semi-custom heating, ventilation and air conditioning equipment after 31 years in the role, effective May 12, 2020.

It is the end of an era.

Norm Asbjornson’s duties as CEO will be taken over by Gary D. Fields, currently President of Aaon Inc.

It is a generational change as well. Gary Fields is about 24 years younger than Norm Asbjornson.

“A win-win for the Company and its stockholders”

Aaon did not give an explicit reason for Norm Asbjornson’s departure from the CEO post. Ken Lackey, independent Board member and Chair of Aaon’s Governance Committee, said: “The Board has been engaged in succession planning for several years and this transition is truly a win-win for the Company and its stockholders.”

Asbjornson will remain as Executive Chairman at Aaon Inc.

“Norman H. Asbjornson, Chief Executive Officer and Founder of Aaon, Inc. (the “Company”), will transition to the role of Executive Chairman, effective May 12, 2020,” Aaon said.

Share price increase since May 2019

The announcement follows an increase in Aaon Inc.’s share price of 3% since May 2019.

In the position of CEO since 1989

Norm Asbjornson became CEO of the Company in 1989.

As Executive Chairman, Asbjornson will lead the Board and continue to provide the full benefit of his vast experience, knowledge, leadership and guidance to support Fields as he expands his role at the Company.

Norman H. Asbjornson has served as Chief Executive Officer and a director of Aaon since its inception, and currently serves in the class of directors whose terms will expire at the 2021 annual meeting of stockholders.

Asbjornson also served as President of Aaon from its inception until November 2016, when the Board of Directors appointed Gary D. Fields as President.

Asbjornson also serves as the Chairman of the Board of Aaon, Inc., an Oklahoma corporation (“Aaon-Oklahoma”) and Aaon Coil Products, Inc., both the Company’s wholly-owned subsidiaries.

Asbjornson is the founder of the Company.

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 Aaon and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 19.2020 ($).