- Push-out Score determined
- After about 21 years in the position
- Praise for Miller
- Phil Saunders taking over
- Miller will remain as co-chair of the Board of Directors at Cornerstone
- Miller said 127 words
(exechange) — Santa Monica, California, May 11, 2020 — Adam Miller, chief executive of Cornerstone, leaves his position. As announced by Cornerstone OnDemand Inc. in a news release and in a regulatory filing published on Monday, May 11, 2020, Adam L. Miller leaves his post as chief executive officer at the cloud-based learning, talent management and talent experience software provider after about 21 years in the role, effective June 15, 2020.
It is the end of an era.
Adam Miller’s duties as CEO will be taken over by Phil Saunders, most recently Chief Executive Officer of Saba Software.
The fact that Adam Miller’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.
“My passion for social entrepreneurship and public service”
Cornerstone did not give an explicit reason for Adam Miller’s departure from the CEO post. Adam Miller said: “[A]fter two decades, I am excited to commit more fully to my passion for social entrepreneurship and public service.”
Miller will remain as co-chair of the Board of Directors at Cornerstone
“[A]fter 20 years as founder and Chief Executive Officer of Cornerstone, Adam Miller will become co-chair of the Cornerstone Board of Directors,” Cornerstone said.
Cornerstone said: “On May 6, 2020, the Board appointed Adam Miller as the Company’s Co-Chairperson of the Board, effective as of June 15, 2020 (the “Miller Effective Date”). Elisa Steele, who currently serves as Chairperson of the Board, also will become Co-Chairperson of the Board on the Miller Effective Date.”
Share price increase since May 2015
The announcement follows an increase in Cornerstone OnDemand Inc.’s share price of 24% since May 2015.
In the position of CEO since 1999
Adam Miller became CEO of the Company in 1999.
Adam L. Miller founded the Company and has been the Company’s Chief Executive Officer and a member of the Company’s board of directors since May 1999.
In addition to strategy, sales and operations, Miller has led the Company’s product development efforts since the Company’s inception.
Prior to founding Cornerstone, Miller was an investment banker with Schroders plc, a financial services firm.
Since its formation, Miller has served as the Chairman of the Cornerstone OnDemand Foundation, which leverages Cornerstone’s expertise, solutions and partner ecosystem to help empower communities.
From February 2017 to February 2019, Miller served on the board of directors of Mindbody, Inc., a software provider for class- and appointment-based businesses.
Miller also writes and speaks extensively about talent management and on-demand software.
Miller holds a J.D. from the School of Law of the University of California, Los Angeles (UCLA), an M.B.A. from UCLA’s Anderson School of Business, a B.A. from the University of Pennsylvania (Penn) and a B.S. from Penn’s Wharton School of Business.
He also earned C.P.A. (inactive) and Series 7 certifications.
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 Cornerstone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2020 ($).