- Push-out Score determined
- Praise and thanks for Lane
- Search for a successor
- Lane spoke at length and said 166 words
(exechange) — Houston, Texas, May 27, 2020 — Andrew Lane, chief executive of MRC Global, prepares for his departure. As announced by MRC Global Inc. in a news release on Wednesday, May 27, 2020, Andrew R. Lane leaves his post as chief executive officer at the pipe, valves and fittings distributor after around 13 years in the role, effective December 31, 2021.
MRC Global will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Andrew Lane’s move comes up to 19 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“After discussion”
MRC Global did not give an explicit reason for Andrew Lane’s departure from the CEO post. MRC Global said: “After discussion at today’s board of directors meeting, Andrew Lane announced his plan to retire as president and chief executive effective December 31, 2021. Mr. Lane will also resign from the board on that date.”
Precise information regarding Andrew Lane’s future plans was not immediately available.
Share price decline
The announcement follows a decline in MRC Global Inc.’s share price of 66% since May 2019.
Chaired by Rhys Best
MRC Global Inc. is chaired by Rhys Best.
Best has served as the Company’s chairman of the Board since April 2016 when the roles of chairman of the Board and CEO were separated.
In the position of CEO since 2008
Andrew Lane became CEO of the Company in 2008.
Lane has served as a director and the Company’s president and CEO since September 2008.
He was the Company’s chairman of the Board from December 2009 until April 2016 when the positions of chairman of the Board and CEO were separated.
From December 2004 to December 2007, he served as executive vice president and chief operating officer of Halliburton Company, an international, oilfield services firm.
Prior to that, he held a variety of leadership roles within Halliburton.
Lane received a B.S. in mechanical engineering from Southern Methodist University in 1981 (cum laude).
He also completed the Advanced Management Program at Harvard Business School in 2000.
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 MRC Global and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2020 ($).