- Push-out Score determined
- After less than three years in the position
- Praise and thanks for Johnson
- Bill Varner taking over
(exechange) — Atlanta, Georgia, June 9, 2020 — Ty Johnson, chief executive of Select Interior, leaves — “by mutual agreement.” As announced by Select Interior Concepts Inc. in a news release on Tuesday, June 9, 2020, Tyrone (Ty) Johnson leaves his post as chief executive officer at the distributor of interior building products after less than three years in the role, effective immediately.
Ty Johnson’s duties as CEO will be taken over by L.W. (Bill) Varner, most recently Chief Executive Officer of United Subcontractors, Inc.
The fact that Ty Johnson’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.
“In challenging business environments”
Select Interior did not give an explicit reason for Ty Johnson’s departure from the CEO post. Brett Wyard, Chairman of the Board of SIC, said: “Bill’s track record in delivering strong operating performance and excellent financial results in challenging business environments, and commitment to building loyalty through customer service and satisfaction, makes him the ideal person to lead our company into its next phase of growth.”
Precise information regarding Ty Johnson’s future plans was not immediately available.
“Resigning”
Select Interior said: “Tyrone Johnson, who served as CEO and a director of SIC since November 2017, is resigning from both positions by mutual agreement with the Company’s Board of Directors, effective immediately.”
Share price decline
The announcement follows a decline in Select Interior Concepts Inc.’s share price of 58% since June 2019.
Chaired by Brett Wyard
Select Interior Concepts Inc. is chaired by Brett Wyard.
In the position of CEO since 2017
Ty Johnson became CEO of the Company in 2017.
Ty Johnson became director and CEO of SIC upon the Company’s formation in November 2017.
Previously, Johnson served as CEO of SIC’s wholly-owned subsidiary doing business as Residential Design Services (“RDS”), since December 2015.
Prior to joining RDS, he was Vice President & General Manager Consumer Products and in July 2015 was named President, North America of OmniMax International, Inc., a metal roofing products manufacturing company.
Prior to OmniMax, he was Senior Vice President of Mannington Mills, Inc., a flooring products manufacturing company and President, North America for the predecessor company Amtico.
He received a Bachelor of Business Administration degree from Howard University and a Master of Business Administration degree from DePaul 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 Select Interior and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 24.2020 ($).