- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Fischer
- Scott Sutton taking over
- Fischer will remain as Executive Chairman at Olin
- Fischer said 70 words
(exechange) — Clayton, Missouri, July 15, 2020 — John Fischer, chief executive of Olin, leaves his position. As announced by Olin Corp. in a news release and in a regulatory filing published on Wednesday, July 15, 2020, John E. Fischer leaves his post as chief executive officer at the manufacturer of ammunition, chlorine, and sodium after about four and a half years in the role, effective September 1, 2020.
John Fischer’s duties as CEO will be taken over by Scott M. Sutton, currently Chief Executive Officer of Prince International Corporation.
Already a director
Sutton is already a director of Olin. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Sutton understands the expectations and dynamics of the board and has knowledge of Olin’s organization, risk-management practices and strategy.
“After an extensive search which commenced last year”
John Fischer’s departure from the CEO post is explained as follows. Olin said: “Olin Corporation (NYSE: OLN) announced today that after an extensive search which commenced last year, its Board of Directors has selected Scott M. Sutton to succeed John E. Fischer as President and Chief Executive Officer, reporting to Olin’s Board.”
Fischer will remain as Executive Chairman at Olin
“Mr. Fischer will become Executive Chairman,” Olin said.
“Retiring”
Olin said: “Mr. Sutton will succeed John E. Fischer, who will be retiring as President and Chief Executive Officer of Olin, on the Effective Date [September 1, 2020].”
Share price decline
The announcement follows a decline in Olin Corp.’s share price of 67% since January 2018.
In the position of CEO since 2016
John Fischer became CEO of the Company in 2016.
Fischer is the Chairman, President and Chief Executive Officer of Olin Corporation.
He has served as President and Chief Executive Officer since May 2016, and as Chairman since April 26, 2017.
He has spent 26 years with Olin in roles of increasing responsibility including Chief Operating Officer, Senior Vice President and Chief Financial Officer, and as Vice President, Finance and Controller.
Previously, from 1996 through 2001, he directed all financial functions, acquisitions and divestments for Primex Technologies, Inc., a munitions, propellants, satellite propulsion systems and electronic products manufacturing company spun off from Olin in 1996 and now called General Dynamics Ordnance and Tactical Systems.
Prior to this, Fischer was Vice President and Financial Officer for Olin’s Ordnance division where he supervised all division financial reporting and planning and government contract management.
He began his career with General Defense Corporation in 1977, serving in various accounting and cost accounting positions prior to being appointed Controller in 1985.
Fischer earned a bachelor’s degree in accounting and economics from Franklin and Marshall College and a master’s degree in finance from Pennsylvania State 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 Olin and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2020 ($).