- Push-out Score determined
- After less than a year and a half in the position
- Thanks and good wishes for Matthews
- Jeff Gendell taking over in the interim
(exechange) — Houston, Texas, August 3, 2020 — Gary Matthews, chief executive of IES, leaves. As announced by IES Holdings Inc. in a news release and in a regulatory filing published on Monday, August 3, 2020, Gary S. Matthews has left his post as chief executive officer at the provider of electrical contracting and other infrastructure services after less than a year and a half in the role, effective July 31, 2020.
Gary Matthews’s duties as CEO will be taken over in the interim by Jeffrey L. (Jeff) Gendell, currently Chairman of IES Holdings Inc., as Interim Chief Executive Officer.
“To pursue other interests”
Gary Matthews’s departure from the CEO post is explained as follows. IES said: “Jeffrey L. Gendell has been appointed as Interim Chief Executive Officer, succeeding Gary S. Matthews, who has resigned as Chief Executive Officer to pursue other interests.”
Precise information regarding Gary Matthews’s future plans was not immediately available.
IES said: “Mr. Gary S. Matthews, Chief Executive Officer of the Company, has resigned as Chief Executive Officer and as a Director of the Company, effective as of July 31, 2020. Mr. Matthews also resigned from all other positions he held with the Company and its affiliates. The Company has no immediate plans to fill the vacancy caused by Mr. Matthews’ resignation from the Board of Directors.”
Share price increase since March 2019
The announcement follows an increase in IES Holdings Inc.’s share price of 29% since March 2019.
In the position of CEO since 2019
Gary Matthews became CEO of the Company in 2019.
Matthews has also resigned from the Company’s Board of Directors.
Matthews has served as the Company’s Chief Executive Officer since March 4, 2019.
He previously served as Managing Director of Morgan Stanley Capital Partners, where he worked with the private equity team in evaluating companies for direct investments and helping to oversee the management and strategies for those businesses, from 2007 until March 2019.
Prior to joining Morgan Stanley, Matthews led several private equity-backed manufacturing companies, including serving as President of Simmons Bedding Company, Chief Executive Officer of Sleep Innovations, Inc. and Chief Executive Officer of Derby Cycle Corporation, and also led business units of several public companies, including serving as President of Worldwide Consumer Medicines at Bristol-Myers Squibb Company, Managing Director for Diageo/Guinness Limited in the UK and President and Chief Executive Officer of Guinness Import Company in Stamford, Connecticut.
Matthews has also held senior management positions at PepsiCo, Inc. and McKinsey & Company.
Matthews currently serves on the board of directors of Pathway Partners Vet, Holding LLC and Manna Pro Products, LLC.
He has previously served as Chairman of the board of directors of Hojeij Branded Foods, Creative Circle, LLC and Tops Markets, LLC, and as a member of the board of directors of Lagunitas Brewing Company, Molson Coors Brewing Company, Lenox Group Inc. (previously Department 56), Learning Care Group, Inc., Van Wagner, Inc. and Canyon Ranch.
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 IES and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).