- Push-out Score determined
- After around 12 years in the position
- Praise and thanks for Burke
- Mick Lucareli taking over in the interim
- Search for a successor
- Burke said 75 words
(exechange) — Racine, Wisconsin, August 4, 2020 — Tom Burke, chief executive of Modine, leaves. As announced by Modine Manufacturing Co. in a news release on Tuesday, August 4, 2020, Thomas A. (Tom) Burke leaves his post as chief executive officer at the thermal management solutions provider after around 12 years in the role, effective immediately.
Modine will undertake a search for a successor.
Tom Burke’s duties as CEO will be taken over in the interim by Michael B. (Mick) Lucareli, most recently Chief Financial Officer of Modine Manufacturing Co., as Interim Chief Executive Officer.
“The right time”
Tom Burke’s departure from the CEO post is explained as follows. Marsha Williams, Lead Director of Modine’s Board of Directors, said: “Now is the right time to find a new leader that can drive our industrial transformation strategy, while accelerating the Company’s future growth.”
Precise information regarding Tom Burke’s future plans was not immediately available.
Modine said: “Thomas A. Burke will be stepping down from both his position as President and Chief Executive Officer and as a member of Modine’s Board of Directors, effective immediately.”
Share price decline
The announcement follows a decline in Modine Manufacturing Co.’s share price of 74% since January 2018.
In the position of CEO since 2008
Tom Burke became CEO of the Company in 2008.
Burke will remain with the Company in a senior advisory role until August 28, 2020, to ensure a smooth transition.
Burke joined Modine in May 2005 as Executive Vice President and subsequently served as Executive Vice President and Chief Operating Officer (July 2006 – March 2008).
Prior to joining Modine, Burke worked for five years in various management positions with Visteon Corporation, a leading supplier of parts and systems to automotive manufacturers, including as Vice President of North American Operations (2002 – May 2005) and Vice President, European and South American Operations (2001 – 2002).
Prior to working at Visteon Corporation, Burke worked in positions of increasing responsibility at Ford Motor Company.
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 Modine and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).