- Push-out Score determined
- After almost 13 years in the position
- Praise, thanks and good wishes for Keating
- Ian Walsh taking over
- Keating will remain as executive Chairman at Kaman
- Keating spoke at length and said 155 words
(exechange) — Bloomfield, Connecticut, August 20, 2020 — Neal Keating, chief executive of Kaman, leaves his position. As announced by Kaman Corp. in a news release on Thursday, August 20, 2020, Neal J. Keating leaves his post as chief executive officer at the aerospace and medical device manufacturer after almost 13 years in the role, effective September 8, 2020.
Neal Keating’s duties as CEO will be taken over by Ian K. Walsh, most recently Chief Operating Officer of REV Group, Inc.
The fact that Neal Keating’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.
Neal Keating’s move forms part of a management shake-up also involving the position of President of Kaman Aerospace Group.
“Culmination of a multi-year initiative”
The management change is explained as follows. Kaman said: “This announcement represents the culmination of a multi-year initiative by the Board of Directors to support a smooth transition to new leadership while maintaining the Company’s strong track record of growth and profitability and the long-term creation of shareholder value.”
Keating will remain as executive Chairman at Kaman
“In order to ensure a smooth transition, Mr. Keating will continue to serve as executive Chairman through the date of the 2021 Annual Meeting of Shareholders, at which time he is expected to retire from the Board,” Kaman said.
Kaman said: “Kaman Corporation (the “Company”) today announced the retirement of Neal J. Keating as President and Chief Executive Officer of the Company and the appointment of Ian K. Walsh as the incoming CEO.”
Share price increase since August 2015
The announcement follows an increase in Kaman Corp.’s share price of 21% since August 2015.
In the position of CEO since 2008
Neal Keating became CEO of the Company in 2008.
Keating has been a director since September 2007, when he was appointed President and Chief Operating Officer of the Company.
In January 2008, he was appointed Chief Executive Officer and, in March 2008, he was appointed to the additional position of Chairman.
Prior to joining the Company, Keating served as Chief Operating Officer at Hughes Supply, then a $5.4 billion wholesale distributor that was acquired by Home Depot in 2006.
Prior to that, he held senior positions at GKN Aerospace, an aerospace subsidiary of GKN, plc, and Rockwell Collins, Commercial Systems, and was a board member for GKN, plc and AgustaWestland.
He is also a director of Hubbell Incorporated, an international manufacturer of electrical and electronic products.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Kaman and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2020 ($).