- Push-out Score determined
- After almost 28 years in the position
- Praise and thanks for Kayser
- Paul Palmby taking over
- Kayser kept it short and said 59 words
(exechange) — Marion, New York, September 1, 2020 — Kraig Kayser, chief executive of Seneca Foods, leaves his position. As announced by Seneca Foods Corp. in a news release and in a regulatory filing published on Tuesday, September 1, 2020, Kraig H. Kayser leaves his post as chief executive officer at the provider of packaged fruits and vegetables after almost 28 years in the role, effective September 30, 2020.
It is the end of an era.
Kayser leaves the company effective October 31, 2021.
Kraig Kayser’s duties as CEO will be taken over by Paul L. Palmby, currently Chief Operating Officer of Seneca Foods Corp.
“Take Seneca Foods to the next level”
Seneca Foods did not give an explicit reason for Kraig Kayser’s departure from the CEO post. The Seneca Board made the following statement: “As we look forward to a smooth transition we note that Paul understands both our history and vision for the future and has the skills and perspective needed to build upon our solid foundation and take Seneca Foods to the next level.”
Precise information regarding Kraig Kayser’s future plans was not immediately available.
“Retirement”
Seneca Foods said: “Seneca Foods Corporation (NASDAQ: SENEA, SENEB), one of North America’s leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the planned retirement of its President, Chief Executive Officer and director, Kraig H. Kayser, on September 30, 2020.”
Seneca Foods further said: “On August 31, 2020, Kraig H. Kayser, the President and Chief Executive Officer of Seneca Foods Corporation (the “Company”) notified the Board of Directors (the “Board”) of the Company of his decision to retire from the Company.”
“Not due a disagreement”
“Mr. Kayser’s retirement is not due a disagreement with the Company relating to the Company’s operations, policies or practices,” Seneca Foods said.
Share price increase since August 2019
The announcement follows an increase in Seneca Foods Corp.’s share price of 72% since August 2019.
Chaired by Arthur S. Wolcott
Arthur S. Wolcott serves as Seneca Foods Corp.’s Chairman.
Wolcott founded the Company and has served as a director and as the Chairman of the Board since 1949.
In the position of CEO since 1993
Kraig Kayser became CEO of the Company in 1993.
Kayser will continue to be an employee to provide transition services through October 31, 2021.
Kayser is the President and Chief Executive Officer of the Company and has served in that capacity since 1993.
From 1991 to 1993 he was Chief Financial Officer of the Company.
He has served as a director of the Company since 1985.
Kayser has served as an officer and/or director of the Company for over 30 years, providing continuity of executive leadership through all phases of the food processing industry and economic cycles.
Kayser is also a director of Moog Inc. where he serves as Chair of the Audit Committee and a member of the Nominating and Governance Committee.
Kayser is currently serving on the Board of Trustees of Cornell University.
He received a B.A. from Hamilton College and an M.B.A. from Cornell 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 Seneca Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2020 ($).