- Push-out Score determined
- After about a year in the position
- Thanks and good wishes for Dearth
- Simon Bates taking over
(exechange) — Cambridge, Massachusetts, September 14, 2020 — Randy Dearth, chief executive of GCP, leaves. As announced by GCP Applied Technologies Inc. in a news release on Monday, September 14, 2020, Randall S. (Randy) Dearth leaves his post as chief executive officer at the specialty construction chemicals and building products company after about a year in the role.
The announcement of Randy Dearth’s move comes three months after Peter Feld took over as Chairman of GCP Applied Technologies Inc.
The exact date of Randy Dearth’s departure from his post was not explicitly given in the announcement.
Randy Dearth’s duties as CEO will be taken over by Simon M. Bates, most recently President, Infrastructure Products Group of CRH plc.
The fact that Randy Dearth’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.
GCP Applied Technologies Inc. still listed Dearth as President and Chief Executive Officer on its leadership page on its website shortly after the announcement was published.
“He has exactly the right skill set”
GCP did not give an explicit reason for Randy Dearth’s departure from the CEO post. Peter Feld, Chair of the Board, said: “We are tremendously excited to welcome Simon to our team. We believe that he has exactly the right skill set and experience to lead GCP going forward and to build upon the company’s outstanding portfolio of products and technology.”
Precise information regarding Randy Dearth’s future plans was not immediately available.
“Succeed”
GCP said: “Mr. Bates will succeed Randy Dearth, who has served as the company’s President and CEO since August 2019.”
Share price increase since August 2019
The announcement follows an increase in GCP Applied Technologies Inc.’s share price of 8% since August 2019.
Chaired by Peter Feld
Peter Feld serves as GCP Applied Technologies Inc.’s Chairman.
Feld is a Managing Member and Head of Research of Starboard Value LP, a New York-based investment adviser with a focused and fundamental approach to investing primarily in publicly traded U.S. companies, a position he has held since April 2011.
In the position of CEO since 2019
Randy Dearth became CEO of the Company in 2019.
Randall S. Dearth has served as GCP’s President and Chief Executive Officer since August 1, 2019.
Prior to that, he served as GCP’s President and Chief Operating Officer since September 2018.
Prior to joining GCP, Dearth served as President, Chief Executive Officer and Chairman of the Board of Calgon Carbon Corporation, a NYSE-listed company that manufactures and markets products that remove contaminants from liquids and gases, from May 2014 to July 2018, and as President and Chief Executive Officer of Calgon Carbon from August 2012 to May 2014.
From 2004 through July 2012, Dearth served as President and Chief Executive Officer of LANXESS Corporation (North America), a specialty chemicals company.
Prior thereto, Dearth was President and Chief Executive Officer of Bayer Chemicals Corporation (North America) and held a number of global marketing roles with Bayer, both in the United States and Germany.
Dearth has served on the Board of Directors of Stepan Company, a global chemical solutions company, since April 2012.
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 GCP and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2020 ($).