- Push-out Score determined
- After almost 10 years in the position
- Praise and thanks for Puishys
- Search for a successor
- Puishys spoke at length and said 136 words
(exechange) — Minneapolis, Minnesota, September 17, 2020 — Joe Puishys, chief executive of Apogee, leaves. As announced by Apogee Enterprises Inc. in a news release and in a regulatory filing published on Thursday, September 17, 2020, Joseph F. (Joe) Puishys leaves his post as chief executive officer at the provider of glass products for enclosing commercial buildings and framing art after almost 10 years in the role, effective February 27, 2021.
Apogee will undertake a search for a successor.
“The timing for my retirement is right”
Joe Puishys’s departure from the CEO post is explained as follows. Puishys said: “The timing for my retirement is right for me and the company.”
Precise information regarding Joe Puishys’s future plans was not immediately available.
Apogee said: “Joseph F. Puishys has communicated to the Board his intent to retire from his role as Chief Executive Officer and member of the company’s Board of Directors effective February 27, 2021, the conclusion of the company’s fiscal year.”
Apogee further said: “The Board of Directors (the “Board”) of Apogee Enterprises, Inc. (the “Company”) develops succession plans for members of the Company’s senior management team. As part of this process, the Board has been engaged in ongoing discussions with Joseph F. Puishys, the Company’s Chief Executive Officer and a member of the Board, regarding Mr. Puishys’ service as Chief Executive Officer of the Company. On September 13, 2020, Mr. Puishys informed the Board that he intends to retire from the position of Chief Executive Officer, as a member of the Board of the Company, and from all other director and officer positions with the Company and its affiliates, effective on February 27, 2021 (the “Retirement Date”). In the event that Mr. Puishys’ successor as Chief Executive Officer is elected by the Board prior to the Retirement Date, at the request of the Board, Mr. Puishys will resign from all such positions on such earlier date but shall remain an employee of the Company until the Retirement Date.”
Share price decline
The announcement follows a decline in Apogee Enterprises Inc.’s share price of 52% since September 2017.
Chaired by Donald A. Nolan
Donald A. Nolan serves as Apogee Enterprises Inc.’s Chairman.
In the position of CEO since 2011
Joe Puishys became CEO of the Company in 2011.
Puishys has served as the Company’s Chief Executive Officer and President since August 2011.
Prior to joining the Company, he served in various leadership positions at Honeywell International, Inc., a Fortune 100 diversified technology and manufacturing company, for over 32 years.
He served as President of Honeywell Environment & Combustion Controls from 2008 to 2011; President of Honeywell Building Solutions from 2005 to 2008; President of Honeywell Building Solutions, America from 2004 to 2005; President of Bendix Friction Materials from 2002 to 2004; Vice President and General Manager of Garrett Engine Boosting Systems from 2000 to 2002; Vice President and General Manager, Aftermarket, Allied Signal Turbocharging Systems from 1996 to 2000; Vice President, Logistics, Allied Signal Automotive Products Group from 1992 to 1996; and various accounting and financial positions from 1979 to 1992.
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 Apogee and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2020 ($).