- Push-out Score determined
- After seven years in the position
- Praise, thanks and good wishes for Giacomini
- Brian Deck taking over in the interim
- Search for a successor
(exechange) — Chicago, Illinois, September 24, 2020 — Tom Giacomini, chief executive of John Bean, leaves. As announced by John Bean Technologies Corp. in a news release and in a regulatory filing published on Thursday, September 24, 2020, Thomas W. (Tom) Giacomini leaves his post as chief executive officer at the food processing machinery and airport equipment company after seven years in the role, effective immediately.
John Bean will undertake a search for a successor.
Tom Giacomini’s duties as CEO will be taken over in the interim by Brian A. Deck, most recently Chief Financial Officer of John Bean Technologies Corp., as Interim Chief Executive Officer.
Matt Meister, Vice President and CFO for JBT Protein, has been named Interim Chief Financial Officer. Meister joined JBT in May 2019 and has responsibility for all finance activity for the Protein Division within the FoodTech segment. “He brings a strong track record of driving results and developing process improvements in complex, global businesses to the role of Interim CFO,” the company stated.
“Following further discussions, … to focus on his health and recovery”
Tom Giacomini’s departure from the CEO post is explained as follows. John Bean said: “Following further discussions with the Company’s Board of Directors, Thomas W. Giacomini has decided that he is unable to return as Chief Executive Officer of the Company and has stepped down, effective immediately, to focus on his health and recovery. He resigned from the Board of Directors on September 22, 2020.”
Share price increase since September 2013
The announcement follows an increase in John Bean Technologies Corp.’s share price of 287% since September 2013.
In the position of CEO since 2013
Tom Giacomini became CEO of the Company in 2013.
Giacomini served as Chairman of the Board, President & Chief Executive Officer of JBT Corporation
His bio reads as follows:
Director Since: 2013
- President and Chief Executive Officer since September 2013 and Chairman of the Board since May 2014.
- Served as Vice President (since February 2008) of Dover Corporation, a diversified global manufacturer, and President and Chief Executive Officer (since November 2011) of Dover Engineered Systems.
- President (from April 2009 to November 2011) and Chief Executive Officer (from July 2009 to November 2011) of Dover Industrial Products and President (from October 2007 to July 2009) of Dover’s Material Handling Platform.
- Joined Dover in 2003 following its acquisition of Warn Industries. During his tenure at Warn Industries he held a variety of leadership roles including President and Chief Operating Officer.
- Prior to joining Warn Industries, Giacomini held various roles at TRW, Inc.
- Giacomini currently serves as a director of MSA Safety Incorporated (since June 2017).
- Giacomini served as a director of Clarcor, Inc. from August 2015 through February 2017, when it was acquired by Parker-Hannifin.
- Experience as a senior executive officer of a large and diversified global manufacturing company brings the Company’s Board a managerial and operating perspective gained from his experience managing the risks, implementing the strategies and spearheading growth initiatives of a larger global company.
- MBA from Northwestern’s Kellogg School of Management and a Bachelor’s degree in Mechanical Engineering from University of Michigan (Dearborn).
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 John Bean and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2020 ($).