- Push-out Score determined
- After around nine years in the position
- Accolades, praise, thanks and good wishes for Silvernail
- Eric Ashleman taking over
- Silvernail said 102 words
(exechange) — Northbrook, Illinois, October 28, 2020 — Andy Silvernail, chief executive of Idex, leaves. As announced by Idex Corp. in a news release published on Tuesday, October 27, 2020 and in a regulatory filing published on Wednesday, October 28, 2020, Andrew K. (Andy) Silvernail leaves his post as chief executive officer of the maker of fluidics systems and specialty engineered products after around nine years in the role, effective December 15, 2020.
Andy Silvernail’s duties as CEO will be taken over by Eric D. Ashleman, currently President and Chief Operating Officer of Idex Corp.
Career change
Andy Silvernail’s departure from the CEO post is explained as follows. Idex said: “This announcement follows the decision by Andrew K. Silvernail to step down as Chief Executive Officer and as a member of the Idex Board of Directors, effective December 15, 2020, to pursue an opportunity at a privately held company.”
Silvernail will be CEO at Madison Industries
Madison Industries announced the appointment of Andy Silvernail to Chairman and Chief Executive Officer. Silvernail will assume the CEO role on January 1, 2021.
Madison Industries announced the move on Tuesday, October 27, 2020.
“Resignation”
Idex said: “On October 27, 2020, Idex Corporation … announced … the resignation of Andrew K. Silvernail as a member of the Board and the Company’s Chief Executive Officer, effective December 15, 2020.”
“Not the result of any disagreement”
“Mr. Silvernail’s resignation is not the result of any disagreement with the Company relating to its operations, policies or practices,” Idex said.
Share price increase since August 2011
The announcement follows an increase in Idex Corp.’s share price of 424% since the beginning of Silvernail’s tenure in August 2011.
In the position of CEO since 2011
Andy Silvernail became CEO of the Company in 2011.
Silvernail was appointed Chairman of the Board effective January 1, 2012.
Silvernail has served as Chief Executive Officer and a director of the Company since August 10, 2011.
From August 10, 2011 to February 21, 2020, Silvernail also served as President of the Company.
Prior to that, Silvernail served since January 2011 as Vice President Group Executive of the Company’s Health & Science Technologies, Global Dispensing and Fire & Safety/Diversified Products business segments.
From February 2010 to December 2010, Silvernail was Vice President Group Executive of the Company’s Health & Sciences Technologies and Global Dispensing business segments.
Silvernail joined Idex in January 2009 as Vice President Group Executive of Health & Science Technologies.
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 Idex and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).