- Push-out Score determined
- After less than three months in the position
- Praise for Thomas
- Tom Smith taking over in the interim
- Thomas will remain as Chief Government Affairs Officer at Wrap
(exechange) — Tempe, Arizona, October 29, 2020 — Marc Thomas, chief executive of Wrap, leaves his position. As announced by Wrap Technologies Inc. in a news release on Thursday, October 29, 2020, Marc Thomas has left his post as chief executive officer of the maker of hand-held remote restraint devices after less than three months in the role, effective October 27, 2020.
Marc Thomas’s duties as CEO will be taken over in the interim by Thomas P. (Tom) Smith, most recently President of Wrap Technologies Inc., as Interim Chief Executive Officer.
No reason given
In the announcement, Wrap did not explicitly explain the reason for Marc Thomas’s move, leaving room for speculation.
Thomas will remain as Chief Government Affairs Officer at Wrap
“Marc Thomas stepped down from the CEO role, and has been appointed to the newly created position of Chief Government Affairs Officer,” Wrap said.
Wrap said: “Marc Thomas stepped down from the CEO role.”
Share price decline since August 2020
The announcement follows a decline in Wrap Technologies Inc.’s share price of 49% since August 2020.
In the position of CEO since 2020
Marc Thomas became CEO of the Company in 2020.
Prior to joining the Company, Thomas served as the President and CEO of Thorium Capital Ventures & Consulting, LLC, and has over twenty-five years of crisis management, and operations experience in the manufacturing, supply chain management, consumer products, mergers & acquisitions, government, and transportation industries.
Thomas has served as the former President & CEO of GE Aviation Materials, LP and has held numerous senior leadership and board positions within GE.
Prior to joining GE, Thomas was a consultant with McKinsey & Company focusing on the energy, construction, consumer products, and telecommunication industries.
Additionally, Thomas spent over ten years in the U.S. Army serving first as a Special Forces Operational Detachment Commander in Africa and the Middle East, and later as an Assistant Professor of Engineering Management at the United States Military Academy, West Point, NY.
Thomas holds a Juris Doctor in Corporate and Intellectual Property Law from the University of Texas School of Law in Austin, a Master of Business Administration in International Finance and Management from Columbia University, a Master of Science in Industrial Engineering and Operations Research from Columbia University, and a Bachelor of Science in Civil and Environmental Engineering from Stanford 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 Wrap and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).