- Push-out Score determined
- After almost 15 years in the position
- Praise for Covey
- Eric Cremers taking over
- Covey will remain as executive chairperson at PotlatchDeltic
- Covey said 101 words
(exechange) — Spokane, Washington, November 9, 2020 — Mike Covey, chief executive of PotlatchDeltic, leaves his position. As announced by PotlatchDeltic Corp. in a news release and in a regulatory filing published on Monday, November 9, 2020, Michael J. (Mike) Covey leaves his post as chief executive officer of the timberland real estate investment trust (REIT) after almost 15 years in the role, effective December 31, 2020.
Mike Covey’s duties as CEO will be taken over by Eric J. Cremers, currently president and chief operating officer of PotlatchDeltic Corp.
“Thoughtful succession planning process”
Mike Covey’s departure from the CEO post is explained as follows. Charles Grenier, PotlatchDeltic’s lead independent director, said: “Mike has done a tremendous job leading PotlachDeltic, assembling a deep team of talented leaders and instilling a clear strategy for future growth and lasting success. As a board, it is important to build on this strong foundation by implementing a thoughtful succession planning process.”
Covey will remain as executive chairperson at PotlatchDeltic
“Michael J. Covey, 62, who joined the company in 2006 as president and chief executive officer, and who has served as chairman and chief executive officer since 2007, will continue in his role as a director, serving as executive chairperson of the board of directors,” PotlatchDeltic said.
PotlatchDeltic said: “Michael J. Covey will resign from the position of Chief Executive Officer, effective December 31, 2020.”
Share price increase since November 2015
The announcement follows an increase in PotlatchDeltic Corp.’s share price of 33% since November 2015.
In the position of CEO since 2006
Mike Covey became CEO of the Company in 2006.
Michael J. Covey (age 62) has been a director since February 2006.
The Company’s Chief Executive Officer since February 2006 and President and Chief Executive Officer from 2006 to 2013, Covey has also been Chairman since January 2007.
Prior to joining PotlatchDeltic in 2006, he was employed for 23 years by Plum Creek Timber Company, Inc., a REIT formerly traded on NYSE until it was acquired by Weyerhaeuser Company in 2016, where he served as Executive Vice President from 2001 until shortly before joining PotlatchDeltic in 2006.
Covey served as a director of Esterline Corporation, a publicly traded aerospace manufacturing company from May 2017 until March 2019, when it was acquired by TransDigm Group, Inc.
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 PotlatchDeltic and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2020 ($).