- Push-out Score determined
- After around 20 years in the position
- Accolades, praise and good wishes for Farr
- Lal Karsanbhai taking over
- Farr said 68 words
(exechange) — St. Louis, Missouri, February 1, 2021 — Dave Farr, chief executive of Emerson, leaves. As announced by Emerson Electric Co. in a news release and in a regulatory filing published on Monday, February 1, 2021, David N. (Dave) Farr leaves his post as chief executive officer of the technology and engineering company after around 20 years in the role, effective February 5, 2021.
It is the end of an era.
Dave Farr’s duties as CEO will be taken over by Surendralal L. (Lal) Karsanbhai, currently executive president of the Automation Solutions business of Emerson Electric Co.
Karsanbhai’s replacement at Automation Solutions will be named later.
“Five-year succession process”
Dave Farr’s departure from the CEO post is explained as follows. Farr said: “The board of directors has been actively engaged throughout our five-year succession process, and we are confident Lal is well-positioned to continue building on Emerson’s legacy of success.”
Precise information regarding Dave Farr’s future plans was not immediately available.
“Retire”
Emerson said: “Chief Executive Officer David N. Farr will retire on Feb. 5.”
Emerson further said: “On January 27, 2021, David N. Farr indicated that he would retire as Chief Executive Officer of Emerson Electric Co. (the “Company”), effective February 5, 2021. In addition, the Company requested that Mr. Farr, and Mr. Farr has agreed to, continue as a Director and as non-executive Chairman of the Board through May 4, 2021.”
Share price increase since January 2016
The announcement follows an increase in Emerson Electric Co.’s share price of 68% since January 2016.
In the position of CEO since 2000
Dave Farr became CEO of the Company in 2000.
Farr, who was named CEO in 2000 and chairman of Emerson’s board of directors in 2004, will remain as chairman through May 4.
Farr joined the company in 1981 in a corporate staff position and progressed through a series of corporate staff and business unit management positions with increasing responsibilities.
In 1993, he was appointed president of Emerson’s Asia-Pacific operations and was based in Hong Kong for four years.
Farr returned to the United States in 1997 to oversee Emerson’s process control business. In 1999, Farr was appointed as Emerson’s chief operating officer and held that position until being named CEO.
As Emerson CEO, Farr has been an active member of business and industry organizations.
He serves on the executive board and has served as chairman of the board of directors for the National Association of Manufacturers (NAM), the largest manufacturing association in the United States.
He is on the board of directors for the US-China Business Council and is a member of the board of directors of IBM.
Farr has been active in a wide range of civic and charitable organizations in St. Louis.
He is a member and past president of Civic Progress, an organization of chief executives from leading companies in St. Louis who work together to promote the region.
He currently serves on the executive board of the Municipal Theatre Association of St. Louis (The Muny at Forest Park).
He has served stints on the boards of directors for several nonprofits and educational institutions, including the United Way of Greater St. Louis.
In recognition of his community leadership and charitable activities, Farr was named St. Louis Citizen of the Year in 2011 and was recognized by the Marine Corps Scholarship Foundation with the Semper Fidelis Award in 2012.
Farr received a bachelor’s degree in chemistry from Wake Forest University and a master’s degree in business administration from Vanderbilt University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dave Farr’s move on a scale of 0 to 10.
exechange reached out to Emerson and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2021 ($).