- Push-out Score determined
- After around 13 years in the position
- Search for a successor
- Barry will remain as Chairman at Quaker Houghton
- Barry made a lengthy statement and said 461 words
(exechange) — Conshohocken, Pennsylvania, February 25, 2021 — Michael Barry, chief executive of Quaker Houghton, leaves his position. As announced by Quaker Chemical Corp. in a news release and in a regulatory filing published on Thursday, February 25, 2021, Michael F. Barry leaves his post as chief executive officer at the chemical company after around 13 years in the role, effective December 31, 2021.
Quaker Houghton will undertake a search for a successor.
It is a long goodbye. The announcement of Michael Barry’s move comes up to 10 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“The right time”
Michael Barry’s departure from the CEO post is explained as follows. Michael F. Barry said: “We have the right strategy in place, a strong management team, tremendous people throughout our organization, and above market growth opportunities in our businesses for the foreseeable future – making this the right time to begin the transition of the CEO role to new leadership.”
Barry will remain as Chairman at Quaker Houghton
Michael F. Barry will retain the role of Chairman of the Board following his retirement.
Quaker Houghton further said: “[O]n February 24, 2021, Michael F. Barry informed the Board of Directors of the Company (the “Board”) that he plans to retire from his role as President and CEO on December 31, 2021.”
Share price increase since February 2016
The announcement follows an increase in Quaker Chemical Corp.’s share price of 300% since February 2016.
In the position of CEO since 2008
Michael Barry became CEO of the Company in 2008.
Barry has been the Company’s Chief Executive Officer and President since October 2008 and the Company’s Chairman of the Board since May 2009.
He has held leadership and executive positions of increasing responsibility since joining the Company in 1998, including Senior Vice President and Managing Director–North America from January 2006 to October 2008; Senior Vice President and Global Industry Leader–Metalworking and Coatings from July to December 2005; Vice President and Global Industry Leader–Industrial Metalworking and Coatings from January 2004 to June 2005; and Vice President and Chief Financial Officer from 1998 to August 2004.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Michael Barry’s move on a scale of 0 to 10.
exechange reached out to Quaker Houghton and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2021 ($).