- Push-out Score determined
- After around 19 years in the position
- Accolades and praise for Doar
- Greg Volovic taking over
- Doar will remain as Executive Chairman at Hurco
- Doar said 97 words
(exechange) — Indianapolis, Indiana, March 12, 2021 — Michael Doar, chief executive of Hurco, leaves his position. As announced by Hurco Cos. in a news release and in a regulatory filing published on Friday, March 12, 2021, Michael Doar leaves his post as chief executive officer at the provider of computer numeric control (“CNC”) machine tools after around 19 years in the role, effective immediately.
It is the end of an era.
Michael Doar’s duties as CEO will be taken over by Gregory S. (Greg) Volovic, most recently President and Chief Operating Officer of Hurco Cos.
“Long-term succession planning strategy”
Michael Doar’s departure from the CEO post is explained as follows. Hurco said: “[I]n connection with its long-term succession planning strategy, Michael Doar will transition from the role of Chief Executive Officer to the position of Executive Chairman of the Board, effective immediately.”
Share price increase since March 2016
The announcement follows an increase in Hurco Cos.’s share price of 39% since March 2016.
In the position of CEO since 2001
Michael Doar became CEO of the Company in 2001.
In his new role as Executive Chairman, Doar will continue to serve as a director of the company and will focus on growth and acquisition plans, board governance, development, and engagement, and other high-level strategic initiatives.
Michael Doar has been a member of the Board since 2000.
Doar was elected Chairman of the Board and appointed the Company’s Chief Executive Officer (“CEO”) in fiscal 2001.
He also served as the Company’s President from November 2009 to March 2013.
Prior to joining Hurco, Doar served as Vice President of Sales and Marketing of Ingersoll Contract Manufacturing Company, a subsidiary of Ingersoll International, an international engineering and machine tool systems business, having previously held various management positions with Ingersoll International from 1989.
Doar also serves as a director of Twin Disc, Incorporated, a manufacturer of marine and heavy duty off-highway power transmission equipment.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Michael Doar’s move on a scale of 0 to 10.
exechange reached out to Hurco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2021 ($).