- Push-out Score determined
- After around eight years in the position
- Accolades, praise, thanks and good wishes for Walsh
- Roger Perreault taking over
- Walsh spoke at length and said 184 words
(exechange) — Valley Forge, Pennsylvania, April 12, 2021 — John Walsh, chief executive of UGI, leaves. As announced by UGI Corp. in a news release and in a regulatory filing published on Monday, April 12, 2021, John L. Walsh leaves his post as chief executive officer at the natural gas and electric power distribution company after around eight years in the role, effective June 25, 2021.
The announcement of John Walsh’s move comes 15 months after Frank S. Hermance took over as Chairman of UGI Corp.
John Walsh’s duties as CEO will be taken over by Roger Perreault, currently Executive Vice President, Global LPG, and President of the subsidiary UGI International, LLC of UGI Corp.
No reason given
In the announcement, UGI did not explicitly explain the reason for John Walsh’s move.
Precise information regarding John Walsh’s future plans was not immediately available.
UGI said: “John L. Walsh, age 65, intends to retire as President and Chief Executive Officer on June 25, 2021.”
Share price increase since April 2016
The announcement follows an increase in UGI Corp.’s share price of 2% since April 2016.
Chaired by Frank S. Hermance
Frank S. Hermance serves as UGI Corp.’s Chairman.
Hermance serves as the Company’s Chairman of the Board (since January 2020). He is the retired Chairman (2001 to 2017) and Chief Executive Officer (1999 to 2016) of AMETEK, Inc. (a global manufacturer of electronic instruments and electromechanical devices).
In the position of CEO since 2013
John Walsh became CEO of the Company in 2013.
Walsh will continue to serve as a member of UGI’s Board of Directors.
Walsh is a Director and President (since 2005) and Chief Executive Officer (since 2013) of UGI Corporation.
He previously served as UGI Corporation’s Chief Operating Officer (2005 to 2013) and as the President and Chief Executive Officer of UGI Utilities, Inc. (2009 to 2011).
Previously, Walsh was the Chief Executive of the Industrial and Special Products division of the BOC Group plc (an industrial gases company), a position he assumed in 2001.
He was an Executive Director of BOC (2001 to 2005), having joined BOC in 1986 as Vice President – Special Gases and having held various senior management positions in BOC, including President of Process Gas Solutions, North America (2000 to 2001) and President of BOC Process Plants (1996 to 2000).
Walsh also serves as a Director at Main Line Health, Inc., the United Way of Greater Philadelphia and Southern New Jersey, the Greater Philadelphia Chamber of Commerce, the Mastery Charter School, the Satell Institute, and the Philadelphia Zoo, and as Trustee at the Saint Columbkille Partnership School.
Walsh previously served as a Director (since 2005) and Chairman of the Board (since 2016) of AmeriGas Propane, Inc. until its merger into UGI Corporation in August 2019.
In connection with the suspension of voluntary reporting obligations under the Exchange Act, Walsh also served as a Director and Vice Chairman (since 2005) of UGI Utilities, Inc. until April 2020.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding John Walsh’s move on a scale of 0 to 10.
exechange reached out to UGI and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2021 ($).