- Push-out Score determined
- After almost 13 years in the position
- Praise, thanks and good wishes for Davis
- Riley McCormack taking over
- Davis said 113 words
(exechange) — Beaverton, Oregon, April 12, 2021 — Bruce Davis, chief executive of Digimarc, leaves. As announced by Digimarc Corp. in a news release and in a regulatory filing published on Monday, April 12, 2021, Bruce Davis leaves his post as chief executive officer at the technology company after almost 13 years in the role, effective immediately.
Bruce Davis’s duties as CEO will be taken over by Riley McCormack, most recently Lead Director of the Board at Digimarc Corp.
It is a generational change as well. Riley McCormack is about 23 years younger than Bruce Davis.
“Time for a change”
Digimarc did not give an explicit reason for Bruce Davis’s departure from the CEO post, leaving room for speculation. Davis said: “It’s time for a change. I have spent the last six months since the transformational investment from TCM Strategic intensely engaged with Riley.”
Precise information regarding Bruce Davis’s future plans was not immediately available.
“Retirement”
Digimarc said: “Digimarc Corporation (NASDAQ: DMRC), creator of the Digimarc Platform, today announced the retirement of Bruce Davis as Digimarc’s President and Chief Executive Officer and as Chairman and member of Digimarc’s Board of Directors, effective immediately.”
“Unrelated to the company’s financial reporting and business performance”
“Davis’s retirement from management and the board is unrelated to the company’s financial reporting and business performance, nor was his decision to leave due to any disagreement with the Company’s operations, policies or practices,” Digimarc said.
Share price decline since April 2016
The announcement follows a decline in Digimarc Corp.’s share price of 2% since April 2016.
In the position of CEO since 2008
Bruce Davis became CEO of the Company in 2008.
Bruce Davis was elected Chairman of the Board of Directors and named the Company’s Chief Executive Officer on June 18, 2008.
He served the former Digimarc Corporation, the Company’s former parent company (“Old Digimarc”), as its Chief Executive Officer since 2001 and a director since December 1997, as its chairman of the Board of Directors since May 2002, and as its President from December 1997 through May 2001.
Davis received a B.S. in accounting and psychology and an M.A. in criminal justice from the State University of New York at Albany, and a J.D. from Columbia University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bruce Davis’s move on a scale of 0 to 10.
exechange reached out to Digimarc and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2021 ($).