- Push-out Score determined
- After almost 22 years in the position
- Accolades, praise, thanks and good wishes for Caldwell
- Search for a successor
- Caldwell said 85 words
(exechange) — Middlefield, Ohio, June 18, 2021 — Tom Caldwell, chief executive of Middlefield, leaves. As announced by Middlefield Banc Corp. in a news release on Friday, June 18, 2021, Thomas G. (Tom) Caldwell, chief executive officer, leaves the bank holding company of The Middlefield Banking Company after almost 22 years in the role, effective March 31, 2022.
It is the end of an era.
Middlefield will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Tom Caldwell’s move comes up to nine 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 Bank is in a strong position”
Middlefield did not give an explicit reason for Tom Caldwell’s departure from the CEO post. Caldwell said: “I am leaving at a time when the Bank is in a strong position and I look forward to watching the growth of a new generation of Middlefield’s leadership and the Company’s continued success.”
Precise information regarding Tom Caldwell’s future plans was not immediately available.
“Retire”
Middlefield said: “President and Chief Executive Officer Thomas G. Caldwell plans to retire from Middlefield Banc Corp. and The Middlefield Banking Company as of March 31, 2022.”
Share price increase since June 2016
The announcement follows an increase in Middlefield Banc Corp.’s share price of 50% since June 2016.
Chaired by William J. Skidmore
William J. Skidmore serves as Middlefield Banc Corp.’s Chairman.
William J. Skidmore, also known as Bill, has served as Chairman of the Board at Middlefield Banc Corp. since May of 2019. He is Northeast Ohio Senior District Manager of Waste Management and has held progressively responsible positions with Waste Management and a predecessor company since 1978.
In the position of CEO since 2000
Tom Caldwell became CEO of the Company in 2000.
Caldwell intends to complete his term as a director of Middlefield Banc Corp. that will end at the Company’s 2022 annual meeting of shareholders.
Caldwell is President and Chief Executive Officer of Middlefield, The Middlefield Banking Company, and EMORECO, Inc. Caldwell served as Vice President of Middlefield until October 2000, when he became President and CEO.
Caldwell is a director of the Community Bankers Association of Ohio, the Hattie Larlham Care Group and Foundation, and the Middlefield Historical Society.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Tom Caldwell’s move on a scale of 0 to 10.
exechange reached out to Middlefield and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2021 ($).