- Push-out Score determined
- After around nine years in the position
- Praise and thanks for Bauer
- John Kasel taking over
- Bauer said 104 words
(exechange) — Pittsburgh, Pennsylvania, June 25, 2021 — Bob Bauer, chief executive of L.B. Foster, leaves. As announced by L.B. Foster Co. in a news release and in a regulatory filing published on Friday, June 25, 2021, Robert P. (Bob) Bauer leaves his post as chief executive officer at the provider of products for the rail industry after around nine years in the role, effective July 21, 2021.
Bob Bauer’s duties as CEO will be taken over by John F. Kasel, currently Chief Operating Officer at L.B. Foster Co.
“Culmination of a comprehensive CEO succession planning process”
Bob Bauer’s departure from the CEO post is explained as follows. L.B. Foster said: “Mr. Robert P. Bauer is retiring from the Company after serving as its President and Chief Executive Officer since 2012. The decision is the culmination of a comprehensive CEO succession planning process resulting in the appointment of Mr. John F. Kasel as the Company’s next President and CEO, effective July 21, 2021, and his election as a member of the Board of Directors with his term commencing on that same date.”
Precise information regarding Bob Bauer’s future plans was not immediately available.
L.B. Foster said: “Robert P. Bauer is retiring from the Company.”
L.B. Foster further said: “Mr. Bauer will step down from his role as President and CEO and as a director on July 21, 2021, to serve as a senior advisor to Mr. Kasel through December 31, 2021, at which point he will retire from employment with the Company.”
Share price decline since June 2018
The announcement follows a decline in L.B. Foster Co.’s share price of 25% since June 2018.
Chaired by Lee B. Foster
Lee B. Foster serves as L.B. Foster Co.’s Chairman.
Foster has been a director of the Company since 1990 and Chairman since 1998. He was the Chief Executive Officer of the Company from 1990 until he resigned from such office in 2002 and remained a Company employee until 2008.
In the position of CEO since 2012
Bob Bauer became CEO of the Company in 2012.
Bauer has been a director of the Company since 2012, when he was appointed President and Chief Executive Officer.
Since 2015, Bauer has served as a director of Alamo Group, Inc., which designs, manufactures, distributes, and services equipment for infrastructure maintenance, agriculture, and other applications, including truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, and other industrial equipment.
At Alamo Group, Bauer serves on the nomination and governance, compensation, and audit committees.
Bauer served as President of Emerson Climate Technologies, Refrigeration Division, a business segment of Emerson Electric Co., a diversified global manufacturing and technology company, (“Emerson”) from 2011 to 2012.
He also served as President of Emerson Network Power, Liebert Division, from 2002 through 2011.
Bauer spent a total of 17 years with Emerson in various senior management positions and became a Group Vice President, Emerson in 2004.
Prior to Emerson, he held management positions with Rockwell Automation and Westinghouse Electric.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bob Bauer’s move on a scale of 0 to 10.
exechange reached out to L.B. Foster and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2021 ($).