- Push-out Score determined
- After less than two years in the position
- Praise, thanks and good wishes for Gibson
- Steve Hollister taking over temporarily
- Search for a successor
- Gibson kept it short and said 46 words
(exechange) — Santa Paula, California, September 8, 2021 — Jim Gibson, chief executive of Calavo Growers, leaves. As announced by Calavo Growers Inc. in a news release and in a regulatory filing published on Wednesday, September 8, 2021, James E. (Jim) Gibson leaves his post as chief executive officer at the provider of fresh food, after less than two years in the role, effective September 9, 2021.
Calavo Growers will undertake a search for a successor.
Jim Gibson’s duties as CEO will be taken over temporarily by Steven (Steve) Hollister, most recently Managing Member at Rocking Spade, LLC, as Interim Chief Executive Officer.
Already a director
Hollister is already a director of Calavo Growers. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Hollister understands the expectations and dynamics of the board and has knowledge of Calavo Growers’s organization, risk-management practices and strategy.
No reason given
In the announcement, Calavo Growers did not explicitly explain the reason for the move.
Precise information regarding Jim Gibson’s future plans was not immediately available.
“Retire”
Calavo Growers said: “James Gibson will retire as Chief Executive Officer, effective September 9, 2021.”
Calavo Growers further said: “On September 7, 2021, James E. Gibson gave notice of his retirement from his position as Chief Executive Officer of Calavo. His retirement from the Chief Executive Officer position is effective September 9, 2021.”
Share price decline since February 2020
The announcement follows a decline in Calavo Growers Inc.’s share price of 38% since February 2020. February 2020 is the month in which Gibson’s tenure as CEO began.
In the position of CEO since 2020
Jim Gibson became CEO of the Company in 2020.
James Gibson has served as the Company’s Chief Executive Officer since February 2020.
Prior to his recent appointment as Chief Executive Officer, Gibson served as President of RFG from November 2017 to January 2020 and previously served as Chief Operating Officer and a founding member of RFG from March 2003 to November 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Gibson’s move on a scale of 0 to 10.
exechange reached out to Calavo Growers and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2021 ($).