- Push-out Score determined
- After 24 years in the position
- Scott King taking over
- Gorman will remain as Executive Chairman at Gorman-Rupp
- Gorman spoke at length and said 189 words
(exechange) — Mansfield, Ohio, October 29, 2021 — Jeffrey Gorman, chief executive of Gorman-Rupp, leaves his position. As announced by Gorman-Rupp Co. in a news release on Friday, October 29, 2021, Jeffrey S. Gorman leaves his post as chief executive officer at the pump manufacturer, after 24 years in the role, effective December 31, 2021.
It is the end of an era.
Jeffrey Gorman’s duties as CEO will be taken over by Scott A. King, currently President and Chief Operating Officer at Gorman-Rupp Co.
It is a generational change as well. Scott King is about 22 years younger than Jeffrey Gorman.
No reason given
In the announcement, Gorman-Rupp did not explicitly explain the reason for the move.
Gorman will remain as Executive Chairman at Gorman-Rupp
“Mr. Gorman, age 69, has served as CEO since 1998 and, following the CEO transition, will continue to serve as the Company’s Executive Chairman of the Board to assist with the Company’s overall strategy and acquisition efforts,” Gorman-Rupp said.
Gorman-Rupp said: “Effective January 1, 2022, the role of Chief Executive Officer will transition from Jeffrey S. Gorman to Scott A. King, who is currently the Company’s President and Chief Operating Officer.”
Share price increase since October 2016
The announcement follows an increase in Gorman-Rupp Co.’s share price of 59% since October 2016.
In the position of CEO since 1998
Jeffrey Gorman became CEO of the Company in 1998.
Jeffrey S. Gorman is Chairman and Chief Executive Officer of the Company.
He has been Chairman of the Board since 2019 and Chief Executive Officer since 1998.
He also served as President from 1998 to 2020 after having served as Senior Vice President since 1996.
He also served as General Manager of Gorman-Rupp Pumps USA from 1989 through 2005 after service as Assistant General Manager from 1986 to 1988.
Additionally, he held the office of Corporate Secretary from 1982 to 1990.
Gorman is a member of the Board of Directors of Mechanics Bank, Mansfield, Ohio and former Chairman of the Ohio Chamber of Commerce.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jeffrey Gorman’s move on a scale of 0 to 10.
exechange reached out to Gorman-Rupp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2021 ($).