- Push-out Score determined
- After about six years in the position
- Praise and good wishes for Boehler
- George Chappelle taking over temporarily
- Search for a successor
(exechange) — Atlanta, Georgia, November 3, 2021 — Fred Boehler, chief executive of Americold, leaves. As announced by Americold Realty Trust in a news release and in a regulatory filing published on Wednesday, November 3, 2021, Fred W. Boehler has left his post as chief executive officer at the REIT which owns and operates temperature-controlled warehouses, after about six years in the role, effective November 2, 2021.
Americold will undertake a search for a successor.
Fred Boehler’s duties as CEO will be taken over temporarily by George F. Chappelle, a former executive at Tyson Foods, as Interim Chief Executive Officer.
The fact that Fred Boehler’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Americold did not explicitly explain the reason for the move.
Precise information regarding Fred Boehler’s future plans was not immediately available.
“Terminate”
Americold said: “Mr. Chappelle’s appointment follows the decision of the Americold Board of Trustees to terminate Fred Boehler without cause. Mr. Boehler also resigned as a Trustee.”
Americold further said: “On November 2, 2021, the Board of Trustees of the Company (the “Board”) terminated Mr. Boehler without cause from his position as President and Chief Executive Officer of the Company. Mr. Boehler also resigned as a Trustee of the Board of Trustees.”
“Not related to any disagreement”
“The Company noted that Mr. Boehler’s departure is not related to any disagreement with the Board or members of management concerning corporate strategy or financial or accounting matters,” Americold said.
Share price decline since November 2020
The announcement follows a decline in Americold Realty Trust’s share price of 18% since November 2020.
In the position of CEO since 2015
Fred Boehler became CEO of the Company in 2015.
Boehler has served as the Company’s President and Chief Executive Officer (“CEO”) and as a member of the Company’s Board since December 2015.
Prior to that, he served as the Company’s Chief Operating Officer from February 2013 until December 2015.
Before joining the Company’s team, Boehler was a Senior Vice President at Supervalu, Inc. (now a part of United National Foods, Inc., NYSE: UNFI) from March 2009 to February 2013 and held various positions at Borders Group, Inc. from November 1999 to March 2009, last serving as Senior Vice President, Logistics & Procurement.
Boehler received his bachelor’s degree from Wright State University and his Master of Business Administration from Northern Illinois University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Fred Boehler’s move on a scale of 0 to 10.
exechange reached out to Americold and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2021 ($).