- Push-out Score determined
- Accolades, praise and thanks for Fusaro
- Search for a successor
- Fusaro spoke at length and said 190 words
(exechange) — Albuquerque, New Mexico, November 22, 2021 — Jim Fusaro, chief executive of Array, prepares for his departure. As announced by Array Technologies Inc. in a news release and in a regulatory filing published on Monday, November 22, 2021, Jim Fusaro, chief executive officer, leaves the provider of utility-scale solar tracking technology, after about four and a half years in the role, effective on or before December 31, 2022.
Array will undertake a search for a successor.
It is a long goodbye. The announcement of Jim Fusaro’s move comes up to 13 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.
“Spending more time with my family”
Jim Fusaro’s departure from the CEO post is explained as follows. Fusaro said: “It has been a privilege to lead Array over the past four years, but the time is right for me to think about spending more time with my family.”
Precise information regarding Jim Fusaro’s future plans was not immediately available.
Array said: “Jim Fusaro, Chief Executive Officer, has informed the board of his intent to retire from the company on or before December 31, 2022.”
Array further said: “On November 16, 2021, Jim Fusaro, the Chief Executive Officer of Array Technologies, Inc. (the “Company”), gave notice of his intention to resign on or before December 31, 2022 from his positions as an executive officer and employee of the Company and its subsidiaries and affiliates. Concurrent with his resignation as an executive officer and employee, Mr. Fusaro also gave notice of his intention to resign as a member of the Company’s Board of Directors (the “Board”).”
“Not the result of any material disagreement”
“Mr. Fusaro has agreed to stay on to assist with the identification, appointment, and transition of his successor as Chief Executive Officer. Mr. Fusaro’s resignation is not the result of any material disagreement with the Company regarding its operations, policies, or practices,” Array said.
Share price decline since November 2020
The announcement follows a decline in Array Technologies Inc.’s share price of 33% since November 2020.
In the position of CEO since 2018
Jim Fusaro became CEO of the Company in 2018.
Jim Fusaro has been the Company’s Chief Executive Officer since June 2018.
Fusaro first began his career in aerospace in 1985.
Prior to joining the Company, Fusaro served as a senior executive for multinational corporations including, Amkor Technology, Honeywell Aerospace, and Honeywell Performance Materials and Technologies, and Avnet.
Prior to joining the Company, Fusaro served as Senior Vice President, IoT and Global Design Solutions of Avnet between June 2017 and June 2018.
From June 2011 and June 2016, Fusaro held a number of leadership positions at Honeywell Aerospace, including Vice President & General Manager of Mechanical Subsystems and Vice President of Honeywell Operating System.
From June 2016 and June 2017, Fusaro served as President of Honeywell Performance Materials, Advanced Materials.
Fusaro holds a Master of Science in Mechanical Engineering from Rensselaer Polytechnic Institute and a Bachelor of Science in Mechanical Engineering from Arizona State University, additionally he is a certified Six Sigma Black Belt.
Fusaro has authored over 60 technical publications and holds a number of U.S. Patents.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Fusaro’s move on a scale of 0 to 10.
exechange reached out to Array and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2021 ($).