- Push-out Score determined
- After about five years in the position
- Praise, thanks and good wishes for Murnane
- Robert DeVincenzi taking over temporarily
- Search for a successor
(exechange) — Tampa, Florida, December 23, 2021 — This news came shortly before Christmas Day. Bill Murnane, chief executive of Lazydays, leaves. As announced by Lazydays Holdings Inc. in a news release and in a regulatory filing published on Thursday, December 23, 2021, William P. (Bill) Murnane leaves his post as chief executive officer at the company specializing in the sales and service of recreational vehicles, after about five years in the role, effective January 1, 2022.
Lazydays will undertake a search for a successor.
Bill Murnane’s duties as CEO will be taken over temporarily by Robert DeVincenzi, currently lead independent director at Lazydays Holdings Inc., as Interim Chief Executive Officer.
“Full review of the Company’s capital allocation framework”
Lazydays did not give an explicit reason for Bill Murnane’s departure from the CEO post. DeVincenzi said: “As part of the transition, the Board intends to conduct a full review of the Company’s capital allocation framework. With our strong balance sheet and high levels of cash flow generation, coupled with the growing interest in the RV lifestyle, we are excited about the many opportunities to create value for our employees, partners and shareholders.”
Precise information regarding Bill Murnane’s future plans was not immediately available.
“Stepping down”
Lazydays said: “William P. Murnane is stepping down as Chairman and CEO. … Mr. Murnane notified the Board of his decision to resign as Chairman effective December 22, 2021, and as CEO effective March 16, 2022. At the Board’s election, and consistent with the terms of Mr. Murnane’s employment, the Board accelerated the CEO transition date to January 1, 2022.”
Lazydays further said: “On December 17, 2021, William P. Murnane, Chief Executive Office and Chairman of Lazydays Holdings, Inc. (the “Company”), notified the Company’s Board of Directors (the “Board”) of his decision to resign as Chief Executive Officer of the Company and its subsidiaries, effective March 16, 2022. On December 22, 2021, Mr. Murnane resigned as Chairman of the Board, effective immediately. On December 23, 2021, the Company accelerated the Date of Termination of Mr. Murnane under his employment agreement to January 1, 2022.”
Share price increase since December 2018
The announcement follows an increase in Lazydays Holdings Inc.’s share price of 265% since December 2018.
In the position of CEO since 2016
Bill Murnane became CEO of the Company in 2016.
William P. Murnane has served as Chairman of the board of Lazydays since 2009.
He joined the company as President and Chief Executive Officer in December 2016.
From 2008 through 2016, Murnane, was a former principal and operating partner at Wayzata Investment Partners LLC, where he specialized in operational turn-arounds.
From 2000 to 2007, Murnane was Chairman and Chief Executive Officer of Innovex, Inc., an international manufacturer of components used in high technology electronics.
Before joining Innovex in 1995, Murnane was Chief Operating Officer at Boutwell Owens & Co. and Uniform Printing and Supply, two privately held printing companies based in Massachusetts.
Murnane started his career with United Parcel Service where he held various engineering and management positions.
Murnane received a BS in Engineering from New Jersey Institute of Technology, an MS in Operations Research from the University of Maryland, and an MBA from the Harvard Business School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bill Murnane’s move on a scale of 0 to 10.
exechange reached out to Lazydays and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 52.2021 ($).