- Push-out Score determined
- After almost 13 years in the position
- Praise and thanks for Butcher
- Bill Crooker taking over
- Butcher will remain as Executive Chairman at Stag Industrial
- Butcher kept it short and said 48 words
(exechange) — Boston, Massachusetts, January 10, 2022 — Ben Butcher, chief executive of Stag Industrial, leaves his position. As announced by Stag Industrial Inc. in a news release on Monday, January 10, 2022, Benjamin S. (Ben) Butcher leaves his post as chief executive officer at the real estate investment trust focused on industrial properties, after almost 13 years in the role, effective July 1, 2022.
Ben Butcher’s duties as CEO will be taken over by William R. (Bill) Crooker, currently President at Stag Industrial Inc.
It is a generational change as well. Bill Crooker is about 26 years younger than Ben Butcher.
“Ongoing management succession planning”
The management change is explained as follows. Stag Industrial said: “[P]ursuant to ongoing management succession planning by the Board of Directors, the Company expects that on July 1, 2022, Benjamin S. Butcher, the Company’s current Chairman of the Board and Chief Executive Officer, will become Executive Chairman of the Board.”
Butcher will remain as Executive Chairman at Stag Industrial
“[P]ursuant to ongoing management succession planning by the Board of Directors, the Company expects that on July 1, 2022, Benjamin S. Butcher, the Company’s current Chairman of the Board and Chief Executive Officer, will become Executive Chairman of the Board and that William R. Crooker, the Company’s current President, will be appointed Chief Executive Officer and join the Board of Directors,” Stag Industrial said.
Share price increase since January 2017
The announcement follows an increase in Stag Industrial Inc.’s share price of 89% since January 2017.
In the position of CEO since 2010
Ben Butcher became CEO of the Company in 2010.
Butcher will work closely with Crooker on transitioning to CEO, and after becoming Executive Chairman, Butcher’s responsibilities will include managing the business of the Board, regularly consulting with the CEO on key corporate matters and liaising between the Board and the management team.
Butcher has served as the Company’s chief executive officer, president and chairman of the board of directors since 2010.
Prior to the formation of the Company, Butcher oversaw the growth of the Company’s predecessor business, serving as a member of the board of managers of Stag Capital Partners, LLC, Stag Capital Partners III, LLC, and their affiliates from 2003 to 2011.
From 1999 to 2003, Butcher was engaged as a private equity investor in real estate and technology.
From 1997 to 1998, Butcher served as a director at Credit Suisse First Boston, where he sourced and executed transactions for the principal transactions group (real estate debt and equity).
Prior to that, he served as a director at Nomura Asset Capital from 1993 to 1997, where he focused on marketing and business development for its commercial mortgage-backed securities group.
Butcher serves as a member of the board of trustees and a member of the nominating and corporate governance committee and compensation committee of Washington Real Estate Investment Trust (NYSE: WRE), an owner of office, multi-family and retail properties in the greater Washington, D.C. metropolitan area.
Butcher holds a Bachelor of Arts degree from Bowdoin College and a Master of Business Administration degree from the Tuck School of Business at Dartmouth.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ben Butcher’s move on a scale of 0 to 10.
exechange reached out to Stag Industrial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2022 ($).