- Push-out Score determined
- After nine years in the position
- Accolades, praise, thanks and words of regret for Archer
- Search for a successor
- Archer said 120 words
(exechange) — The Woodlands, Texas, February 28, 2022 — Brad Archer, chief executive of Target Hospitality, leaves. As announced by Target Hospitality Corp. in a news release and in a regulatory filing published on Monday, February 28, 2022, James B. (Brad) Archer leaves his post as chief executive officer at the provider of vertically-integrated modular accommodations and value-added hospitality services, after nine years in the role, effective December 31, 2022.
Target Hospitality will undertake a search for a successor.
It is a long goodbye. The announcement of Brad Archer’s move comes up to 10 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.
“Now is the right time”
Brad Archer’s departure from the CEO post is explained as follows. Archer said: “With a market leading position, financial flexibility and a significant runway for growth that has never been stronger, now is the right time to pass the baton.”
Precise information regarding Brad Archer’s future plans was not immediately available.
Target Hospitality said: “Brad Archer has decided to step down as President, Chief Executive Officer and member of the Company’s Board of Directors.”
Target Hospitality further said: “Mr. James B. Archer, who is currently President and Chief Executive Officer of the Company and a member of the Company’s Board of Directors (the “Board”), plans to step down as President and Chief Executive Officer and as a member of the Board effective December 31, 2022.”
“Not due to any disagreement”
“Mr. Archer’s decision to resign was not due to any disagreement with the Company, including on any matter relating to the Company’s operations, policies or procedures,” Target Hospitality said.
Share price increase since February 2021
The announcement follows an increase in Target Hospitality Corp.’s share price of 66% since February 2021.
In the position of CEO since 2014
Brad Archer became CEO of the Company in 2014.
Archer will continue to lead the Company in his current position, assist with the CEO search and help onboard his successor until December 31, 2022, ensuring an orderly transition.
He will also continue to work as a senior strategic advisor to the Company as needed.
Archer joined Target in 2009 as Chief Operating Officer and has been in his role as CEO of Target since 2014.
With 25 years in the specialty rental and hospitality industries, Archer is a proven leader with a track record of success in executive management which began with GE Capital Modular Space and then Resun Leasing from 1994 — 2004 where he primarily served in Senior Leadership roles ranging from Senior Vice President, VP of Operations and VP of Sales, before holding COO positions at other specialty rental and manufacturing companies.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Brad Archer’s move on a scale of 0 to 10.
exechange reached out to Target Hospitality and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2022 ($).