- Push-out Score determined
- After 32 years in the position
- Praise and thanks for Kits van Heyningen
- Brent Bruun taking over temporarily
- Search for a successor
- Kits van Heyningen said 83 words
(exechange) — Middletown, Rhode Island, March 7, 2022 — Martin Kits van Heyningen, chief executive of KVH Industries, leaves. As announced by KVH Industries Inc. in a news release on Monday, March 7, 2022, Martin A. Kits van Heyningen leaves his post as chief executive officer at the specialist in mobile connectivity and inertial navigation systems, after 32 years in the role, effective immediately.
It is the end of an era.
KVH Industries will undertake a search for a successor.
Martin Kits van Heyningen’s duties as CEO will be taken over temporarily by Brent C. Bruun, most recently Chief Operating Officer at KVH Industries Inc., as Interim Chief Executive Officer.
“To focus on other endeavors”
Martin Kits van Heyningen’s departure from the CEO post is explained as follows. Kits van Heyningen said: “This is the right moment for me to step back from KVH to focus on other endeavors and to turn KVH over to the next generation of leadership.”
The Board appointed Cathy-Ann Martine-Dolecki, one of KVH’s current independent directors, to serve as the new Chairman of the Board. Martine-Dolecki has extensive global leadership experience in the telecommunications industry, including spending four decades at AT&T, including in senior executive roles.
“Operating with more cost discipline”
Cathy-Ann Martine-Dolecki stated: “The Board’s strategic focus is on achieving sustained profitability. We will accomplish this by concentrating on the core businesses where we are a leader and operating with more cost discipline. This will allow us to get to positive operating income faster, and ultimately to increase shareholder value.”
Precise information regarding Martin Kits van Heyningen’s future plans was not immediately available.
KVH Industries said: “KVH Industries, Inc., (Nasdaq: KVHI), today announced that its longstanding President and Chief Executive Officer, Martin Kits van Heyningen, is retiring from his executive and Board roles after more than 40 years at the Company.”
Share price decline since March 2021
The announcement follows a decline in KVH Industries Inc.’s share price of 41% since March 2021.
In the position of CEO since 1990
Martin Kits van Heyningen became CEO of the Company in 1990.
Martin A. Kits van Heyningen, one of the Company’s founders, has served as the Company’s president and a director since 1982, chief executive officer since 1990, and as the Company’s chairman of the Board of Directors since 2007.
From 1980 to 1982, Kits van Heyningen was employed by the New England Consulting Group, a marketing consulting firm, as a marketing consultant.
Kits van Heyningen received a B.A., cum laude, from Yale University and has been issued twelve patents.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Martin Kits van Heyningen’s move on a scale of 0 to 10.
exechange reached out to KVH Industries and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2022 ($).