- After nine years in the position
- “To address health matters affecting an immediate family member”
- Julie Streich taking over temporarily
(exechange) — Bristol, Connecticut, March 10, 2022 — Patrick Dempsey, chief executive of Barnes, takes a leave of absence. As announced by Barnes Group Inc. in a news release and in a regulatory filing published on Thursday, March 10, 2022, Patrick J. Dempsey has left his post as chief executive officer at the industrial and aerospace manufacturer and service provider, after nine years in the role, effective March 8, 2022.
Patrick Dempsey’s duties as CEO will be taken over temporarily by Julie K. Streich, currently Senior Vice President, Finance and Chief Financial Officer at Barnes Group Inc., as Interim Chief Executive Officer.
“To address health matters affecting an immediate family member”
Barnes said: “Patrick J. Dempsey, Barnes President and Chief Executive Officer, will begin a temporary leave of absence to address health matters affecting an immediate family member.”
“Temporary leave of absence”
Barnes said: “On March 8, 2022, Patrick J. Dempsey, President and Chief Executive Officer and a director of Barnes Group Inc. (the “Company”) began a temporary leave of absence from his role as President and Chief Executive Officer to address health matters affecting a family member.”
Share price decline since March 2017
The announcement follows a decline in Barnes Group Inc.’s share price of 17% since March 2017.
In the position of CEO since 2013
Patrick Dempsey became CEO of the Company in 2013.
Dempsey was appointed the President and Chief Executive Officer of the Company in March 2013.
Prior to this appointment, since February 2012, he served as the Company’s Senior Vice President and Chief Operating Officer, and was responsible for oversight and direction of the Company’s global business segments, as well as working closely on the development and execution of the Company’s strategic plan.
Dempsey joined the Company in October 2000 and has held a series of roles of increasing responsibility.
He was appointed Vice President, Barnes Group Inc. and President, Barnes Aerospace in 2004, Vice President, Barnes Group Inc. and President, Barnes Distribution in October 2007, and Vice President, Barnes Group Inc. and President, Logistics and Manufacturing Services in October 2008.
He is currently a director of Nucor Corporation having been appointed in 2016.
He also serves as the Vice Chairman of the Board of Trustees of the Manufacturers Alliance for Productivity and Innovation (MAPI).
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 11.2022 ($).