- Push-out Score determined
- After about three years in the position
- Accolades and praise for Stead
- Jonathan Gear taking over
- Stead will remain as Non-Executive Chair of the Board of Directors at Clarivate
- Stead spoke at length and said 148 words
(exechange) — London, United Kingdom, July 11, 2022 — Jerre Stead, chief executive of Clarivate, leaves his position. As announced by Clarivate Plc in a news release and in a regulatory filing published on Monday, July 11, 2022, Jerre Stead leaves his post as chief executive officer at the analytics company, after about three years in the role, effective September 1, 2022.
Jerre Stead’s duties as CEO will be taken over by Jonathan Gear, most recently Chief Financial Officer at IHS Markit Ltd.
It is a generational change. Jonathan Gear is about 28 years younger than Jerre Stead.
The fact that Jerre Stead’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Looking forward to spending more time with Mary Joy, my wife”
Clarivate did not give an explicit reason for Jerre Stead’s departure from the CEO post. Stead said: “With a solid strategic plan in place and the acceleration of growth being driven by an amazing team of colleagues around the world, I feel we are well-positioned for the future. I am looking forward to spending more time with Mary Joy, my wife and partner for over 60 years, our wonderful family, and working together to support Clarivate as well as our many charitable and community relationships across the globe.”
Stead will remain as Non-Executive Chair of the Board of Directors at Clarivate
“Jerre Stead, Executive Chair and Chief Executive Officer, is retiring from his CEO role effective September 1, 2022, but will continue as Non-Executive Chair of the Board of Directors,” Clarivate said.
Share price decline since July 2019
The announcement follows a decline in Clarivate Plc’s share price of 6% since July 2019.
In the position of CEO since 2019
Jerre Stead became CEO of the Company in 2019.
Jerre Stead has been Chief Executive Officer of the Company since June 2019 and Executive Chairman of the Company’s Board since May 2019.
Prior to that, Stead served as Chief Executive Officer of Churchill Capital Corp. from July 2018 through May 2019.
Stead also served as Chairman and Chief Executive Officer of IHS Markit Ltd., a world leader in critical information, analytics and solutions, from its formation in 2016 through 2017 and as Executive Chairman of its predecessor company, IHS Inc., from 2000 through 2016 and as both Chairman and Chief Executive Officer from 2015 through 2016 and from 2006 through 2013.
Stead previously served as Co-Chief Executive Officer of DTN LLC, which provides services in relation to the delivery of weather, agricultural, energy and commodity market information from 2017 to 2018 and also previously served as its Executive Chairman.
Stead previously served as Chairman and CEO of Ingram Micro from 1996 to 2000 and as Chairman and CEO of Legent Corporation in 1995.
Stead has also previously served as Chairman and CEO of Honeywell-Phillips Medical Electronics, Chairman and CEO of Square D Company and Chairman and CEO of AT&T Global Information Solutions.
Stead has served on over 30 corporate boards during his career and in 2017 received the B. Kenneth West Lifetime Achievement Award from the National Association of Corporate Directors.
Stead is a graduate of the University of Iowa, where he earned a bachelor’s degree in business administration, and of the Harvard University Advanced Management Program in Switzerland.
At the time of Jerre Stead’s appointment as Chief Executive Officer at Clarivate, Stead hat stated: “Clarivate has enormous potential for high levels of sustainable, profitable growth and with the separation complete we’re in great shape to capitalize on that potential. I am excited to join this talented executive team as we continue to identify and act upon the multitude of new opportunities for growth and profitability across our global operations. I have long admired Clarivate’s businesses and, as CEO of Churchill Capital through the due diligence process and merger with Clarivate, I have learned a lot about the current state of the business and the even greater opportunities that exist for growth. I am excited to take on the lead executive role for the company and to deliver all it can for shareholders. We remain focused on driving profitable growth and cash flow with a continued emphasis on customer excellence and innovation to maximize shareholder value.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jerre Stead’s move on a scale of 0 to 10.
exechange reached out to Clarivate and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2022 ($).