- Push-out Score determined
- After about four years in the position
- Praise for Michel
- Kevin Lilly taking over temporarily
- Search for a successor
(exechange) — Charlotte, North Carolina, August 5, 2022 — Gary Michel, chief executive of Jeld-Wen, leaves. As announced by Jeld-Wen Holding Inc. in a news release and in a regulatory filing published on Friday, August 5, 2022, Gary S. Michel has left his post as chief executive officer at the manufacturer of windows, interior and exterior doors and wall systems, after about four years in the role, effective August 3, 2022.
Jeld-Wen will undertake a search for a successor.
Gary Michel’s duties as CEO will be taken over temporarily by Kevin C. Lilly, most recently executive vice president and chief information officer at Jeld-Wen Holding Inc., as interim Chief Executive Officer.
“Continued growth and transformation”
Jeld-Wen did not give an explicit reason for Gary Michel’s departure from the CEO post. David G. Nord, former chairman and CEO of Hubbell Incorporated, who was elected chair of Jeld-Wen’s Board of Directors, said: “The Board is committed to conducting a thorough search to identify the best candidate to lead Jeld-Wen’s continued growth and transformation.”
Precise information regarding Gary Michel’s future plans was not immediately available.
“Resignation”
Jeld-Wen said: “Jeld-Wen Holding, Inc. (NYSE: JELD) today announced that its Board of Directors has accepted the resignation of Gary S. Michel as chair and CEO.”
Jeld-Wen further said: “On August 5, 2022, Jeld-Wen Holding, Inc. (the “Company”) announced the resignation of Gary S. Michel as Chair and CEO, effective August 3, 2022, and the appointment of Kevin C. Lilly as Interim CEO while the Board conducts a search for a permanent replacement.”
Share price decline since June 2018
The announcement follows a decline in Jeld-Wen Holding Inc.’s share price of 44% since June 2018. June 2018 is the month in which Michel’s tenure as CEO began.
In the position of CEO since 2018
Gary Michel became CEO of the Company in 2018.
Michel joined the Company as President and Chief Executive Officer in June 2018 and became Chair, President and Chief Executive Officer in October 2021.
Michel previously worked at Honeywell International, Inc., where he served as the President and Chief Executive Officer of the Home and Building Technologies strategic business group since October 2017.
Prior to that, he spent 32 years at Ingersoll Rand, most recently as Senior Vice President and President of its residential heating, ventilation and air conditioning business and as a member of Ingersoll Rand’s enterprise leadership team from 2011 to 2017.
He began his career there in 1985 as an application engineer and held various product, sales and business management roles before moving into a series of leadership positions across various geographic and market segments.
Michel holds a B.S. in mechanical engineering from Virginia Tech and an M.B.A. from the University of Phoenix.
Michel served on the board of Cooper Tire & Rubber Company until it was acquired by Goodyear Tire & Rubber Company in June 2021.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Gary Michel’s move on a scale of 0 to 10.
exechange reached out to Jeld-Wen and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2022 ($).