- Push-out Score determined
- After almost 19 years in the position
- Accolades, praise and thanks for Bosselmann
- David Watson taking over
- Bosselmann kept it short and said 44 words
(exechange) — Rockville, Maryland, August 18, 2022 — Rainer Bosselmann, chief executive of Argan, leaves. As announced by Argan Inc. in a news release and in a regulatory filing published on Thursday, August 18, 2022, Rainer H. Bosselmann has left his post as chief executive officer at the provider of services to the power industry, after almost 19 years in the role, effective August 16, 2022.
It is the end of an era.
Rainer Bosselmann’s duties as CEO will be taken over by David H. Watson, most recently Senior Vice President, Chief Financial Officer, Treasurer and Corporate Secretary at Argan Inc.
It is a generational change. David Watson is about 33 years younger than Rainer Bosselmann.
No reason given
In the announcement, Argan did not explicitly explain the reason for the move.
Precise information regarding Rainer Bosselmann’s future plans was not immediately available.
Argan said: “Rainer H. Bosselmann, Founder, Chairman and Chief Executive Officer retired effective August 16, 2022.”
“Not due to a disagreement”
“Mr. Bosselmann’s retirement is not due to a disagreement with the Company or any of the members of the Board regarding the Company’s operations, policies or practices,” Argan said.
Share price decline since August 2017
The announcement follows a decline in Argan Inc.’s share price of 43% since August 2017.
In the position of CEO since 2003
Rainer Bosselmann became CEO of the Company in 2003.
Bosselmann has been a director and Chairman of the Board of Directors of the Company since May 2003 and the Company’s Chief Executive Officer since October 2003.
Bosselmann was a director and Vice Chairman of the Board from January 2003 to May 2003.
Bosselmann was chairman of the board, chief executive officer and a director of Arguss Communications, Inc. (“Arguss”), a telecommunications infrastructure company listed on the NYSE, from 1996 through 2002 and president of Arguss from 1997 through 2002.
Bosselmann served as a director of The Roberts Company, formerly a privately owned firm, from 2008 until December 2015 when it was acquired by the Company.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Rainer Bosselmann’s move on a scale of 0 to 10.
exechange reached out to Argan and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2022 ($).