- Push-out Score determined
- After almost 12 years in the position
- Praise and thanks for Parrini
- Thomas Fahnemann taking over
(exechange) — Charlotte, North Carolina, August 26, 2022 — Dante Parrini, chief executive of Glatfelter, leaves. As announced by Glatfelter Corp. in a news release published on Thursday, August 25, 2022, and in a regulatory filing published on Friday, August 26, 2022, Dante C. Parrini has left his post as chief executive officer at the supplier of engineered materials, after almost 12 years in the role, effective August 23, 2022.
Dante Parrini’s duties as CEO will be taken over by Thomas Fahnemann, a former Chief Executive Officer and Chairman of the Management Board at Semperit Holding AG.
The fact that Dante Parrini’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Major challenges impacting Glatfelter’s financial performance”
Glatfelter did not give an explicit reason for Dante Parrini’s departure from the CEO post. Lee C. Stewart, Independent Lead Director, said: “The Board of Directors of Glatfelter are unanimous in our view that we have the right combination of business segments serving attractive, growth-oriented markets and customers, with sustainable product offerings to truly address fundamental challenges in today’s changing world. Nevertheless, as our shareholders and all stakeholders well know, unprecedented global inflationary challenges, and the geopolitical conflicts in Russia/Ukraine primarily, have yielded major challenges impacting Glatfelter’s financial performance. As such, the Board is also unanimous in its view that now is the right time for new leadership at Glatfelter to address these concerns specifically, while charting a new direction to unlock the full value we fundamentally believe is unique to Glatfelter.”
Precise information regarding Dante Parrini’s future plans was not immediately available.
“Leaving/terminated”
Glatfelter said: “Mr. Thomas Fahnemann has been appointed to the role of President and Chief Executive Officer, effective immediately. He replaces the Company’s current Chairman and Chief Executive Officer, Mr. Dante C. Parrini, who will be leaving the Company following a 25-year career.”
Glatfelter further said: “On August 23, 2022, Glatfelter Corporation (the “Company”) terminated its Chairman and Chief Executive Officer, Dante C. Parrini, effective immediately.”
“Not related to Glatfelter’s operations, financial reporting or controls, or personal conduct”
“In addition, the Board has appointed Mr. Kevin M. Fogarty, currently an independent Glatfelter Board Director and Chairman of the Nominating and Corporate Governance Committee, to the role of Non-Executive Chairman. The Company noted that these changes are not related to Glatfelter’s operations, financial reporting or controls, or personal conduct,” Glatfelter said.
Share price decline since August 2017
The announcement follows a decline in Glatfelter Corp.’s share price of 73% since August 2017.
In the position of CEO since 2011
Dante Parrini became CEO of the Company in 2011.
Parrini joined the Company’s Board in 2010.
He has served as the Chairman, President, and Chief Executive Officer of Glatfelter Corporation.
He has been President and Chief Executive Officer since January 2011 and Chairman of the Board since May 2011.
Parrini previously served as Glatfelter’s Executive Vice President and Chief Operating Officer from 2005 until 2010.
From 2003 to 2005, he was Senior Vice President and General Manager of the Company.
Parrini joined Glatfelter in 1997 and, prior to 2003, held various executive positions responsible for the Company’s operations, sales, and marketing.
He has served on the board of H. B. Fuller Company (NYSE: FUL) since 2012.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dante Parrini’s move on a scale of 0 to 10.
exechange reached out to Glatfelter and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2022 ($).