- Push-out Score determined
- After around 20 years in the position
- Praise for Richey
- Bryan Sayler taking over
- Richey will remain as Executive Chairman at Esco
- Richey said 110 words
(exechange) — St. Louis, Missouri, September 12, 2022 — Vic Richey, chief executive of Esco, leaves his position. As announced by Esco Technologies Inc. in a news release and in a regulatory filing published on Monday, September 12, 2022, Victor L. (Vic) Richey leaves his post as chief executive officer at the provider of highly engineered products, after around 20 years in the role, effective December 31, 2022.
It is the end of an era.
Vic Richey’s duties as CEO will be taken over by Bryan H. Sayler, currently President of the Utility Solutions Group at Esco Technologies Inc.
“Rigorous CEO succession planning process”
Vic Richey’s departure from the CEO post is explained as follows. Richey said: “The rigorous CEO succession planning process undertaken by the Board, which engaged a leading executive search firm and considered both external and internal candidates, confirmed that Bryan is the best choice to drive the organization forward and lead Esco into the future.”
Richey will remain as Executive Chairman at Esco
“Richey will continue as Executive Chairman of the Esco Board of Directors,” Esco said.
“Mr. Richey also informed the Board that he intends to retire from his position as Chairman of the Company’s Board of Directors at a date to be determined after a transitional phase,” the Company further stated.
Esco said: “Vic Richey, Chairman, Chief Executive Officer and President, will retire from his CEO and President roles effective December 31, 2022.”
Esco further said: “On September 9, 2022, Victor L. Richey, the Company’s Chairman, Chief Executive Officer and President, notified the Company’s Board of Directors that he intends to retire from the Company and resign his positions as its Chief Executive Officer and President effective December 31, 2022.”
Share price increase since September 2017
The announcement follows an increase in Esco Technologies Inc.’s share price of 51% since September 2017.
In the position of CEO since 2002
Vic Richey became CEO of the Company in 2002.
Vic Richey is Chairman, CEO and President of Esco Technologies Inc., a St. Louis based company with subsidiaries operating throughout the United States and around the world.
Richey began his career with the Company in 1985 prior to Esco’s spin-off from Emerson Electric in 1990.
He has held a variety of positions with the Company both at the subsidiary and corporate levels, primarily in Marketing (Domestic and International) and general management.
In 2001 he became President and Chief Operating Officer of Esco.
On October 1, 2002 he assumed his current position.
Prior to joining the Company, Richey spent six years as a military intelligence officer in the U.S. Army.
He received his undergraduate degree from Western Kentucky University and his Masters of Business Administration from Washington University.
Richey was elected to Esco’s Board in April 2002, and joined the Board of Nordson Corporation in February 2009.
In addition, he is active in numerous industry associations and is a member of the St. Louis Regional Business Council and the National Counsel for Olin Business School at Washington University.
In addition, he currently serves on the boards of directors of GO! St. Louis and Forest Park Forever.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Vic Richey’s move on a scale of 0 to 10.
exechange reached out to Esco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2022 ($).