- After about two years in the position
- Praise and thanks for Berle
- Sven-Olof Lindblad taking over
- Berle said 127 words
(exechange) — New York, May 31, 2023 — Dolf Berle, chief executive of Lindblad Expeditions, leaves his position. As announced by Lindblad Expeditions Holdings Inc. in a news release and in a regulatory filing published on Wednesday, May 31, 2023, Dolf Berle leaves his post as chief executive officer at the travel company, after about two years in the role, effective June 30, 2023.
Dolf Berle’s duties as CEO will be taken over by Sven-Olof Lindblad, a former Chief Executive Officer at Lindblad Expeditions Holdings Inc.
“Pursuing a non-competitive opportunity”
The management change is explained as follows. Lindblad Expeditions stated: “Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad Expeditions”) today announced the departure of Chief Executive Officer Dolf Berle, effective June 30, 2023, who is pursuing a non-competitive opportunity in the Dallas area. Upon his departure, Lindblad Expeditions’ Founder and Co-Chair of the Board of Directors Sven-Olof Lindblad will return as Chief Executive Officer and will work closely with Berle to ensure a smooth transition.”
Precise information regarding Dolf Berle’s future plans was not immediately available.
Lindblad Expeditions said: “On May 31, 2023, Lindblad Expeditions Holdings, Inc., a Delaware corporation (the “Company), announced the departure of Chief Executive Officer, Dolf Berle, effective June 30, 2023.”
Share price decline since May 2021
The announcement follows a decline in Lindblad Expeditions Holdings Inc.’s share price of 43% since May 2021. May 2021 is the month in which Berle’s tenure as CEO began.
In the position of CEO since 2021
Dolf Berle became CEO of the Company in 2021.
Dolf Berle has served as Chief Executive Officer of the Company and a director since May 2021.
Previously, Berle most recently served as Chief Executive Officer of Topgolf Entertainment Group where he led the company’s overall vision, global growth strategies and financial performance.
Prior to that, Berle served as President and Chief Operating Officer of Dave & Buster’s Entertainment, Inc., and served in a variety of executive leadership roles in the public sector as well as private growth-oriented companies dedicated to joyful guest experiences.
These include tenures as Executive Vice President of Hospitality, and Division Head for ClubCorp USA, Inc., President of Lucky Strike Entertainment; and Chief Operating Officer of House of Blues Entertainment, Inc.
He serves on the board of National Make-A-Wish Foundation, USA Track and Field and the Norman Rockwell Museum. Berle earned his undergraduate and M.B.A. degrees from Harvard University, and a Master of Arts degree in African History from the University of Zimbabwe.
At the time of Dolf Berle’s appointment as Chief Executive Officer at Lindblad Expeditions, Lindblad had stated: “I am very pleased to hand the baton to Dolf, who I have gotten to know well and for whom I have great respect and admiration. I am confident that his outstanding leadership, integrity and character make him the right choice to serve as our next leader.”
127 words by Dolf Berle
In the news release announcing his departure as CEO of Lindblad Expeditions Holdings Inc., Dolf Berle received praise and thanks.
In announcing his departure, Dolf Berle said 127 words.
“Build long-term shareholder value in the years ahead”
Dolf Berle stated: “For nearly five decades, Lindblad Expeditions has been the recognized leader and pioneer of authentic expedition travel. and it was an honor to have been a part of that iconic legacy and the positive impact the Company has had on countless guests and communities. I am thankful to Sven, the Board of Directors, and, most importantly, our team members around the world who welcomed me into this family and trusted me to serve this Company in its new era of growth. Over the last two years, together we have strategically expanded our capacity, diversified our product portfolio, and transformed our marketing and sales strategies, matching unprecedented demand for expedition travel and positioning the Company to significantly ramp earnings and build long-term shareholder value in the years ahead.”
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 317 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 31, 2022, to May 30, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Dolf Berle’s move determined
The Push-out Score regarding Dolf Berle’s move is explained point by point in the exechange report.
exechange reached out to Lindblad Expeditions and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2023 ($).