- After about seven years in the position
- Praise and thanks for Chris McCann
- Jim McCann taking over
(exechange) — Jericho, New York, June 29, 2023 — Chris McCann, chief executive of Flowers, leaves his position. As announced by Flowers.com Inc. in a news release and in a regulatory filing published on Thursday, June 29, 2023, Christopher G. (Chris) McCann leaves his post as chief executive officer at the provider of gifts, after about seven years in the role, effective July 3, 2023.
Chris McCann’s duties as CEO will be taken over by James F. (Jim) McCann, a former chief executive officer at Flowers.com Inc.
Health reasons
The management change is explained as follows. Flowers stated: “CEO Christopher McCann will be stepping down for personal health reasons, effective July 3, 2023.”
“Stepping down/resigned”
Flowers further said: “On June 29, 2023, Mr. Christopher McCann resigned from his position as Chief Executive Officer of the Company, effective July 3, 2023, and will take a leave of absence for personal health reasons that will end no later than December 31, 2023.”
Share price decline since June 2021
The announcement follows a decline in Flowers.com Inc.’s share price of 74% since June 2021.
In the position of CEO since 2016
Chris McCann became CEO of the Company in 2016.
Christopher McCann will remain on the Company’s Board of Directors and continue to serve on the board and as an officer of various subsidiaries of the Company as he now serves.
Christopher G. McCann has been the Company’s Chief Executive Officer since June 2016.
Prior to that, he served as the Company’s President from September 2000 until April 2022, and as the Company’s Senior Vice President and the President of the Consumer Floral Brand from July 2010 until October 2013.
McCann has been a Director of the Company since inception.
McCann is the Vice Chairman of the Board of Trustees of Marist College. He is the Vice Chairman of the board of directors of IGHL.
Christopher G. McCann is the brother of James F. McCann.
No statement by Chris McCann
In the news release announcing his departure as CEO of Flowers.com Inc., Chris McCann received praise and thanks.
The announcement of his departure as CEO does not include a statement by Chris McCann.
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 (June 29, 2022, to June 28, 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 Chris McCann not determined
When the reason for the departure is health-related, a Push-out Score is not determined.
Read the full story in the exechange report 27.2023 ($).
