- After about five and a half years in the position
- Praise, thanks and good wishes for Kaniewski
- Avner Applbaum taking over
- Kaniewski said 115 words
(exechange) — Omaha, Nebraska, July 11, 2023 — Steve Kaniewski, chief executive of Valmont, leaves his position. As announced by Valmont Industries Inc. in a news release and in a regulatory filing published on Tuesday, July 11, 2023, Stephen G. (Steve) Kaniewski leaves his post as chief executive officer at the manufacturer of Valley center pivot and linear irrigation equipment, after about five and a half years in the role, effective immediately.
Steve Kaniewski’s duties as CEO will be taken over by Avner M. Applbaum, most recently Chief Financial Officer at Valmont Industries Inc.
The company also announced the appointment of Timothy P. Francis, Senior Vice President and Finance Business Partner, Global Operations, and former SVP, Corporate Controller as Interim Chief Financial Officer.
“To pursue other opportunities”
The management change is explained as follows. Valmont stated: “Mr. Applbaum succeeds Stephen G. Kaniewski, CEO since December 31, 2017, who is stepping down to pursue other opportunities.”
Precise information regarding Steve Kaniewski’s future plans was not immediately available.
“Stepping down”
Valmont said: “Mr. Applbaum succeeds Stephen G. Kaniewski, CEO since December 31, 2017, who is stepping down to pursue other opportunities and also resigning as a member of the Board of Directors.”
“Not related to the operations, policies, or practices of the company”
Valmont stated, regarding the change: “Mr. Kaniewski’s departure is not related to the operations, policies, or practices of the company or any issues regarding accounting policies or practices.”
Share price increase since January 2018
The announcement follows an increase in Valmont Industries Inc.’s share price of 72% since January 2018. January 2018 is the month in which Kaniewski’s tenure as CEO began.
In the position of CEO since 2018
Steve Kaniewski became CEO of the Company in 2018.
Kaniewski will serve in an advisory capacity as needed to ensure a seamless transition.
Kaniewski has been Chief Executive Officer of the Company since January 2018.
He was President and Chief Operating Officer of the Company from October 2016 through December 2017.
Prior to that he was Utility Support Structures Group President.
Kaniewski joined Valmont in 2010 as Vice President, Information Technology and also has held the position of Vice President, Global Operations for the Irrigation business.
Kaniewski previously served as Chief Information Officer of the Company and as Vice President of Global Applications at Belden; in both roles, Kaniewski had direct oversight of IT data security and cybersecurity.
115 words by Steve Kaniewski
In the news release announcing his departure as CEO of Valmont Industries Inc., Steve Kaniewski received praise, thanks and good wishes.
In announcing his departure, Steve Kaniewski said 115 words.
“I cannot think of a better person”
Steve Kaniewski stated: “My tenure at Valmont in various operating leadership roles and ultimately as CEO, during which we delivered significant total shareholder return, has been immensely rewarding. I am proud of the outstanding team I have built during my five years as CEO and our collective efforts to advance Valmont in both business segments. Avner has worked closely with me as a trusted partner and colleague, and I cannot think of a better person to serve as Valmont’s next CEO. I am fully confident in the team’s ability to continue to execute on the company’s growth trajectory and am committed to doing all I can to support Avner in his new post and ensure a smooth transition.”
39% 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 316 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 11, 2022, to July 10, 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 39% 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, three in eight departing CEOs were forced out or fired.
Push-out Score for Steve Kaniewski’s move determined
The Push-out Score regarding Steve Kaniewski’s move is explained point by point in the exechange report.
exechange reached out to Valmont and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2023 ($).