- After about 14 years in the position
- Praise and thanks for Davis
- Tom Hogan taking over
- Davis will remain as Executive Chairman at Perficient
- Davis said 99 words
(exechange) — St. Louis, Missouri, July 27, 2023 — Jeff Davis, chief executive of Perficient, leaves his position. As announced by Perficient Inc. in a news release and in a regulatory filing published on Thursday, July 27, 2023, Jeffrey S. (Jeff) Davis leaves his post as chief executive officer at the digital consultancy, after about 14 years in the role, effective October 1, 2023.
Jeff Davis’s duties as CEO will be taken over by Thomas J. (Tom) Hogan, currently President and COO at Perficient Inc.
“Thoughtful succession planning process”
The management change is explained as follows. Perficient stated: “Following a thoughtful succession planning process, President and COO Tom Hogan has been appointed as Perficient’s CEO and appointed to the Board, each effective as of October 1, 2023.”
Davis will remain as Executive Chairman at Perficient
Perficient stated: “[E]ffective October 1, 2023, Mr. Davis will transition from CEO to Executive Chairman.”
“Transition”
Perficient said: “Jeff Davis plans to transition to Executive Chairman on October 1, 2023.”
Share price decline since January 2022
The announcement follows a decline in Perficient Inc.’s share price of 25% since January 2022.
In the position of CEO since 2009
Jeff Davis became CEO of the Company in 2009.
Jeffrey S. Davis became the Chief Executive Officer (“CEO”) and a member of the Board in 2009 and was elected Chairman of the Board in 2017.
He previously served as the Chief Operating Officer (“COO”) of the Company following its acquisition of Vertecon in April 2002 and was named the Company’s President in 2004, in which capacity he served until February 2021.
He served as Chief Operating Officer at Vertecon from October 1999 until its acquisition by the Company.
Before Vertecon, Davis was a Senior Manager and member of the leadership team in Arthur Andersen’s Business Consulting Practice, where he was responsible for defining and managing internal processes, while managing business development and delivery of all products, services and solutions to a number of large accounts.
Davis also served in a leadership position at Ernst & Young LLP in the Management Consulting practice and in industry at Boeing, Inc. and Mallinckrodt, Inc.
Davis currently serves as a member of the board of directors of St. Luke’s Hospital in St. Louis, Missouri.
Davis is an active volunteer member of the board of directors of the Cystic Fibrosis Foundation of St. Louis, Missouri and a member of the University of Missouri Trulaske College of Business advisory board.
Davis has an M.B.A. from Washington University and a B.S. degree in Electrical Engineering from the University of Missouri.
99 words by Jeff Davis
In the news release announcing his departure as CEO of Perficient Inc., Jeff Davis received praise and thanks.
In announcing his departure, Jeff Davis said 99 words.
“From startup to global leader”
Jeff Davis stated: “Serving Perficient since 2001 has been a remarkable honor and privilege. During that time, we’ve grown from startup to global leader, created thousands of jobs, rewarded our stockholders and built a client roster comprised of the world’s leading enterprises and biggest brands. Tom Hogan has delivered strong results and has been preparing for this role for several years. I’m excited he’ll lead Perficient into the future. Beyond Tom, most of our executive leaders have been in place for more than a decade, and I’m as confident as I’ve ever been in that team and Perficient’s market position and potential.”
38% 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 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 27, 2022, to July 26, 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 personal reasons were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 38% 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 Jeff Davis’s move determined
The Push-out Score regarding Jeff Davis’s move is explained point by point in the exechange report.
Read the full story in the exechange report 31.2023 ($).