- After 11 years in the position
- Accolades, praise and thanks for Mapes
- Steve Hedlund taking over
- Mapes will remain as Executive Chairman at Lincoln Electric
- Mapes said 129 words
(exechange) — Cleveland, Ohio, July 27, 2023 — Chris Mapes, chief executive of Lincoln Electric, leaves his position. As announced by Lincoln Electric Holdings Inc. in a news release and in a regulatory filing published on Thursday, July 27, 2023, Christopher L. (Chris) Mapes leaves his post as chief executive officer at the manufacturer of welding products, after 11 years in the role, effective December 31, 2023.
Chris Mapes’s duties as CEO will be taken over by Steven B. (Steve) Hedlund, currently Chief Operating Officer at Lincoln Electric Holdings Inc.
“Multi-year succession planning process”
The planned management change is explained as follows. Curtis Espeland, Lincoln Electric’s Lead Independent Director, stated: “This leadership transition reflects a structured, multi-year succession planning process to ensure strong continuity and execution of our long-term strategy and we are confident that Steve’s leadership and track record of driving growth and operational excellence will continue to generate superior value for our stakeholders.”
Mapes will remain as Executive Chairman at Lincoln Electric
Lincoln Electric stated: “Christopher L. Mapes, Chairman, President and Chief Executive Officer (CEO), who has served as President and CEO since 2012, will retire as President and CEO on December 31, 2023, and will be designated as Executive Chairman of the Board, effective January 1, 2024.”
“Retire”
Lincoln Electric said: “On July 21, 2023, Christopher L. Mapes, President and Chief Executive Officer of Lincoln Electric Holdings, Inc. (the “Company”) and Chairman of the Board of Directors of the Company (the “Board”), notified the Company of his intention to retire from his position as President and Chief Executive Officer effective as of the close of business on December 31, 2023.”
“Not related to the Company’s financial or operating results or to any disagreements or concerns”
Lincoln Electric stated, regarding the change: “Mr. Mapes’ decision to retire is not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices.”
Share price increase since July 2018
The announcement follows an increase in Lincoln Electric Holdings Inc.’s share price of 134% since July 2018.
In the position of CEO since 2012
Chris Mapes became CEO of the Company in 2012.
Mapes is the Chairman, President and Chief Executive Officer of Lincoln Electric.
Mapes has served as President and Chief Executive Officer since December 2012.
In December 2013, Mapes was appointed as Chairman of the Board in addition to his other responsibilities. From September 2011 to December 2012, Mapes served as the Chief Operating Officer of Lincoln Electric.
From 2004 to August 2011, Mapes served as an Executive Vice President of A.O. Smith Corporation, a global manufacturer with a water heating and water treatment technologies business, which has residential, commercial, industrial and consumer applications, and the President of its former Electrical Products unit.
Mapes started his career with General Motors and has held roles in industrial manufacturing for over 35 years.
In addition, Mapes has served as a director of The Timken Company since 2014.
129 words by Chris Mapes
In the news release announcing his departure as CEO of Lincoln Electric Holdings Inc., Chris Mapes received accolades, praise and thanks.
In announcing his departure, Chris Mapes said 129 words.
“This is the right time”
Chris Mapes stated: “It has been a privilege to lead Lincoln Electric and work alongside our incredibly talented and committed employees. I am grateful for the support the organization has given me and I am proud of what we have accomplished together. I believe this is the right time to transition leadership as we complete our Higher Standard 2025 Strategy and move to the Company’s next strategic plan. I have worked closely with Steve during my entire tenure at Lincoln Electric and he is a very talented and decisive leader who sets high standards of performance and is well prepared to succeed me. I look forward to working with him through the transition to maintain the strong momentum we have achieved together as a leadership team to ensure the Company’s continued success.”
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 Chris Mapes’s move determined
The Push-out Score regarding Chris Mapes’s move is explained point by point in the exechange report.
Read the full story in the exechange report 31.2023 ($).