- After almost 11 years in the position
- Praise and thanks for Elisman
- Tom Tedford taking over
- Elisman said 76 words
(exechange) — Lake Zurich, Illinois, August 8, 2023 — Boris Elisman, chief executive of Acco Brands, leaves his position. As announced by Acco Brands Corp. in a news release and in a regulatory filing published on Tuesday, August 8, 2023, Boris Elisman leaves his post as chief executive officer at the office supplies manufacturer, after almost 11 years in the role, effective October 1, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Boris Elisman’s duties as CEO will be taken over by Thomas W. (Tom) Tedford, currently President and Chief Operating Officer at Acco Brands Corp.
“Succession plan”
The management change is explained as follows. Lead Independent Director, Thomas Kroeger, stated: “The appointment of Tom as Acco Brands next CEO is part of a succession plan that Boris and the Board have been preparing over the past few years.”
Precise information regarding Boris Elisman’s future plans was not immediately available.
“Retirement/resign”
Acco Brands said: “Mr. Tedford will succeed Acco Brands current CEO, Boris Elisman, who will continue as Executive Chairman until his retirement in the first half of 2024. He has notified the Board that he will not stand for reelection at the 2024 stockholders’ meeting.”
Acco Brands further said: “On August 4, 2023, Boris Elisman, Chairman and Chief Executive Officer, notified the Board of Directors (the “Board”) of Acco Brands Corporation (the “Company”) of his intention to resign as Chief Executive Officer (“CEO”) of the Company effective October 1, 2023, and his intention not to stand for re-election to the Board at the Company’s 2024 Annual Meeting of Stockholders.”
“Does not reflect any dispute or disagreement”
Acco Brands stated, regarding the change: “Mr. Elisman’s intention to retire does not reflect any dispute or disagreement with the Company.”
Share price decline since August 2018
The announcement follows a decline in Acco Brands Corp.’s share price of 52% since August 2018.
In the position of CEO since 2013
Boris Elisman became CEO of the Company in 2013.
Elisman is the Company’s Chairman of the Board and Chief Executive Officer.
Elisman was appointed as Chairman of the Board in May 2016.
Prior to becoming the Company’s President and CEO in March 2013, Elisman served as President and Chief Operating Officer of the Company from 2010 and was President, Acco Brands Americas from 2008 to 2010.
In 2008, he served as President of the Company’s Global Office Products Group and from 2004 to 2008, he served as President of the Company’s Computer Products Group.
76 words by Boris Elisman
In the news release announcing his departure as CEO of Acco Brands Corp., Boris Elisman received praise and thanks.
In announcing his departure, Boris Elisman said 76 words.
“Accelerate profitable growth”
Boris Elisman stated: “During my tenure at Acco Brands, the Company and the industry have undergone significant changes and I am proud of our teams’ accomplishments during this period. Having worked closely with Tom for many years, I know the company is in great hands to continue to progress and accelerate profitable growth. It has been my privilege to lead this great company, and I look forward to continuing to serve as Executive Chairman to ensure a smooth transition.”
Push-out Score for Boris Elisman’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Boris Elisman was pushed out or felt pressure to leave his position.
exechange reached out to Acco Brands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2023 ($).