- After around 19 years in the position
- Accolades, praise, thanks and good wishes for Duda
- Search for a successor
- Duda said 70 words
(exechange) — Chicago, Illinois, August 31, 2023 — Don Duda, chief executive of Methode Electronics, leaves his position. As announced by Methode Electronics Inc. in a news release and in a regulatory filing published on Thursday, August 31, 2023, Donald W. (Don) Duda leaves his post as chief executive officer at the supplier of products for user interface, LED lighting system and power distribution applications, after around 19 years in the role, effective when a successor has been named.
It is the end of an era.
Methode Electronics stated: “The timing of Mr. Duda’s retirement is subject to the identification of a new chief executive officer and is currently expected to be after the completion of the Company’s fiscal year ending April 27, 2024.”
Methode Electronics will undertake a search for a successor.
“It is time”
The planned management change is explained as follows. Duda stated: “Having served 19 years as CEO, it is time for the next successful stage of the Methode journey to begin.”
Precise information regarding Don Duda’s future plans was not immediately available.
“Retire”
Methode Electronics said: “Donald W. Duda, President and Chief Executive Officer, will retire from Methode.”
Share price decline since August 2018
The announcement follows a decline in Methode Electronics Inc.’s share price of 15% since August 2018.
In the position of CEO since 2004
Don Duda became CEO of the Company in 2004.
Duda has served as the Company’s Chief Executive Officer since 2004 and the Company’s President since 2001.
Duda joined the Company in 2000 and served as the Company’s Vice President – Interconnect Products Group.
Prior to joining Methode, Duda held several positions with Amphenol Corporation, a manufacturer of electronic connectors, most recently as General Manager of its Fiber Optic Products Division.
70 words by Don Duda
In the release announcing his departure as CEO of Methode Electronics Inc., Don Duda received accolades, praise, thanks and good wishes.
In announcing his departure, Don Duda said 70 words.
“Continue to flourish”
Don Duda stated: “Leading Methode has been a tremendous journey, and I am incredibly proud of all that our team has achieved to grow the company. Having served 19 years as CEO, it is time for the next successful stage of the Methode journey to begin. The company will continue to flourish given the exceptional team in place and a strategy that is positioned for growth. Methode’s brightest days are truly still ahead.”
Push-out Score for Don Duda’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Don Duda was pushed out or felt pressure to leave his position.
exechange reached out to Methode Electronics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2023 ($).