- After less than a year and a half in the position
- Praise and thanks for Kessler
- Tim Flanagan taking over temporarily
- Search for a successor
(exechange) — Brooklyn Heights, Ohio, September 28, 2023 — Marcel Kessler, chief executive of GrafTech, leaves his position. As announced by GrafTech International Ltd. in a news release and in a regulatory filing published on Thursday, September 28, 2023, Marcel Kessler leaves his post as chief executive officer at the manufacturer of graphite electrode products, after less than a year and a half in the role, effective November 15, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Kessler leaves the company effective December 31, 2023.
GrafTech will undertake a search for a successor.
Marcel Kessler’s duties as CEO will be taken over temporarily by Timothy K. (Tim) Flanagan, currently Chief Financial Officer, Senior Vice President Finance and Treasurer at GrafTech International Ltd., as interim Chief Executive Officer.
“Family reasons”
The management change is explained as follows. GrafTech stated: “Marcel Kessler has informed the Company’s Board of Directors (the “Board”) of his intention, due to family reasons, to (i) step down as Chief Executive Officer and President effective November 15, 2023 and (ii) resign as an employee of the Company effective December 31, 2023.”
Precise information regarding Marcel Kessler’s future plans was not immediately available.
“Step down”
GrafTech said: “Marcel Kessler has informed the Company’s Board of Directors (the “Board”) of his intention, due to family reasons, to (i) step down as Chief Executive Officer and President effective November 15, 2023 and (ii) resign as an employee of the Company effective December 31, 2023.”
GrafTech further said: “On September 25, 2023, Marcel Kessler, Chief Executive Officer and President and Director of GrafTech International Ltd. (the “Company”), informed the Board of Directors of the Company (the “Board”) of his intention, due to family reasons, to (i) step down as Chief Executive Officer and President effective November 15, 2023 and (ii) resign as an employee of the Company effective December 31, 2023.”
Share price decline since July 2022
The announcement follows a decline in GrafTech International Ltd.’s share price of 49% since July 2022. July 2022 is the month in which Kessler’s tenure as CEO began.
In the position of CEO since 2022
Marcel Kessler became CEO of the Company in 2022.
Kessler will continue to serve on GrafTech’s Board.
Kessler became Chief Executive Officer and President and was elected to the Board in July 2022.
Prior to joining the Company, Kessler previously served as the President and Chief Executive Officer of Pason Systems Inc. (TSX: PSI) (“Pason”), a global provider of specialized data management systems for oil and gas drilling, from 2011 to 2020, and has been a director of Pason since 2012 and is currently serving as the Chairman of the Board of Directors of Pason.
Before joining Pason in 2011, Kessler was President, North America, of Exploration Logistics Group, an assistance, medical, safety and security solutions provider, President and Chief Executive Officer of CCR Technologies, a provider of solvent reclaiming services, and was a Partner at McKinsey & Company, a management consulting firm.
Kessler holds a master’s degree in Engineering with Distinction from the Swiss Federal Institute of Technology and a master’s degree in Finance from the London Business School.
No statement by Marcel Kessler
In the release announcing his departure as CEO of GrafTech International Ltd., Marcel Kessler received praise and thanks.
The announcement of his departure as CEO does not include a statement by Marcel Kessler.
Push-out Score for Marcel Kessler’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Marcel Kessler was pushed out or felt pressure to leave his position.
exechange reached out to GrafTech and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2023 ($).