- After about six years in the position
- Praise, thanks and good wishes for Bertolotti
- Manny Stamatakis taking over temporarily
- Search for a successor
- Bertolotti kept it short and said 48 words
(exechange) — Princeton Junction, New Jersey, October 9, 2023 — This news came on Columbus Day. Dennis Bertolotti, chief executive of Mistras, leaves his position. As announced by Mistras Group Inc. in a news release on Monday, October 9, 2023, Dennis M. Bertolotti leaves his post as chief executive officer at the provider of asset protection products, after about six years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Mistras will undertake a search for a successor.
Sotirios J. Vahaviolos is retiring as Executive Chairman after nearly 40 years of exceptional leadership and has been appointed Chairman Emeritus while remaining an active member of the Board of Directors. Succeeding him, the Board has appointed Manuel (Manny) N. Stamatakis as Chairman of the Board.
James J. Forese, the current Chairman of the Audit Committee, has been named Lead Director and Chairman of the Corporate Governance Committee.
Dennis Bertolotti’s duties as CEO will be taken over temporarily by Manuel N. (Manny) Stamatakis, currently Executive Officer at Capital Management Enterprises, Inc., as Interim Chief Executive Officer.
Already a director
Stamatakis has already been a member of the board of directors of Mistras. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Stamatakis understands the expectations and dynamics of the board and has knowledge of Mistras’s organization, risk-management practices and strategy.
On its website, Mistras already lists Manny Stamatakis as Chairman Of The Board And Interim Chief Executive Officer (CEO).
“Next phase of growth and innovation”
Mistras did not give an explicit reason for Dennis Bertolotti’s departure from the CEO post. Mistras stated: “Mistras Group, Inc. (NYSE: MG), a leading “one source” multinational provider of integrated technology-enabled asset protection solutions, today announced a series of key leadership transitions that promise to guide the company into its next phase of growth and innovation.”
Precise information regarding Dennis Bertolotti’s future plans was not immediately available.
“Departing”
Mistras said: “Mr. Dennis M. Bertolotti will be departing Mistras as its CEO, and the Board has asked Mr. Stamatakis to serve as the Interim CEO until a successor CEO is found.”
Share price decline since October 2018
The announcement follows a decline in Mistras Group Inc.’s share price of 75% since October 2018.
In the position of CEO since 2017
Dennis Bertolotti became CEO of the Company in 2017.
Dennis Bertolotti has served as a director and the President and Chief Executive Officer, of the Company.
Bertolotti became a director and Chief Executive Officer as of August 10, 2017; previous to that, he was the President and Chief Operating Officer, positions he assumed June 1, 2016.
Prior to becoming the President and COO, Bertolotti was the Group Executive Vice President, Services America.
Bertolotti has been with Mistras since the Company acquired Conam Inspection Services in 2003, where Bertolotti was a Vice President at the time of the acquisition.
Bertolotti has been in the NDT business for over 38 years, and previously held ASNT Level III certifications and various American Petroleum Institute, or API, certifications, and received his Associate of Science degree in NDT from Moraine Valley Community College in 1983.
Bertolotti has also received a Bachelor of Science and MBA from Otterbein College.
48 words by Dennis Bertolotti
In the release announcing his departure as CEO of Mistras Group Inc., Dennis Bertolotti received praise, thanks and good wishes.
In announcing his departure, Dennis Bertolotti kept it short and said 48 words.
“My most important objectives have been met”
Dennis Bertolotti stated: “Having had the privilege to work alongside Sotirios and to lead a talented team at Mistras Group for many years, I believe the Company is now exceptionally well-positioned for future success. With key leadership roles filled and Project Phoenix well underway, my most important objectives have been met.”
Push-out Score for Dennis Bertolotti’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Dennis Bertolotti was pushed out or felt pressure to leave his position.
exechange reached out to Mistras and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).