- After around eight years in the position
- Praise, thanks and good wishes for Farlekas
- Andrew Appel taking over temporarily
- Search for a successor
(exechange) — Austin, Texas, October 10, 2023 — This news came shortly after Columbus Day. Michael Farlekas, chief executive of E2open, leaves his position — by “mutual decision.” As announced by E2open Parent Holdings Inc. in a news release and in a regulatory filing published on Tuesday, October 10, 2023, Michael A. Farlekas leaves his post as chief executive officer at the supply chain software platform, after around eight years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
E2open will undertake a search for a successor.
Michael Farlekas’s duties as CEO will be taken over temporarily by Andrew Appel, most recently president and chief executive officer at IRI, as interim chief executive officer.
The fact that Michael Farlekas’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“The time is right”
The management change is explained as follows. E2open stated: “E2open Parent Holdings, Inc. (NYSE: ETWO), the connected supply chain SaaS platform with the largest multi-enterprise network, today announced that its board of directors and Michael Farlekas have reached a mutual decision that the time is right for new leadership.”
Precise information regarding Michael Farlekas’s future plans was not immediately available.
“Depart”
E2open said: “On October 10, 2023, E2open Parent Holdings, Inc. (the “Company” or “E2open”) and Mr. Michael A. Farlekas agreed that Mr. Farlekas would depart the Company as an employee and cease serving as its Chief Executive Officer (“CEO”) and on its board of directors (the “Board”). The Board has appointed Mr. Andrew Appel as interim CEO (“Interim CEO”) and a director of the Company.”
Share price decline since October 2020
The announcement follows a decline in E2open Parent Holdings Inc.’s share price of 59% since October 2020.
In the position of CEO since 2015
Michael Farlekas became CEO of the Company in 2015.
Michael Farlekas joined E2open in 2015 as CEO.
In this role, he was responsible for leading the company’s overall operations, with direct oversight of sales, marketing, professional services, research and development, and strategy.
Michael brings more than 20 years of sales, marketing and leadership experience in supply chain management and enterprise software.
Prior to joining E2open, Michael Farlekas was the VP and General Manager at Roadnet Technologies (now Omnitracs), the leading provider of last-mile routing and mobility solutions to Fortune® 50 clients.
Previously, Michael Farlekas spent 11 years at RedPrairie (now JDA Software) in roles that included SVP and General Manager, Industrial Business Unit, and VP, Industrial Sales.
He also has held senior leadership roles at GATX Terminal Corp (now Kinder Morgan), an operator of petroleum and chemical distribution terminals worldwide, and CSX Transportation, a rail transportation provider offering comprehensive supply chain services.
Michael Farlekas holds an MBA with a concentration in international business from Jacksonville University and a Bachelor of Science degree in mechanical engineering from Fairleigh Dickinson University.
No statement by Michael Farlekas
In the release announcing his departure as CEO of E2open Parent Holdings Inc., Michael Farlekas received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Michael Farlekas.
Push-out Score for Michael Farlekas’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Michael Farlekas was pushed out or felt pressure to leave his position.
exechange reached out to E2open and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).