- After 44 years in the position
- Praise for Meyer
- Bryan Knutson taking over
- Meyer will remain as Executive Chairman at Titan Machinery
- Meyer spoke at length and said 171 words
(exechange) — West Fargo, North Dakota, October 18, 2023 — David Meyer, chief executive of Titan Machinery, leaves his position. As announced by Titan Machinery Inc. in a news release and in a regulatory filing published on Wednesday, October 18, 2023, David J. Meyer leaves his post as chief executive officer at the network of agricultural and construction equipment stores, after 44 years in the role, effective February 1, 2024.
It is the end of an era.
David Meyer’s duties as CEO will be taken over by Bryan J. Knutson, currently President and Chief Operating Officer at Titan Machinery Inc.
It is a generational change. Bryan Knutson is about 25 years younger than David Meyer.
No reason given
In the announcement, Titan Machinery did not explicitly explain the reason for the move.
Meyer will remain as Executive Chairman at Titan Machinery
Titan Machinery stated: “Titan Machinery Inc. (Nasdaq: TITN) (the “Company), a leading network of full-service agricultural and construction equipment stores, today announced as part of its leadership succession plan, David Meyer, the Company’s Founder, Chairman, and Chief Executive Officer, will transition to Executive Chairman effective February 1, 2024 and will also continue to serve as Chairman of the Board.”
“Transition”
Titan Machinery said: “On October 18, 2023, Titan Machinery Inc. (the “Company”) announced the implementation of a leadership transition plan whereby David J. Meyer, the Company’s current Chief Executive Officer, will transition the role of Chief Executive Officer to Bryan J. Knutson, the Company’s current President and Chief Operating Officer, effective February 1, 2024, and Mr. Knutson will thereafter hold the position of President and Chief Executive Officer.”
Share price increase since October 2018
The announcement follows an increase in Titan Machinery Inc.’s share price of 75% since October 2018.
In the position of CEO since 1980
David Meyer became CEO of the Company in 1980.
In his new role as Executive Chairman, Meyer will focus his efforts on leading the Board of Directors, providing counsel to Knutson and the leadership team, and continuing to advance Titan’s acquisition strategy.
Meyer will continue to serve as the Company’s Chief Executive Officer until the effective date of Knutson’s appointment as Chief Executive Officer, and will thereafter serve as Executive Chairman of the Board of Directors (the “Board”) until January 31, 2025.
Meyer is the Company’s Board Chair and Chief Executive Officer.
Meyer worked for JI Case Company in 1975.
From 1976 to 1980, Meyer was a partner in a Case/New Holland Dealership with locations in Lisbon, North Dakota and Wahpeton, North Dakota.
In 1980, Meyer, along with a partner, founded Titan Machinery Inc.
Meyer has served on both the Case CE and CaseIH Agriculture Dealer Advisory Boards.
Meyer is the past chairman and past board member of the North Dakota Implement Dealers Association.
Meyer currently serves as a Trustee of the University of Minnesota Foundation, Director on the North Dakota Community Foundation, and Director on the Evans Scholars Foundation (ESF) of the Western Golf Association (WGA).
171 words by David Meyer
In the release announcing his departure as CEO of Titan Machinery Inc., David Meyer received praise.
In announcing his departure, David Meyer spoke at length and said 171 words.
“Next stage of growth”
David Meyer stated: “I am very proud of what our team at Titan Machinery has achieved since my early days in the dealership nearly 50 years ago and the breadth and depth of our operation is a testament to the talent that we’ve attracted to the organization. Bryan is a natural leader with a successful track record and has proven his ability to excel across all aspects of our business. As his career has progressed through senior management positions with increased levels of responsibility, Bryan has been an integral member of our executive team and has demonstrated a thorough and insightful approach to strategy and operational execution, while at the same time showing an ability to build lasting relationships that have served our customers, employees, suppliers, and shareholders extremely well. I am extremely confident in Bryan’s capabilities and have watched his development over the last 20 plus years as he has excelled in both store and central leadership roles, which makes him uniquely qualified to lead Titan Machinery in our next stage of growth.”
Push-out Score for David Meyer’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that David Meyer was pushed out or felt pressure to leave his position.
exechange reached out to Titan Machinery and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2023 ($).