- After less than two and a half years in the position
- Praise, thanks and good wishes for Perreault
- Mario Longhi taking over temporarily
- Search for a successor
(exechange) — Valley Forge, Pennsylvania, December 12, 2023 — Roger Perreault, chief executive of UGI, leaves his position. As announced by UGI Corp. in a news release and in a regulatory filing published on Tuesday, December 12, 2023, Roger Perreault leaves his post as chief executive officer at the distributor of energy products, after less than two and a half years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
UGI will undertake a search for a successor.
Roger Perreault’s duties as CEO will be taken over temporarily by Mario Longhi, a former Chief Executive Officer at United States Steel Corporation, as interim Chief Executive Officer.
Already a director
Longhi has already been a member of the board of directors of UGI. 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, Longhi understands the expectations and dynamics of the board and has knowledge of UGI’s organization, risk-management practices and strategy.
No reason given
In the announcement, UGI did not explicitly explain the reason for the move.
Precise information regarding Roger Perreault’s future plans was not immediately available.
“Stepped down/cease to serve”
UGI said: “Roger Perreault has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately.”
UGI further said: “Roger Perreault will cease to serve in his position as President and Chief Executive Officer of the Company and as a member of the Board of Directors (the “Board”) (and all committees thereof) of the Company, effective December 12, 2023.”
“Not the result of any disagreement”
UGI stated, regarding the change: “Mr. Perreault’s departure is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.”
Share price decline since June 2021
The announcement follows a decline in UGI Corp.’s share price of 51% since June 2021. June 2021 is the month in which Perreault’s tenure as CEO began.
In the position of CEO since 2021
Roger Perreault became CEO of the Company in 2021.
Perreault is a Director and President and Chief Executive Officer of UGI Corporation (since 2021).
Perreault previously served as Executive Vice President, Global LPG (2018 to 2021) and President – UGI International, LLC (2015 to 2021).
Prior to joining UGI Corporation, Perreault held various positions at Air Liquide, an industrial gases company he joined in 1994, and served in various leadership positions from 2008 to 2014, including in a global role as President, Large Industries with international responsibilities and, prior to that, in a role with responsibility for Air Liquide’s North American large industries business.
Prior to joining Air Liquide, Perreault was a chemical engineer and operations manager with I.C.I. in Quebec, Canada.
No statement by Roger Perreault
In the release announcing his departure as CEO of UGI Corp., Roger Perreault received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Roger Perreault.
Push-out Score for Roger Perreault’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Roger Perreault was pushed out or felt pressure to leave his position.
exechange reached out to UGI and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2023 ($).