- After less than four months in the position
- Kevin Nystrom taking over temporarily
- Search for a successor
(exechange) — Chicago, Illinois, May 6, 2024 — Avi Avula, chief executive of Methode, leaves his position. As announced by Methode Electronics Inc. in a news release on Monday, May 6, 2024, Avi Avula leaves his post as chief executive officer at the supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, after less than four months in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Methode will undertake a search for a successor.
Avi Avula’s duties as CEO will be taken over temporarily by Kevin Nystrom, previously partner and managing director at AlixPartners LLP, as interim Chief Executive Officer.
“Cost reduction”
Methode did not give an explicit reason for Avi Avula’s departure from the CEO post. Methode stated: “The company has previously disclosed its ongoing engagement with AlixPartners for various consulting services, including cost reduction and financial advisory.”
Precise information regarding Avi Avula’s future plans was not immediately available.
“Resigned”
Methode said: “Mr. Nystrom succeeds Avi Avula, who resigned from his position as President and Chief Executive Officer.”
Share price decline since January 2024
The announcement follows a decline in Methode Electronics Inc.’s share price of 45% since January 2024. January 2024 is the month in which Avula’s tenure as CEO began.
In the position of CEO since 2024
Avi Avula became CEO of the Company in 2024.
On December 19, 2023, the Company had announced the appointment of Avi Avula as the Company’s new President and Chief Executive Officer, starting January 29, 2024.
Prior to joining the Company, Avula served as Vice President of Strategy for the Electronics and Industrial (E&I) business at DuPont de Nemours, Inc., a position he held since August 2023.
In that role, Avula has been responsible for strategy, growth, new business development and global commercial excellence for E&I, which reported approximately $6 billion in 2022 revenue.
Avula previously served as Global Vice President and General Manager for the Interconnect Solutions (ICS) line of business within E&I, where he was deeply involved in key strategic initiatives including the integration of DuPont Circuit and Packaging Materials (CPM) and Dow Interconnect Technologies during the merger between Dow and DuPont, from 2016 through July 2023.
No statement by Avi Avula
The announcement of his departure as CEO does not include a statement by Avi Avula.
The above text is an excerpt from the exechange report 20.2024 ($), publication date May 13, 2024.