- After almost 11 years in the position
- Praise and thanks for Sengstack
- Joe Ruzynski taking over
- Sengstack will remain as Executive Chairperson at Franklin Electric
- Sengstack said 68 words
(exechange) — Fort Wayne, Indiana, May 14, 2024 — Gregg Sengstack, chief executive of Franklin Electric, leaves his position. As announced by Franklin Electric Co. in a news release and in a regulatory filing published on Tuesday, May 14, 2024, Gregg C. Sengstack leaves his post as chief executive officer at the specialist in water and energy systems, after almost 11 years in the role, effective July 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Gregg Sengstack’s duties as CEO will be taken over by Joseph (Joe) Ruzynski, currently President of the Enclosures Segment at nVent Electric plc.
The fact that Gregg Sengstack’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Franklin Electric did not explicitly explain the reason for the move.
Sengstack will remain as Executive Chairperson at Franklin Electric
Franklin Electric stated: “Gregg Sengstack, who has served as CEO since 2014 and Chairperson since 2015, will continue as Executive Chairperson.”
“Retire”
Franklin Electric said: “Gregg C. Sengstack, Chief Executive Officer of Franklin Electric Co., Inc. … and Chairperson of the Company’s Board of Directors … notified the Board of his intention to retire from his position as Chief Executive Officer upon the appointment of his successor.”
Share price increase since May 2023
The announcement follows an increase in Franklin Electric Co.’s share price of 13% since May 2023.
In the position of CEO since 2014
Gregg Sengstack became CEO of the Company in 2014.
Sengstack first joined Franklin Electric in 1988.
Elected Chairperson of the Board in 2015, he has served as Chief Executive Officer since 2014, at which time he also became a director.
Sengstack served as President and Chief Operating Officer from 2011-2014.
Prior thereto he was Senior Vice President and President, Franklin Fueling Systems and International Water Group and has held numerous positions in the Company’s Finance organization before becoming Chief Financial Officer in 1999.
He also serves on the board of Woodward, Inc.
68 words by Gregg Sengstack
In the release announcing his departure as CEO of Franklin Electric Co., Gregg Sengstack received praise and thanks.
In the release announcing his departure as CEO, Gregg Sengstack said 68 words.
“Enhance value for all stakeholders”
Gregg Sengstack stated: “Joe is a proven leader with a deep understanding of our markets, customers, and technologies. He has demonstrated his ability to execute strategic initiatives that enhance value for all stakeholders. We are confident that he is the right person to lead Franklin Electric into the next phase of growth and innovation. I look forward to working with Joe and the Board to ensure a smooth and successful transition.”
The above text is an excerpt from the exechange report 21.2024 ($), publication date May 20, 2024.