• After about five and a half years in the position
• Praise, thanks and words of regret for McCormick
• Jim Janik taking over temporarily
• Search for a successor
• McCormick kept it short and said 50 words

(exechange) — Milwaukee, Wisconsin, May 16, 2024 — Bob McCormick, chief executive of Douglas Dynamics, leaves his position. As announced by Douglas Dynamics Inc. in a news release on Thursday, May 16, 2024, Robert L. (Bob) McCormick leaves his post as chief executive officer at the manufacturer and upfitter of work truck attachments and equipment, after about five and a half years in the role, effective in July 2024.

Generally speaking, it raises questions when a CEO leaves his post at short notice.

Douglas Dynamics will undertake a search for a successor.

Bob McCormick’s duties as CEO will be taken over temporarily by James L. (Jim) Janik, previously Chairman of the Board of Directors at Douglas Dynamics Inc., as Interim Chief Executive Officer.

No reason given

In the announcement, Douglas Dynamics did not explicitly explain the reason for the move.

Precise information regarding Bob McCormick’s future plans was not immediately available.

“Retire”

Douglas Dynamics said: “Robert McCormick … has informed the Board of Directors of his intention to retire from the company and the Board of Directors in July 2024, after 20 years of service.”

Share price decline since January 2019

The announcement follows a decline in Douglas Dynamics Inc.’s share price of 28% since January 2019. January 2019 is the month in which McCormick’s tenure as CEO began.

In the position of CEO since 2019

Bob McCormick became CEO of the Company in 2019.

Upon his retirement, McCormick will remain as a consultant to the Company to assist with the leadership transition through the end of 2024.

Robert L. McCormick has been serving as the Company’s President and Chief Executive Officer and as a director since January 2019.

Previously, McCormick served as the Company’s Chief Operating Officer from August 2017 until January 2019.

Prior to becoming Chief Operating Officer, McCormick served as the Company’s Executive Vice President and Chief Financial Officer from September 2004 through August 2017, as the Company’s Secretary from May 2005 through August 2017, as the Company’s Assistant Secretary from September 2004 to May 2005 and as the Company’s Treasurer from September 2004 through December 2010.

Prior to joining the Company, McCormick served as President and Chief Executive Officer of Xymox Technology Inc. from 2001 to 2004.

Prior to that, McCormick served in various capacities in the Newell Rubbermaid Corporation, including President from 2000 to 2001 and Vice President Group Controller from 1997 to 2000.

McCormick has served on the board of directors of Mayville Engineering Company, Inc. (NYSE: MEC) since December 2022.

50 words by Bob McCormick

In the release announcing his departure as CEO of Douglas Dynamics Inc., Bob McCormick received praise, thanks and words of regret.

In the release announcing his departure as CEO, Bob McCormick kept it short and said 50 words.

“Such great hands”

Bob McCormick stated: “It has been an absolute privilege to lead Douglas Dynamics for the past five years and be part of the Company’s growth and development over the past two decades. We have assembled a remarkable group of people, and I am pleased to be leaving the Company in such great hands.”

The above text is an excerpt from the exechange report 21.2024 ($), publication date May 20, 2024.