- Significant signs for push-out forces
- After almost nine years on the job
- Laud, praise and thanks for Smith
- Search for a successor
(management-change.com) — Buffalo, New York, November 07, 2016 — Ken Smith, finance chief of Gibraltar Industries, leaves. As announced by Gibraltar Industries, Inc. in a news release and in a regulatory filing published on Monday, November 07, 2016, Kenneth W. (Ken) Smith leaves the post as Chief Financial Officer at the distributor of building products in a surprising move after almost nine years on the job.
Smith will remain in his current role until his successor is named and has agreed to assist with an orderly transition.
Gibraltar Industries will undertake a search for a successor.
No reason given
In the announcement, Gibraltar Industries did not explicitly explain the reason for Smith’s move, opening the door for speculation.
Gibraltar Industries said: Smith, Senior Vice President and Chief Financial Officer, “intends to retire from the Company in early 2017”.
Precise information about the future plans of Smith was not immediately available.
Share price rise since March 2015
The change follows a rise in the share price of Gibraltar Industries, Inc. since March 2015.
Chaired by William Montague
Gibraltar Industries, Inc. is chaired by William P. Montague.
Montague has served as Chairman of the Board of Directors since 2015, as Lead Independent Director since 2010, and as a Director of the Company since its Initial Public Offering in 1993.
Frank G. Heard serves as CEO of Gibraltar Industries, Inc. Heard has been Chief Executive Officer and a Director of the Company since January 2015.
On the job as CFO since 2008
Kenneth W. Smith was named Senior Vice President and Chief Financial Officer, effective March 18, 2008.
Before joining Gibraltar, Smith served as Chief Financial Officer of Circor International (NYSE: CIR), a global manufacturer of flow control components sold to aerospace, chemical processing, pharmaceutical, maritime, and oil and gas end markets, since 2000.
Generally speaking, when a top leader announces to step down with no successor in place, it is a signal that the move was unexpected and too early.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered Ken Smith’s move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 42.2016 ($).