- Strong signs for push-out forces
- After around 13 years on the job
- Laud, praise, thanks and good wishes for Ringrose
- Search for a successor
(management-change.com) — Reading, United Kingdom, November 14, 2016 — Adrian Ringrose, chief executive of Interserve, leaves. As announced by Interserve PLC in a regulatory filing published on Monday, November 14, 2016, Adrian M. Ringrose leaves the post as Chief Executive Officer at the support services and construction group in a surprising move after around 13 years on the job.
It is the end of an era.
Adrian Ringrose will step down from the Board and leave the Company after a successor has been appointed. This is expected to occur in 2017.
Interserve will undertake a search for a successor.
“In order to pursue the next phase of his career”
Ringrose’s departure is explained as follows. Interserve said: Adrian Ringrose “will step down from the Board and leave the Company after a successor has been appointed, in order to pursue the next phase of his career”.
The phrase “in order to pursue the next phase of his career” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Ringrose was not immediately available.
Share price decline
The change follows a decline in the share price of Interserve PLC since May 2015.
Chaired by Glyn Barker
Interserve PLC is chaired by Glyn Barker.
Barker was appointed as a non-executive director of Interserve on January 1, 2016 and succeeded Norman Blackwell as Chairman on March 1, 2016.
On the job as CEO since 2003
Ringrose has been the Chief Executive Officer of Interserve PLC since July 1, 2003.
Ringrose has been Chief Executive of Interserve since 2003 during which time the Group has developed significantly, from around 15,000 to circa 80,000 people, with operations in over 20 countries providing services to governments and a range of commercial and industrial clients.
Ringrose’s background is in commercial management and business development. Prior to leading Interserve he spent time in the outsourcing and utilities sectors.
Ringrose is a member of the CBI President’s Committee and was for four years chairman of the CBI’s Public Services Strategy Board until late 2013.
He is also a past President of the Business Services Association.
He is a member of the Chartered Institute of Marketing, a fellow of the Chartered Management Institute and a Fellow of the Institute of Directors.
He is an adviser to the University of Liverpool from where he has a degree in Political Theory and Institutions.
Generally speaking, when a top manager announces to step aside with no successor in place, it’s a sign that the change was unexpected and too early.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Adrian M. Ringrose’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 43.2016 ($).