- Signs for push-out forces
- After less than two years on the job
- Laud, praise, thanks and good wishes for Asali
- No successor named
(management-change.com) — New York, November 17, 2016 — Omar Asali, chief executive of HRG Group, leaves. As announced by HRG Group, Inc. in a news release on Thursday, November 17, 2016, Omar Marwan Asali, Chief Executive Officer, leaves the provider of various branded consumer products in a surprising move after less than two years on the job, effective in the second half of fiscal 2017.
No company wants a CEO to flame out in the first years.
HRG Group did not name a replacement.
“To establish a private investment vehicle”
Asali’s departure is explained as follows. HRG Group said: “Omar Asali, President and Chief Executive Officer of HRG, plans to leave the Company in the second half of fiscal 2017 to establish a private investment vehicle that will make long-term investments in private and public companies.”
Leucadia holds 23.21 percent stake
Leucadia National Corporation reported a 23.21 percent stake in HRG Group, Inc. as of June 30, 2016. Leucadia is an American holding company that engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses.
Chaired by Joseph Steinberg
HRG Group, Inc. is chaired by Joseph Steinberg.
Joseph Steinberg has served as Chairman of the Board since December 2014.
On the job as CEO since 2015
Asali has been the President of HRG Group, Inc. since October 2011 and its Chief Executive Officer since March 6, 2015.
Asali is also the Vice Chairman of Spectrum Brands Holdings, Inc. and a member of the Board of the Directors of Fidelity & Guaranty Life, Front Street Re (Cayman) Ltd, NZCH Corporation, and Compass Production GP, LLC, each a subsidiary of HRG Group.
Asali is responsible for overseeing the day-to-day activities of HRG Group, including M&A activity and overall business strategy for HRG Group and HRG Group’s underlying subsidiaries.
Asali has been directly involved in all of HRG Group’s acquisitions across all sectors, and he is actively involved in HRG Group’s management and investment activities.
Prior to becoming President of HRG Group, Asali was a Managing Director and Head of Global Strategy of Harbinger Capital Partners LLC.
Before joining Harbinger Capital in 2009, Asali was the co-head of Goldman Sachs Hedge Fund Strategies (“Goldman Sachs HFS”) where he helped manage approximately $25 billion of capital allocated to external managers.
Asali also served as co-chair of the Investment Committee at Goldman Sachs HFS. Before joining Goldman Sachs HFS in 2003, Asali worked in Goldman Sachs’ Investment Banking Division, providing M&A and strategic advisory services to clients in the High Technology Group.
Asali previously worked at Capital Guidance, a boutique private equity firm.
Asali began his career working for a public accounting firm.
Asali received an M.B.A. from Columbia Business School and a B.S. in Accounting from Virginia Tech.
As a general rule, when a top leader announces to step aside with no successor available, it’s a signal that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Omar Marwan Asali’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 43.2016 ($).