- Signs for push-out forces
- After almost 18 years on the job
- Laud and praise for Parod
- Search for a successor
(management-change.com) — Omaha, Nebraska, February 08, 2017 — Rick Parod, chief executive of Lindsay, leaves. His departure is made public at an early stage. As announced by Lindsay Corporation in a news release on Wednesday, February 08, 2017, Richard W. (Rick) Parod, chief executive officer, leaves the provider of irrigation systems after almost 18 years on the job, effective December 01, 2017.
It is the end of an era.
Lindsay will undertake a search for a successor.
It is a long goodbye. The announcement of Parod’s move comes 10 months prior to his planned departure.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major strategy shifts.
“To spend time with his family, travel and pursue other interests”
The management change is explained as follows. Lindsay said: “Rick Parod, 63, has informed the Board of Directors of his intention to retire on December 1, 2017 to spend time with his family, travel and pursue other interests.”
Shapiro holds 11.37 percent stake
Shapiro Capital Management Company, Inc. reported an 11.37 percent stake in Lindsay Corporation as of September 30, 2016.
Chaired by Michael C. Nahl
Lindsay Corporation is chaired by Michael C. Nahl.
Michael C. Nahl is the retired Executive Vice President and Chief Financial Officer of Albany International Corp., the world’s largest manufacturer of custom-designed engineered fabrics called paper machine clothing.
On the job as CEO since 2000
Richard W. Parod is the President and Chief Executive Officer of Lindsay, and has held such positions since April 2000.
Prior to joining Lindsay, Parod served as the Vice President and General Manager of Toro Irrigation, a division of The Toro Company, from 1997 to March 2000. From 1993 to 1997, he was an executive officer of James Hardie Irrigation, serving as President of that company from 1994 to 1997.
Parod has been a Director since April 2000, when he began his employment with Lindsay.
As a general rule, when a top manager announces to step aside with no successor in place, it is a sign that the change was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Rick Parod’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 07.2017 ($).