- Signs for push-out forces
- After around ten years on the job
- Laud and praise for Affeldt
- Search for a successor
- Affeldt said 60 words
(exechange) — Dallas, Texas, April 12, 2017 — Eric Affeldt, chief executive of ClubCorp, leaves. As announced by ClubCorp Holdings, Inc. in a news release and in a regulatory filing published on Wednesday, April 12, 2017, Eric L. Affeldt leaves the post as Chief Executive Officer at the operator of private golf and country clubs in a surprising move after around ten years on the job, effective upon the appointment of his successor.
It is the end of an era.
ClubCorp will undertake a search for a successor.
No reason given
In the announcement, ClubCorp did not explicitly explain the reason for Affeldt’s move, opening the door for speculation.
Precise information about the future plans of Affeldt was not immediately available.
ClubCorp said: “Eric Affeldt intends to retire from his role as Chief Executive Officer upon the appointment of his successor.”
Share price decline
The change follows a decline in the share price of ClubCorp Holdings, Inc. since July 2015.
Canyon Capital Advisors holds 3.93 percent stake
Canyon Capital Advisors LLC reported a 3.93 percent stake in ClubCorp Holdings, Inc. as of December 31, 2016. Canyon Capital Advisors is a hedge fund.
Chaired by John A. Beckert
ClubCorp Holdings, Inc. is chaired by John A. Beckert.
Beckert became chairman of the board and a director in August 2013.
On the job as CEO since 2006
Eric L. Affeldt has served as the Company’s Chief Executive Officer since December 2006 and as a Director since 2006.
Prior to joining ClubCorp, he served as a principal of KSL Capital Partners.
Affeldt also previously served as president and chief executive officer of KSL Fairways Golf Corporation from January 1995 to June 1998, vice president and general manager of Doral Golf Resort and Spa in Miami and the combined PGA West and La Quinta Resort and Club in California from June 1998 to June 2000 and was a founding partner of KSL Recreation Corporation.
In addition, Affeldt was president of General Aviation Holdings, Inc. from January 2000 to March 2005.
He is currently a national vice president of the Muscular Dystrophy Association, a member of the World Presidents’ Organization, and also serves on the board of directors and as the non-executive chairman for Cedar Fair LP.
He holds a B.A. in political science and religion from Claremont McKenna College.
As a general rule, when a top manager announces to step down with no successor available, it’s a sign that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Eric Affeldt’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 16.2017 ($).