- Signs for push-out forces
- After almost five years on the job
- Laud, praise and thanks for Hanrahan
- Hugh E. Sawyer taking over
- Hanrahan kept it short and said 31 words
(exechange) — Minneapolis, Minnesota — This news came the day after Easter Sunday. Dan Hanrahan, chief executive of Regis, leaves. As announced by Regis Corporation in a news release on Monday, April 17, 2017, Daniel J. (Dan) Hanrahan leaves the post as Chief Executive Officer at the operator of hair salons after almost five years on the job.
The exact date of Hanrahan’s departure was not given in the announcement. Obviously, it was an abrupt change.
Hanrahan’s duties are taken over by Hugh E. Sawyer, most recently Managing Director at Huron Consulting Group Inc.
The fact that Hanrahan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Regis did not explicitly explain the reason for Hanrahan’s move, leaving room for speculation.
Precise information about the future plans of Hanrahan was not immediately available.
“Has left the Company”
Regis said: “[A]fter successful completion of the CEO transition Dan Hanrahan has left the Company and the Board has appointed Hugh E. Sawyer to replace Mr. Hanrahan as President and CEO.”
Share price decline
The change follows a decline in the share price of Regis Corporation since January 2017.
Birch Run Capital Advisors holds 23.02 percent stake
Birch Run Capital Advisors, LP reported a 23.02 percent stake in Regis Corporation as of December 31, 2016. Birch Run Capital Advisors is a New York-based hedge fund that was founded by Daniel Beltzman And Gergory Smith.
Chaired by David P. Williams
Regis Corporation is chaired by David P. Williams.
David Williams was elected a director of the company in 2011.
On the job as CEO since 2012
Dan Hanrahan joined Regis Corporation in August 2012 as Chief Executive Officer.
Hanrahan most recently led Celebrity Cruises, where he acted as President and Chief Executive Officer since 2005.
During his tenure, Hanrahan distinguished himself by his strong focus on the customer experience and completing the strategic repositioning of Celebrity Cruises.
From 1999 to 2005, Hanrahan was SVP, Marketing and Sales for Royal Caribbean International, where he directed the development and execution of all marketing, e-business and sales strategies regarding the vacation experience.
Before that, he spent two years at Polaroid Corporation and nine years at Reebok International Ltd., where he held a variety of senior executive positions, including developing and executing Reebok’s Sports Marketing strategies.
Hanrahan also spent four years at Nestle Food Corporation, where he managed the development of the marketing, sales and promotion strategy for the Northeast zone.
Hanrahan was named Travel Executive of the Year for 2006 by Travel Trade magazine and the American Society of Travel Agents.
Signs for push-out forces
It is not completely certain what forces eventually triggered Dan Hanrahan’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 17.2017 ($).