- After almost six years on the job
- Laud and praise for Casey
- Peter Johnston taking over in the interim
- Search for a successor
- Casey spoke at length and said 385 words
(exechange) — Stamford, Connecticut, May 10, 2017 — Thomas Casey, chief executive of Tronox, leaves the position. It is a change at short notice. As announced by Tronox Limited in a news release and in a regulatory filing published on Wednesday, May 10, 2017, Thomas J. Casey leaves the post as Chief Executive Officer at the chemical company in a surprising move after almost six years on the job, effective May 15, 2017.
Tronox will undertake a search for a successor.
Casey’s duties are taken over in the interim by Peter Johnston, a former Head of Nickel Assets at Glencore Corporation.
Already a director
Johnston is already a director of Tronox. Often a board member is a last resort, someone who is turned to in desperation when a company can’t find other suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
The imminent management change is explained as follows. Tronox said: “Tom Casey will retire from his position as chief executive officer, for health reasons, effective May 15, 2017.”
Share price rise since February 2016
The change follows a rise in the share price of Tronox Limited since February 2016.
Fine Capital Partners holds 7.77 percent stake
Fine Capital Partners, L.P. reported a 7.77 percent stake in Tronox Limited as of December 30, 2016. Fine Capital Partners is a hedge fund.
On the job as CEO since 2011
Thomas Casey has served as Chairman of the Board of Directors and Chief Executive Officer of Tronox Limited since June 15, 2012 and served as Chairman of Tronox Incorporated since February 2011 and as Chief Executive Officer of Tronox Incorporated since October 2011.
During the ten year period prior to joining the company, Casey served as CEO of 6 companies and Chairman of the Board of 6 companies.
Prior to that, Casey was a managing director of Merrill Lynch & Co, and was a partner at Skadden, Arps, Slate, Meagher & Flom LLP and at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
He also had various positions in the United States Government, including in the Antitrust Division of the U.S. Department of Justice.
Casey graduated with honors from Boston College and The George Washington University, National Law Center.
Push-out Score not determined
When the reason for the departure is health-related, a Push-out Score™ is not determined.
Read the full story in the exechange report 20.2017 ($).