- Signs for push-out forces
- After almost 14 years on the job
- Laud, praise and good wishes for Eisele
- David Wells taking over
(exechange) — Cleveland, Ohio, May 15, 2017 — Mark Eisele, finance chief of Applied, leaves. As announced by Applied Industrial Technologies, Inc. in a news release and in a regulatory filing published on Monday, May 15, 2017, Mark O. Eisele leaves the post as Chief Financial Officer at the industrial equipment supplier after almost 14 years on the job, effective August 31, 2017.
It is the end of an era.
Eisele’s duties are taken over by David Wells, most recently Chief Financial Officer at Colfax Corporation.
The fact that Eisele’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Applied did not explicitly explain the reason for Eisele’s move, opening the door for speculation.
Precise information about the future plans of Eisele was not immediately available.
Applied said: “Mark O. Eisele, Vice President – Chief Financial Officer & Treasurer, will retire at the end of August 2017 after 26 years of service to the Company.”
Share price rise since February 2016
The change follows a rise in the share price of Applied Industrial Technologies, Inc. since February 2016.
Chaired by Peter C. Wallace
Applied Industrial Technologies, Inc. is chaired by Peter C. Wallace.
CEO: Neil A. Schrimsher
Neil A. Schrimsher serves as CEO of Applied Industrial Technologies, Inc. Schrimsher joined Applied Industrial Technologies as Chief Executive Officer in October 2011.
On the job as CFO since 2004
Eisele has been the Chief Financial Officer of Applied Industrial Technologies, Inc. since January 2004.
Eisele joined the company in 1991 as Manager of Internal Audit and became Controller in 1992.
In 1997, he was elected Vice President & Controller.
He became Vice President – Chief Financial Officer & Treasurer in January 2004.
Prior to joining Applied, Eisele held the title of Senior Audit Manager for Deloitte & Touche, LLP in Cleveland, Ohio.
Eisele is a Certified Public Accountant.
He received his Bachelor of Science degree in business administration – accounting from Bowling Green State University.
He is a member of the Financial Executive Institute, the Ohio Society of Certified Public Accountants and the American Institute of Certified Public Accountants.
Eisele has spoken at numerous conferences and seminars on various financial topics, including the role of the CFO, finance re-engineering and treasury management services.
Eisele serves as a board member for the Cleveland Hearing & Speech Center, The First Tee of Cleveland, and the Greater Cleveland Council of the Boy Scouts of America.
He has also served as a volunteer sub-chair for the Finance Workgroup of the Cuyahoga County Transition Volunteer Committee.
Eisele and his family currently reside in Shaker Heights, Ohio.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mark Eisele’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 21.2017 ($).