- Push-out Score suggests signs for push-out forces
- After almost 25 years on the job
- Accolades, praise and thanks for Stowell
- Jim Galeese taking over
- Stowell will remain as Chief Financial Officer Emeritus and Treasurer at LSI Industries
(exechange) — Cincinnati, Ohio, June 13, 2017 — Ron Stowell, finance chief of LSI Industries, leaves the position. As announced by LSI Industries Inc. in a news release and in a regulatory filing published on Tuesday, June 13, 2017, Ronald S. (Ron) Stowell leaves the post as Chief Financial Officer at the provider of lighting, graphics and energy management control capabilities after almost 25 years on the job.
It is the end of an era.
The exact date of Stowell’s departure was not given in the announcement.
Stowell’s duties are taken over by Jim Galeese, most recently Chief Financial Officer at Universal Trailer Holding Corporation.
The fact that Stowell’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 does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
LSI Industries Inc. still listed Stowell as Vice President, Chief Financial Officer and Treasurer on its leadership page.
Stowell’s move is part of a management shake-up also involving the position of Chief Accounting Officer.
The management change is explained as follows. Dennis W. Wells, Chief Executive Officer and President, said: “This is a planned transition as Mr. Stowell, who has been Chief Financial Officer for nearly twenty-five years, has discussed his desire to retire at the end of calendar 2017.”
Stowell will remain as Chief Financial Officer Emeritus and Treasurer at LSI Industries
Stowell has been named Chief Financial Officer Emeritus and Treasurer “and will remain a key part of LSI’s financial leadership team,” LSI Industries said.
LSI Industries said: “Mr. Stowell has informed LSI that he intends to serve in the capacities of Chief Financial Officer Emeritus and Treasurer until December 31, 2017.”
Share price decline
The change follows a decline in the share price of LSI Industries Inc. since April 2016.
Chaired by Gary P. Kreider
LSI Industries Inc. is chaired by Gary P. Kreider.
Gary P. Kreider has been a Director since April 2002 and was elected Chairman in November 2014.
CEO: Dennis W. Wells
Dennis W. Wells serves as CEO of LSI Industries Inc. Dennis W. Wells is Chief Executive Officer and President. He was appointed Chief Operating Officer on October 1, 2014 and promoted to CEO on October 22, 2014.
On the job as CFO since 1992
Ronald S. Stowell has served as Chief Financial Officer since December 1992, and was appointed Treasurer in November 1993 and Vice President in November 1997.
From 1985 to November 1992, Stowell served as Corporate Controller of Essef Corporation (a NASDAQ listed company), headquartered in Chardon, Ohio, a manufacturer of high performance composite and engineered plastics products.
Push-out Score suggests signs for push-out forces
It is not completely certain what forces eventually triggered Ron Stowell’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 25.2017 ($).