- After around 24 years on the job
- Bay will remain as Executive Chairman at Valmont
- Bay spoke at length and said 80 words
(exechange) — Omaha, Nebraska, June 26, 2017 — Mogens Bay, chief executive of Valmont, hands over the reins. As announced by Valmont Industries, Inc. in a news release and in a regulatory filing published on Monday, June 26, 2017, Mogens C. Bay leaves the post as Chief Executive Officer at the maker of irrigation equipment after around 24 years on the job, effective December 31, 2017.
It is the end of an era.
Bay’s duties are taken over by Steve Kaniewski, currently Chief Operating Officer at Valmont Industries, Inc.
The move is a generational change as well. Steve Kaniewski is about 23 years younger than Mogens Bay.
No reason given
In the announcement, Valmont did not explicitly explain the reason for Bay’s move.
Bay will remain as Executive Chairman at Valmont
“Kaniewski will succeed Mogens C. Bay, Valmont’s Chairman and CEO, who will become Executive Chairman on December 31, 2017, for a transitional period,” Valmont said.
Share price rise since January 2016
The change follows a rise in the share price of Valmont Industries, Inc. since January 2016.
On the job as CEO since 1993
Mogens C. Bay has been Chairman and Chief Executive Officer of the Company since January 1997.
He was President and Chief Executive Officer of the Company from August 1993 through December 1996.
Bay currently serves as a director of Peter Kiewit Sons’, Inc. and previously served as a director of ConAgra Foods, Inc.
Bay is the only Valmont officer who serves on the Company’s board of directors.
Bay has served as a director of the Company since October 1993.
Read the full story in the exechange report 27.2017 ($).