- After almost twelve years on the job
- Search for a successor
- Morone spoke at length and said 158 words
(exechange) — Rochester, New Hampshire, August 01, 2017 — Joe Morone, chief executive of Albany, leaves. As announced by Albany International Corp. in a news release and in a regulatory filing published on Tuesday, August 01, 2017, Joseph (Joe) Morone leaves the post as Chief Executive Officer at the industrial-goods company after almost twelve years on the job.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 35 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 8.6 years, according to data compiled by exechange.
Morone will continue to serve as CEO until his successor is in place.
Albany will undertake a search for a successor.
“The Board and senior management have been aware for some time of my desire to retire in 2018”
The management change is explained as follows. Morone said: “I will turn 65 next year and the Board and senior management have been aware for some time of my desire to retire in 2018.”
Precise information about the future plans of Morone was not immediately available.
Albany said: “President and CEO Joseph Morone has decided to retire in 2018.”
Share price rise since March 2009
The change follows a rise in the share price of Albany International Corp. since March 2009.
Chaired by Erkie Kailbourne
Albany International Corp. is chaired by Erkie Kailbourne.
Erland E. Kailbourne has been a Director of the Company since 1999 and Chairman of the Board since May 2008.
On the job as CEO since 2006
Joseph G. Morone joined the Company in 2005.
He has served the Company as President and Chief Executive Officer since January 1, 2006, and President since August 1, 2005.
He has been a director of the Company since 1996.
From 1997 to July 2005, he served as President of Bentley University in Waltham, Massachusetts.
Prior to joining Bentley, he served as the Dean of the Lally School of Management and Technology at Rensselaer Polytechnic Institute, where he also held the Andersen Consulting Professorship of Management.
He currently serves on the University System of New Hampshire Board of Trustees and as the lead director of Transworld Entertainment Corporation.
Morone has agreed to remain on the Board for an appropriate period of time to support the transition and ensure an orderly handoff to his successor.
Push-out Score suggests no significant signs for push-out forces
The Push-out Score™ determined by exechange suggests no significant signs for push-out forces that may have contributed to the management change.
Read the full story in the exechange report 32.2017 ($).