- After about a year and a half on the job
- Thanks and good wishes for Slovin
- Mark Thierer taking over in the interim
- Search for a successor
(exechange) — York, Pennsylvania, October 02, 2017 — Jeff Slovin, chief executive of Dentsply Sirona, leaves. It is an abrupt change. As announced by Dentsply Sirona Inc. in a news release and in a regulatory filing published on Monday, October 02, 2017, Jeffrey T. (Jeff) Slovin, Chief Executive Officer, has already left the dental equipment maker after about a year and a half on the job, effective September 27, 2017.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 11 percent of the CEOs who departed over the past twelve months left within two years, and 21 percent left within three years. Overall, the average tenure of those who left was 9.2 years, according to data compiled by exechange.
Dentsply Sirona will undertake a search for a successor.
Slovin’s duties are taken over in the interim by Mark Thierer, most recently Chief Executive Officer at OptumRx.
The fact that Slovin’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Slovin’s move is part of a management shake-up also involving the positions of Executive Chairman; and President and Chief Operating Officer, Technologies.
“To position the Company to achieve its potential”
The sudden management change is explained as follows. Dentsply Sirona said in a fairly blunt statement: “Dentsply Sirona Inc. … today announced that its Board of Directors has implemented leadership changes intended to position the Company to achieve its potential as the world’s largest manufacturer of professional dental products and technologies.”
Precise information about the future plans of Slovin was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post abruptly and without a reasonable explanation.
Dentsply Sirona said: “Effective September 27, 2017, Mr. Jeffrey T. Slovin, the Chief Executive Officer of Dentsply Sirona Inc. …, Mr. Bret W. Wise, the Company’s Executive Chairman, and Christopher T. Clark, the Company’s President and Chief Operating Officer, Technologies, tendered their respective resignations from employment with the Company, and, in the case of Messrs. Slovin and Wise, as directors of the Company, which resignations in each case were accepted by the Company effective September 28, 2017.”
“Not related to any issues or disagreements”
“The Company noted that its leadership changes and resignations of Mssrs. Wise, Slovin and Clark were not related to any issues or disagreements regarding the Company’s financial disclosures, accounting policies and practices,” Dentsply Sirona said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The change follows a sharp decline in the share price of Dentsply Sirona Inc. since August 2017.
On the job as CEO since 2016
Jeffrey T. Slovin has been Chief Executive Officer of Dentsply Sirona Inc. since February 29, 2016.
Formerly, Slovin served as Sirona Dental Systems, Inc.’s Chief Executive Officer from February 2013 through February 2016 and as its President from September 20, 2010 through February 28, 2016.
Prior to September 20, 2010, Slovin served as Sirona Dental Systems, Inc.’s Executive Vice President and Chief Operating Officer of U.S. Operations from June 2006 through September 2010.
Prior to that time, Slovin was Chief Executive Officer of Schick since June 2004 and Schick’s President from December 1999 to June 2004.
He has also served as a Schick Director since December 1999.
In addition, from November 2001 to June 15, 2004, Slovin served as Schick’s Chief Operating Officer.
From 1999 to November 2001, Slovin was a Managing Director of Greystone & Co., Inc.
From 1996 to 1999, he served in various executive capacities at Sommerset Investment Capital LLC, including Managing Director, and as President of Sommerset Realty Investment Corp.
During 1995, Slovin was a Manager at Fidelity Investments Co. From 1991 to 1994, he was Chief Financial Officer of SportsLab U.S.A. Corp. and, from 1993 to 1994, was also President of Sports and Entertainment Inc.
From 1987 to 1991, Slovin was an associate at Bear Stearns & Co., specializing in mergers and acquisitions and corporate finance.
Slovin is currently a member of the Board of Fellows of the Harvard School of Dental Medicine, and a member of the World President’s Organization.
Slovin holds an M.B.A. degree from Harvard Business School.
Read the full story in the exechange report 41.2017 ($).