- Push-out Score suggests push-out forces
- After almost four years on the job
- Search for a successor
- Stanik made a lengthy statement and said 64 words
(exechange) — Carnegie, Pennsylvania, October 03, 2017 — John Stanik, chief executive of Ampco-Pittsburgh, leaves. As announced by Ampco-Pittsburgh Corporation in a news release and in a regulatory filing published on Tuesday, October 03, 2017, John S. Stanik leaves the post as Chief Executive Officer at the specialty steel manufacturer after almost four years on the job, effective sometime in the middle of 2018 or at such time as a suitable successor is identified and appointed.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9 years, according to data compiled by exechange.
Ampco-Pittsburgh will undertake a search for a successor.
“It is the right time”
The management change is explained as follows. Stanik said: “It is the right time to transition to a new chapter of prosperity and profitability.”
Precise information about the future plans of Stanik was not immediately available.
Ampco-Pittsburgh said: “John S. Stanik has notified the Board of Directors of his intention to retire as Chief Executive Officer sometime in the middle of 2018 or at such time as a suitable successor is identified and appointed, so that a smooth transition of leadership is assured.”
Share price decline
The change follows a decline in the share price of Ampco-Pittsburgh Corporation since June 2014.
Chaired by Leonard M. Carroll
Ampco-Pittsburgh Corporation is chaired by Leonard M. Carroll.
On the job as CEO since 2015
Stanik has served as the Corporation’s Chief Executive Officer since January 2015.
He previously worked at Calgon Carbon Corporation, an international company specializing in purification products, technologies and services, from 1991 through 2012, when he retired for personal reasons.
Stanik served as President and Chief Executive Officer of Calgon Carbon from 2003 to 2012 and became its Chairman of the Board in 2007.
Prior to joining Calgon Carbon, Stanik worked in various capacities with increasing responsibility for Davy Corporation, an engineering and construction company specializing in the metals (steel and aluminum) markets, ultimately serving as Davy’s General Manager of Operations.
He is currently a director of FNB Corporation, a financial services corporation which operates banks under the name “First National Bank” in Ohio, Maryland and Pennsylvania.
Stanik has pledged ongoing service to Ampco-Pittsburgh Corporation in any capacity beyond his retirement date.
Stanik will continue as a member of the Board through his current term, which ends at the Company’s 2018 Annual Meeting of Shareholders.
Generally speaking, when a top leader announces to step down with no successor available, it is a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered John Stanik’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 41.2017 ($).