- Push-out Score suggests push-out forces
- After around eleven years in the position
- Praise and thanks for Lipinski
- Dave Lamp taking over
- Lipinski spoke at length and said 88 words
(exechange) — Sugar Land, Texas, November 01, 2017 — Jack Lipinski, chief executive of CVR Energy, leaves. As announced by CVR Energy, Inc. in a news release and in a regulatory filing published on Wednesday, November 01, 2017, John J. (Jack) Lipinski leaves the post as chief executive officer at the petroleum refining company after around eleven years in the position, effective December 31, 2017.
It is the end of an era.
The duration of Lipinski’s time in office as CEO is significantly above average.
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 8.8 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past twelve months left the position after more than ten years.
Lipinski’s duties are taken over by Dave Lamp, most recently President and COO at Western Refining Company.
The fact that Lipinski’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Time for some much-needed rest”
A reason for the change was not explicitly given. Lipinski said: “Looking forward, I am ready to finally take time for some much-needed rest and relaxation after 45 years in the industry.”
Precise information about the future plans of Lipinski was not immediately available.
CVR Energy said: “On October 31, 2017, John J. Lipinski delivered notice to the Company that he will retire effective December 31, 2017.”
Share price decline
The change follows a decline in the share price of CVR Energy, Inc. since November 2015.
Carl Icahn holds 82 percent stake
Carl Icahn reported an 82 percent stake in CVR Energy, Inc. as of June 29, 2017.
Chaired by Carl Icahn
CVR Energy, Inc. is chaired by Carl Icahn.
Icahn serves as chairman of the board of CVR Energy, Inc. since June 2012.
In the position of CEO since 2006
John J. Lipinski has served as the Company’s chief executive officer, president and a member of the Company’s Board since September 2006 and served as chairman of the Company’s Board from October 2007 until the IEP Acquisition.
In addition, Lipinski has served as executive chairman of the general partner of CVR Partners since June 2011 and as chief executive officer and president from October 2007 to June 2011 and from January 2014 to May 2014.
He has been a director of the general partner of CVR Partners since October 2007. In addition, Lipinski has served as the chief executive officer, president, and director of the general partner of CVR Refining since its inception in September 2012.
Lipinski has over 40 years of experience in the petroleum refining and nitrogen fertilizer industries.
He began his career with Texaco Inc.
In 1985, Lipinski joined The Coastal Corporation, eventually serving as Vice President of Refining with overall responsibility for Coastal Corporation’s refining and petrochemical operations.
Upon the merger of Coastal with El Paso Corporation in 2001, Lipinski was promoted to Executive Vice President of Refining and Chemicals, where he was responsible for all refining, petrochemical, nitrogen-based chemical processing and lubricant operations, as well as the corporate engineering and construction group.
Lipinski left El Paso in 2002 and became an independent management consultant.
In 2004, he became a managing director and partner of Prudentia Energy, an advisory and management firm.
Lipinski previously served on the board of directors of Chesapeake Energy Corporation, an oil and gas exploration and production company from June 2014 until September 2016.
Lipinski graduated from Stevens Institute of Technology with a bachelor’s degree in Engineering (chemical) and received a Juris Doctor degree from Rutgers University School of Law.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jack Lipinski’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 45.2017 ($).