- Push-out Score suggests push-out forces
- After around four years in the position
- Thanks for Durney
- Search for a successor
- Durney said 54 words
(exechange) — New York, November 02, 2017 — Mike Durney, chief executive of DHI Group, leaves. As announced by DHI Group, Inc. in a news release and in a regulatory filing published on Thursday, November 02, 2017, Michael P. (Mike) Durney leaves the post as Chief Executive Officer at the online career resource and talent acquisition platform after around four years in the position.
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 8.9 years, according to data compiled by exechange.
Durney will remain President and CEO until March 31, 2018 or until a successor is found. In the event the search process extends beyond March 31, Durney has agreed to stay on for a designated period. Once a successor is appointed, Durney will serve in an advisory capacity for a short time to help ensure a smooth transition.
DHI Group will undertake a search for a successor.
“To accelerate DHI’s progress and improve business execution”
A reason for Durney’s departure from the post of CEO was not explicitly given. John Barter, Chairman of the Board, said: “As DHI continues to execute on its strategy to become a single tech-focused organization, now is the right time in the Company’s evolution to implement a CEO transition plan. The Board remains confident in the Company’s strategy and believes that there are opportunities to accelerate DHI’s progress and improve business execution. The Board is confident in its ability to identify a successor who will effectively drive improved growth and shareholder value by reinvigorating DHI’s technology talent acquisition franchise and fast-tracking the development of next-generation talent acquisition solutions.”
Precise information about the future plans of Durney was not immediately available.
“Will no longer be the President, Chief Executive Officer or a director of the Company”
DHI Group said: “On November 2, 2017, the Company announced the adoption of a CEO transition plan. In connection with the plan, Michael P. Durney, President, Chief Executive Officer and a director of the Company, will no longer be the President, Chief Executive Officer or a director of the Company, effective as of March 31, 2018; provided that the Company will have the option to extend such date for up to 30 days if the search for a new Chief Executive Officer is close to being completed.”
Share price decline
The change follows a decline in the share price of DHI Group, Inc. since December 2016.
Chaired by John Barter
DHI Group, Inc. is chaired by John Barter.
John Barter became Chairman of the Board and the Chairman of the Nominating and Corporate Governance Committee in February 2016, having served as a Director since April 2007.
In the position of CEO since 2013
Michael P. Durney has been the Chief Executive Officer and President of DHI Group, Inc. since September 30, 2013.
Michael P. Durney has been President and Chief Executive Officer, as well as a director of the Company, since September 2013.
Durney joined the Company’s predecessor, Dice Inc., in May 2000 as the Company’s Chief Financial Officer and held that position, as well as other operating roles, until he became President and CEO.
Previously, Durney had strategic and operational leadership responsibility for all of the Company’s industry-focused services, including eFinancialCareers, Health Callings and Rigzone, the latter he led since the acquisition in 2010.
Prior to joining the Company, he held the position of Vice President and Controller of USA Networks, Inc. (now known as IAC/InterActiveCorp.) from 1998 to 2000.
Durney’s previous experience includes being the Chief Financial Officer of Newport Media, Inc. from 1996 to 1998, Executive Vice President, Finance of Hallmark Entertainment, Inc. from 1994 to 1996, and Vice President, Controller of Univision Television Group, Inc. from 1989 to 1994.
Durney started his finance career at the accounting firm of Arthur Young & Company in 1983 and is a licensed Certified Public Accountant in the state of New York.
Durney holds a B.S. degree in accounting from the State University of New York in Oswego, where he is the Chair of the Advisory Council of the School of Business and Chair of the board of directors of the Oswego College Foundation.
Generally speaking, when a top manager announces to step aside with no successor in place, it’s a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Durney’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 ($).