CB&I CEO Phil Asherman leaves at short notice

  • Signs for push-out forces
  • After around eleven years on the job
  • Laud, praise and thanks for Asherman
  • Pat Mullen taking over
  • Asherman spoke at length and said 101 words

(exechange) — The Woodlands, Texas, May 18, 2017 — Phil Asherman, chief executive of CB&I, leaves. It is a change at short notice. As announced by Chicago Bridge & Iron Company N.V. in a news release on Thursday, May 18, 2017, Philip K. (Phil) Asherman leaves the post as Chief Executive Officer at the engineering company after around eleven years on the job, effective July 01, 2017.

It is the end of an era.

Asherman’s duties are taken over by Pat Mullen, currently Chief Operating Officer at Chicago Bridge & Iron Company N.V.

No reason given

In the announcement, CB&I did not explicitly explain the reason for Asherman’s imminent move, leaving room for speculation.

Precise information about the future plans of Asherman was not immediately available.

“Retirement”

CB&I’s Supervisory Board of Directors announced it has “approved the retirement of Philip K. Asherman” from his role as President and Chief Executive Officer of CB&I and as a member of the company’s Board effective July 1, 2017.

Share price decline

The change follows a sharp decline in the share price of Chicago Bridge & Iron Company N.V. since March 2014.

Chaired by L.Richard Flury

Chicago Bridge & Iron Company N.V. is chaired by L.Richard Flury.

L.Richard Flury has served as Non-Executive Chairman since 2010, as a member of the Supervisory Board since 2003, and was a consultant to the Supervisory Board until his election as a Director in May 2003.

On the job as CEO since 2006

Asherman has been the Chief Executive Officer and President at Chicago Bridge & Iron Company N.V. since February 3, 2006.

Asherman has more than 35 years of experience in the engineering and construction industry.

He began his career in 1979, serving in a variety of project operations, business development and senior management positions, including a number of regional executive positions in Europe, South America and Asia.

In 2001, he joined CB&I as a senior executive in Amsterdam and was promoted to Executive Vice President that same year, reporting directly to the Chairman and Chief Executive Officer.

Asherman was elected to his current position by the Board of Directors in February 2006 and was elected to the Supervisory Board of Directors in July 2006.

He is a member of the Board of Advisors for The Fletcher School of Law and Diplomacy at Tufts University and serves as an advisor for the university’s Council on Emerging Market Enterprises.

He is also a member of the American Petroleum Institute and the National Petroleum Council. Asherman also serves on the board of directors of Arrow Electronics Inc. and the National Safety Council.

Following active duty in the United States Air Force from 1970 to1974, Asherman graduated with a bachelor’s degree from the University of South Florida.

He earned a master’s degree from the Fletcher School at Tufts University in Boston, Massachusetts, and he has completed advanced management programs at INSEAD in Fontainebleau, France, and at the Thunderbird School of Global Management in Glendale, Arizona.

Signs for push-out forces

It is not completely certain what forces eventually triggered Phil Asherman’s imminent 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 21.2017 ($).