Interface CEO Dan Hendrix leaves post at short notice

  • Signs for push-out forces
  • After almost 16 years on the job
  • Laud and praise for Hendrix
  • Jay D. Gould taking over
  • Hendrix will remain as Chairman
  • Hendrix said 45 words

(management-change.com) — Atlanta, Georgia, February 22, 2017 — Dan Hendrix, chief executive of Interface, leaves the position. It is a change at short notice. As announced by Interface, Inc. in a news release and in a regulatory filing published on Wednesday, February 22, 2017, Daniel T. (Dan) Hendrix leaves the post as Chief Executive Officer at the manufacturer of modular carpet after almost 16 years on the job, effective March 03, 2017.

It is the end of an era.

Hendrix’ duties are taken over by Jay D. Gould, currently President and Chief Operating Officer at Interface, Inc.

“Lead the organization into its next phase of growth”

A reason for the imminent change was not explicitly given. Interface said: “Gould is primed to lead the organization into its next phase of growth, having worked alongside Hendrix for the past two years overseeing global operations, marketing, and organizational development.”

Gould was a key driver of the company’s recent expansion beyond carpet tile into modular resilient flooring, with its debut luxury vinyl tile offering coming to market in 2017.

“Retire”

Interface said: “On February 22, 2017, Daniel T. Hendrix notified the Board of Directors … of the Company that he will retire from the role of Chief Executive Officer, effective March 3, 2017.”

Hendrix will remain as Chairman of the Board of Directors at Interface

“Hendrix will continue his involvement with the company remaining as Chairman of the Board of Directors,” Interface said.

Share price decline

The change follows a decline in the share price of Interface, Inc. since July 2015.

On the job as CEO since 2001

Hendrix has been the Chief Executive Officer of Interface Inc. since July 1, 2001, Interim Principal Financial Officer since January 5, 2017 and has been its Chairman since October 26, 2011.

Under his leadership, Interface helped create a viable market for modular carpet globally, a business that once was considered no more than a niche business.

The company now leads with a 35 percent share of the market globally.

Hendrix was appointed Chairman of the company’s Board of Directors in October 2011, succeeding Interface Founder and Chairman Ray C. Anderson.

Since his appointment as president and CEO in 2001, Hendrix has extended the company’s global reach with manufacturing on four continents (U.S., Europe, Australia and Asia), including plants in Shanghai, Thailand, Ireland, The Netherlands, the U.S. and Australia.

The company has sales in more than 110 countries globally, and is introducing the modular concept to emerging markets in China, Central America, Latin America, India, Africa and the Middle East.

He has overseen the launch of the company’s residential modular brand, FLOR, a company with 21 stores in major markets in the U.S. and Toronto.

Hendrix is credited with orchestrating Interface’s business rebounds in 2001 and 2010 — reducing the company’s overall debt, increasing profitability, focusing on the company’s core modular business and increasing Interface’s global market share.

He has led Interface’s strategic diversification beyond its core corporate office market and into new segments with high growth potential such as education, hospitality, healthcare, retail and institutional space, and into the consumer/residential business.

The non-corporate office segments have grown to represent approximately 40 percent of our worldwide business and more than half of the U.S. business.

Hendrix joined Interface, Inc. in 1983, shortly after the company’s initial public offering.

He was quickly elevated to chief financial officer in 1985, and in 1989 he was identified as the youngest CFO at a Fortune 500 company.

Working as CFO at Ray Anderson’s side, Hendrix led Interface in a series of acquisitions, both domestic and international, ranging in size from $2 million to $150 million.

Several of these acquisitions nearly doubled the company in size, including the 1988 acquisition of the then-largest carpet tile manufacturer in the world, Holland-based Heuga, which firmly established Interface as the global leader in that market segment.

Hendrix serves on the Board of Governors for the College of Business at Florida State University, and on the board of directors for American Woodmark, a publicly held company that is the leading manufacturer and distributor of kitchen and bath cabinets for the remodeling and new home construction markets.

A native of Florida, Hendrix graduated with honors from Florida State University with a B.S. in accounting in 1977.

He and his wife Betsy live in the Buckhead area of Atlanta, and have two children, Lauren and John.

Signs for push-out forces

It is not completely certain what forces eventually triggered Dan Hendrix’ move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 09.2017 ($).