Materion CEO Dick Hipple leaves post abruptly

  • Signs for push-out forces
  • After almost eleven years on the job
  • Laud for Hipple
  • Jugal Vijayvargiya taking over
  • Hipple will remain as Executive Chairman
  • Hipple spoke at length and said 100 words

(exechange) — Mayfield Heights, Ohio, March 03, 2017 — Dick Hipple, chief executive of Materion, leaves the position. It is an abrupt change. As announced by Materion Corporation in a news release and in a regulatory filing published on Friday, March 03, 2017, Richard J. (Dick) Hipple leaves the post as Chief Executive Officer at the maker of engineered materials in a surprising move after almost eleven years on the job, effective immediately.

It is the end of an era.

Hipple’s duties are taken over by Jugal K. Vijayvargiya, most recently President at Delphi Electronics & Safety at Delphi Automotive PLC.

The fact that Hipple’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“Planned succession”

The sudden management change is explained as follows. Materion announced that its Board of Directors “has completed the planned succession of its top leadership with the appointment of Richard J. Hipple, 64, Chairman, President and Chief Executive Officer of the Company since 2006, to Executive Chairman, a responsibility he will hold until retirement planned for within one year”.

Hipple will remain as Executive Chairman at Materion

“Hipple will serve as the Executive Chairman of the Board and will remain the principal executive officer of the Company through the filing of the Company’s quarterly report on Form 10-Q for the first quarter of 2017, after which Mr. Vijayvargiya will assume such role,” Materion said.

On the job as CEO since 2006

Hipple has been the Chairman and Chief Executive Officer at Materion Corporation and its subsidiary Brush Wellman, Inc., since May 2, 2006 and its President since May 2005.

He served as President since 2005 and as Chief Operating Officer from 2005 until 2006.

Hipple was President of Performance Alloys from 2002 until 2005.

He joined the Company in 2001 as Vice President of Strip Products, Performance Alloys and served in that position until 2002.

Prior to joining Materion Corporation, Hipple was President of LTV Steel Company, a business unit of The LTV Corporation.

Hipple has served on the Board of Directors of Ferro Corporation since 2007 and on the Board of Directors of KeyCorp since 2012.

Signs for push-out forces

It is not completely certain what forces eventually triggered Dick Hipple’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 10.2017 ($).