MYR Group CEO Bill Koertner leaves post at short notice

  • Signs for push-out forces
  • After about 13 years on the job
  • Laud, praise and thanks for Koertner
  • Rick Swartz taking over
  • Koertner will remain as executive chairman at MYR Group

(management-change.com) — Rolling Meadows, Illinois, December 19, 2016 — Bill Koertner, chief executive of MYR Group, leaves the position. It is a change at short notice. As announced by MYR Group Inc. in a news release and in a regulatory filing published on Monday, December 19, 2016, William A. (Bill) Koertner leaves the post as chief executive officer at the electrical contractor after about 13 years on the job, effective January 01, 2017.

It is the end of an era.

Koertner’s duties are taken over by Rick Swartz, currently Chief Operating Officer at MYR Group Inc.

No reason given

In the announcement, MYR Group did not explicitly explain the reason for Koertner’s imminent move, opening the door for speculation.

“Step down”

MYR Group said: Koertner “will step down” as the Company’s president and chief executive officer.

Koertner will remain as executive chairman at MYR Group

Koertner will continue in his role as executive chairman of MYR’s board of directors.

Share price rise since February 2016

The change follows a rise in the share price of MYR Group Inc. since February 2016.

On the job as CEO since 2003

Koertner has been the Chief Executive Officer and President of MYR Group, Inc. since December 04, 2003.

Koertner joined MYR in 1998 as its chief financial officer, was named its president and CEO in 2003, and was appointed to the additional role of chairman of the board when the Company went public in 2008.

Koertner has served as a Director since December 2007.

Prior to joining MYR, Koertner served as vice president at Central Illinois Public Service Company from 1989 until 1998.

Signs for push-out forces

It is not completely certain what forces eventually triggered Bill Koertner’s 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 48.2016 ($).