Patterson CEO Scott Anderson leaves abruptly

  • Signs for push-out forces
  • After about seven years on the job
  • Laud, praise and thanks for Anderson
  • Jim Wiltz taking over in the interim
  • Search for a successor
  • Anderson said 62 words

(exechange) — St. Paul, Minnesota, June 01, 2017 — Scott Anderson, chief executive of Patterson, leaves. It is an abrupt change. As announced by Patterson Companies, Inc. in a news release and in a regulatory filing published on Thursday, June 01, 2017, Scott P. Anderson leaves the post as Chief Executive Officer at the medical supplies conglomerate in a surprising move after about seven years on the job, effective immediately.

Patterson will undertake a search for a successor.

Anderson’s duties are taken over in the interim by Jim Wiltz, a former Chief Executive Officer at Patterson Companies, Inc.

The move is a reverse generational change. Jim Wiltz is about 23 years older than Scott Anderson.

Already a director

Wiltz is already a director of Patterson.

“Now is the time for a new leader to guide Patterson going forward”

The sudden management change is explained as follows. John D. Buck, currently the Company’s Lead Director, said: “After careful consideration, Scott and the Board have mutually determined that now is the time for a new leader to guide Patterson going forward.”

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

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without comprehensible reasons being given.

“Stepped down”

Patterson said: “Scott P. Anderson has stepped down as the Company’s President, Chief Executive Officer and Chairman of the Board, effective immediately.”

John D. Buck, currently the Company’s Lead Director, will assume the role of non-executive Chairman.

On the job as CEO since 2010

Scott P. Anderson has been the Chief Executive Officer and President of Patterson Companies, Inc. since April 25, 2010.

Scott P. Anderson was elected the President and Chief Executive Officer of Patterson Companies, Inc. in April 2010, and became the Company’s Chairman in April 2013.

Anderson has worked with Patterson since 1993.

Prior to June 2006 when he became President of Patterson Dental, Anderson held senior management positions in the dental unit, including Vice President, Sales, and Vice President, Marketing.

Anderson started his career as a territory sales representative in the dental business before becoming national equipment manager, manager of the San Francisco branch and manager of the Minnesota branch, two of Patterson’s largest dental branch offices.

Anderson became one of the Company’s directors in June 2010.

He has served as a director of C.H. Robinson Worldwide, Inc. since January 2012.

Anderson will continue to serve as a Director until the 2017 Annual Meeting of Shareholders, but will not stand for re-election to the Board.

Anderson has agreed to serve in a Special Advisor capacity to the Company, subject to certain non-compete and non-solicit provisions and other terms and conditions, and will be available to the Company to advise on certain matters at its sole request.

Unexpected

Generally speaking, when a top manager announces to step aside with no permanent successor available, it’s a signal that the move was unplanned and too early.

In general, possible causes for an unplanned management change can be, among others, disagreement or dispute.

Signs for push-out forces

It is not completely certain what forces eventually triggered Scott Anderson’s sudden 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 23.2017 ($).