- Signs for push-out forces
- After less than two years on the job
- Laud, praise, thanks and good wishes for Castagnola
- Todd Renehan taking over
(exechange) — Valencia, California, April 28, 2017 — Dave Castagnola, chief executive of Wesco, leaves. It is an abrupt change. As announced by Wesco Aircraft Holdings, Inc. in a news release and in a regulatory filing published on Friday, April 28, 2017, David J. (Dave) Castagnola has already left the post as Chief Executive Officer at the provider of supply chain management solutions in a surprising move after less than two years on the job, effective April 26, 2017.
No company wants a CEO to flame out in the first years.
Castagnola’s duties are taken over by Todd Renehan, most recently Chief Commercial Officer at Wesco Aircraft Holdings, Inc.
Castagnola’s move is part of a management shake-up also involving the position of Chief Operating Officer.
No reason given
In the announcement, Wesco did not explicitly explain the obviously compelling reason for Castagnola’s sudden move, leaving room for speculation.
Precise information about the future plans of Castagnola was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without an understandable explanation.
Wesco said: “David J. Castagnola, previously President, Chief Executive Officer, and a member of the company’s Board of Directors, has retired from these positions.”
Share price decline
The change follows a sharp decline in the share price of Wesco Aircraft Holdings, Inc. since February 2017.
Carlyle holds 23.44 percent stake
Carlyle Group L.P. reported a 23.44 percent stake in Wesco Aircraft Holdings, Inc. as of December 31, 2016. Carlyle is a private equity firm.
Chaired by Randy J. Snyder
Wesco Aircraft Holdings, Inc. is chaired by Randy J. Snyder.
Randy J. Snyder served as the Company’s President and Chief Executive Officer from 1977 to December 2014. He has served as the Chairman of the Board of Directors since 2006.
On the job as CEO since 2015
Dave Castagnola joined Wesco Aircraft in May 2015 as President and Chief Executive Officer.
He has more than 36 years of experience in the aerospace and defense industries, including 32 years at Goodrich Corporation (Goodrich), which became part of UTC Aerospace Systems (UTC Aerospace) after its acquisition by United Technologies Corporation in 2012.
Most recently, Castagnola served as President, Landing Systems at UTC Aerospace, where he led the merger and integration of UTC Aerospace’s Landing Gear and Wheels and Brakes business units. Prior to that, he served as President of the Landing Gear business unit, where he oversaw the design, manufacture and support of landing gear systems for commercial and military customers around the world.
Prior to the Landing Gear position, Castagnola served in roles of increasing responsibility at Goodrich / UTC Aerospace and its predecessor companies.
He began his career at San Diego Aircraft Engineering, where he held positions in tool design and engineering.
At the time of Castagnola’s appointment as Chief Executive Officer at Wesco, Randy Snyder, chairman of the board, had said: “We are thrilled to welcome Dave to Wesco Aircraft. He brings a distinguished career in aerospace and defense with more than 35 years of experience, including 32 years at UTC Aerospace Systems and its predecessor companies, and deep senior-level relationships across the industry. Dave is a results-oriented professional who knows how to build and lead high-performance teams to achieve results, bringing together talent from both inside and outside the enterprise around a common mission. His successful experience with merging and integrating the disparate landing gear and wheels and brakes units within UTC Aerospace, while delivering robust financial results, demonstrates Dave’s proven leadership capabilities. He is a strategic thinker with a strong operations background and a wealth of experience in planning, process improvement and consistent execution.”
Signs for push-out forces
It is not completely certain what forces eventually triggered Dave Castagnola’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 18.2017 ($).