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John P. Gavin, CFA, is the founder and CEO of Disclosure Insight®, an independent publisher of investment research. Mr. Gavin has spent his entire career of over 25 years in the financial services industry. Prior to starting “DI” in 2000, he worked as an equity analyst and portfolio manager with... More
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  • CECO on its Fourth CEO since Sep-06 0 comments
    Nov 30, 2011 3:24 PM | about stocks: CECO

    In an amended 8-K filed yesterday, CECO reported that previous CEO Gary McCullough (who resigned on 31-Oct-11) would receive $5.3 million in severance pay and benefits. During McCullough's tenure as CEO from 2-Apr-07 through 31-Oct-11, the stock fell from $30.67 to $16.13, a drop of approximately 47%. Following the announcement of McCullough's departure on 1-Nov-11, the stock fell to the $8 range the next day.

    CECO is on its fourth CEO since Sep-06, including an interim CEO. In Sep-06, John Larson (CEO since Jan-94) stepped down, but continued to serve as Chairman. Lead Director Robert Dowdell served as interim CEO until Mar-07 when McCullough was named CEO. Following McCullough's resignation, Chairman Steven Lesnick  was named CEO. According to the company, it is looking for a new CEO although a deadline has not been set.

    Here is the 8-K/A with the details on McCullough's severance.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Stocks: CECO
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