May 2024 witnessed a series of notable CEO appointments that hold significant implications for the strategic direction of several public companies. For professional investors, understanding the backgrounds, competencies, and potential impact of these new leaders is crucial for making informed decisions. This deep dive examines the key CEO hires of the month, offering insights into their professional histories and the broader market contexts surrounding their appointments.
Thomas Gentile, Hexcel Corp. (HXL), Start Date: May 1, 2024
Thomas C. Gentile III has been appointed as the Chief Executive Officer (CEO) and President of Hexcel Corporation, effective May 1, 2024. This transition follows the retirement of Nick Stanage, who will serve as Executive Chairman until his full retirement on December 31, 2024, to facilitate a smooth handover. Gentile’s extensive background in the aerospace industry positions him well for this role, as he steps into the leadership of Hexcel, a company known for its advanced lightweight composite materials.
Gentile’s career encompasses over two decades in prominent roles within the aerospace sector. Notably, he served as President and CEO of Spirit AeroSystems from 2016 to 2023, a period marked by significant industry challenges such as the Boeing 737 MAX grounding and the COVID-19 pandemic. His prior experience includes various leadership positions at General Electric (GE), including President and CEO roles in GE Capital, GE Healthcare Systems, and GE Aviation Services. Earlier in his career, Gentile worked at CBS Corporation, McKinsey & Company, and General Motors. His diverse experience across multiple industries and geographic locations has established him as a knowledgeable leader, bringing valuable insights to Hexcel as it continues to innovate and grow.
Andy Silvernail, International Paper Co. (IP), Start Date: May 1, 2024
Andy Silvernail has been appointed as the new Chief Executive Officer (CEO) of International Paper Co. (IP), effective May 1, 2024. With over two decades of experience in leading global companies within the manufacturing and technology sectors, Silvernail’s career includes significant roles such as Chairman and CEO of Madison Industries and IDEX Corporation. At IDEX, he oversaw substantial growth, and his professional journey also includes executive positions at Rexnord Industries, Newell Rubbermaid, and Danaher Corporation. Before joining International Paper, he served as an executive advisor at KKR & Co., a global investment firm.
Silvernail’s appointment comes after an extensive evaluation process conducted by the International Paper board of directors. He takes over from Mark Sutton, who will remain as Chairman of the IP Board of Directors to ensure a seamless transition. According to the company’s announcement, Silvernail’s expertise in strategic initiatives, customer segmentation, innovation, Lean operating models, and mergers and acquisitions will be instrumental as he steps into his new role. The company aims to leverage his strategic insights and experience to navigate future challenges and opportunities in the industry.
Bill Brown, 3M Co. (MMM), Start Date: May 1, 2024
William M. “Bill” Brown has been named the new CEO of 3M, effective May 1, 2024. He takes over from Michael Roman, who will transition to the role of Executive Chairman of the 3M Board of Directors. Brown’s background includes notable leadership roles at L3Harris Technologies, where he served as Chairman of the Board and CEO from June 2019 to June 2022. Before the merger that created L3Harris, Brown was at the helm of Harris Corporation as Chairman, President, and CEO, starting in November 2011. His tenure at Harris Corporation was marked by significant strategic moves, including the merger with L3 Technologies. Additionally, Brown has held various leadership positions over 14 years at United Technologies Corporation (UTC).
Brown’s educational credentials include bachelor’s and master’s degrees in mechanical engineering from Villanova University and an MBA from The Wharton School of the University of Pennsylvania. Analysts have pointed out that his extensive experience in strategic leadership within the aerospace and defense sectors could be beneficial as he steps into his new role at 3M. Observers will be watching to see how Brown plans to continue the progress made by his predecessor and address the evolving needs of 3M’s diverse stakeholders, including customers, shareholders, employees, and communities.
Vagner Rego, Atlas Copco AB (ATCO.A), Start Date: May 1, 2024
Vagner Rego has been appointed as the President and CEO of Atlas Copco Group, effective May 1st, 2024. This transition follows Mats Rahmström’s request to step down after leading the company since 2017. Rego was selected for this role based on his extensive experience and comprehensive understanding of business and technology, which analysts believe position him well to steer the company forward.
Rego’s career with Atlas Copco Group began in 1996 when he joined as a trainee engineer in Brazil. Over nearly three decades, he has held numerous roles within the company, including Business Line Manager for Compressor Technique Service, Vice President of Marketing and Sales for the Compressor Technique Service division, and General Manager for Construction Technique’s customer center in Brazil. Before his CEO appointment, he served as the Business Area President for Compressor Technique. Rego holds a degree in mechanical engineering from Mackenzie University and an MBA from Ibmec Business School, both in Brazil, where he was born in 1972. His long tenure and various leadership roles within the company have equipped him with the experience needed to guide Atlas Copco Group into its next phase.
Padraig McDonnell, Agilent Technologies, Inc. (A), Start Date: May 1, 2024
Padraig McDonnell has taken on the role of CEO at Agilent Technologies, Inc. as of May 1, 2024. McDonnell’s career spans 26 years in the analytical and scientific instrument industry, beginning in 1998 when he joined Hewlett-Packard Co. as a customer engineer. Over time, he transitioned to Agilent Technologies, where he played a significant role in developing the company’s Services business, which has been a key driver of growth. His career trajectory within Agilent includes his tenure as vice president and general manager of the Chemistries and Supplies Division starting in 2017.
Before his appointment as CEO, McDonnell held several senior leadership positions at Agilent. He served as president of the Agilent CrossLab Group (ACG) since May 2020, and later took on the role of chief commercial officer in November 2021. In these capacities, he focused on expanding Agilent’s services business, enhancing profitability, and improving customer satisfaction. Analysts have noted that his experience and leadership within the company have positioned him effectively to succeed Mike McMullen, the outgoing CEO. McDonnell’s promotion marks him as the fourth CEO in Agilent’s history.
Paul Keel, Envista Holdings Corp. (NVST), Start Date: May 1, 2024
Paul Keel has been named the CEO of Envista Holdings Corporation (NYSE: NVST), with his appointment becoming effective on May 1, 2024. The announcement was made on April 15, 2024, with Keel taking over from Amir Aghdaei, who will continue to assist with the transition as a senior advisor. Keel comes to Envista with extensive experience in leadership roles across various industries, emphasizing growth and operational management.
Keel’s career includes a tenure as CEO of Smiths Group plc, a global technology company listed on the FTSE 100, where he played a pivotal role in driving growth and profitability. Prior to his time at Smiths Group, Keel spent nearly 20 years at 3M, holding positions such as Group President of the Consumer Business Group, President of 3M Medical, and President of 3M’s Specialty Dental business. His career also features roles at GE, McKinsey & Company, and General Mills. With a BA from Carleton College and an MBA from Harvard Business School, Keel is expected to leverage his experience in medical and oral care markets to support Envista’s goals of digitizing, personalizing, and democratizing dental care.
Chris McCarthy, Paramount Global (PARA), Start Date: May 1, 2024
Chris McCarthy has been appointed as one of the three CEOs leading the Office of the CEO at Paramount Global, effective May 1, 2024. McCarthy’s tenure at Paramount Global began in 2004 when he joined Viacom as a freelancer, eventually progressing through various roles in marketing, strategy, operations, and development. His leadership journey includes being named President of MTV in 2016 and leading VH1’s reinvention in 2015. During his time overseeing these networks, MTV regained its position as the top choice for young audiences, and VH1 experienced notable growth. McCarthy’s ability to drive changes and create culturally relevant content has been a consistent theme throughout his career.
McCarthy’s appointment follows the departure of Bob Bakish, who stepped down as CEO and from the Board of Directors. Shari Redstone, Chair of the Board, expressed confidence in McCarthy and his fellow CEOs, George Cheeks and Brian Robbins, to chart a new strategic direction for the company. McCarthy’s background includes overseeing a portfolio that includes MTV, VH1, CMT, Logo, and Comedy Central, where he consolidated nine separate entities into one unified portfolio, streamlined expenses, and grew profits. Additionally, he launched Showtime/MTV Entertainment Studios, which now produces over 100 series per year. This extensive experience in the media industry, coupled with a focus on diversity, equity, and inclusion, positions McCarthy to guide Paramount Global through its next phase of growth and development.
Chris Bruzzo, Peloton Interactive, Inc. (PTON), Start Date: May 2, 2024
Chris Bruzzo has taken on the role of Interim Co-CEO at Peloton Interactive, Inc. (PTON) alongside Karen Boone, following the departure of Barry McCarthy. Bruzzo joined Peloton’s board in December 2023 and stepped into this leadership position by May 2024. His career encompasses over three decades in marketing and leadership roles at major global brands, including his notable tenure at Electronic Arts (EA). At EA, he served as Executive Vice President of Marketing, Commercial, and Positive Play from September 2020 to October 2021, and as Chief Marketing Officer from August 2014 to September 2020. In these roles, Bruzzo led marketing and commercial functions, established the Positive Play Group to enhance player experiences, and overhauled marketing strategies to strengthen player engagement and brand loyalty. His prior experience also includes leadership roles at Starbucks, where he served as General Manager of Evolution Fresh and Senior Vice President of Channel Brand Management.
Bruzzo’s appointment as Interim Co-CEO comes amid a pivotal restructuring phase for Peloton. Following Barry McCarthy’s resignation, Peloton announced a 15% reduction in staff and a $200 million reduction in annual expenses to better align its cost structure with its current scale. Bruzzo and Boone are tasked with steering the company through this transformative period, focusing on achieving sustained positive free cash flow. They are also involved in the search for a permanent CEO. This leadership transition and strategic reorganization aim to help Peloton adapt to the evolving market environment and position the company for long-term stability.
Karen Boone, Peloton Interactive, Inc. (PTON), Start Date: May 2, 2024
Karen Boone, appointed as Interim Co-CEO of Peloton Interactive, Inc. (PTON) effective May 2, 2024, has stepped into the role following Barry McCarthy’s decision to transition to a strategic advisory position until the end of the year. Boone’s career encompasses significant experience in financial leadership and administration. Notably, she served as the President, Chief Financial, and Administrative Officer at Restoration Hardware, Inc. from 2014 to 2018, and as CFO from 2012 to 2014. Her professional journey began at Deloitte & Touche LLP, where she ascended to the role of Audit Partner, marking a career span from 1996 to 2012.
In her new role, Boone will collaborate with Co-CEO Chris Bruzzo to oversee Peloton’s operations during the search for a permanent CEO. Boone’s financial acumen and leadership experience are supplemented by her tenure on Peloton’s Board since January 2019 and her board memberships at Sonos, Inc., Rivian Automotive, Inc., and various private companies. This background is expected to assist in steering Peloton through its transitional phase and maintaining operational stability.
Steve Spray, Cincinnati Financial Corp. (CINF), Start Date: May 4, 2024
Stephen M. Spray has been named Chief Executive Officer (CEO) of Cincinnati Financial Corporation (CINF) effective May 4, 2024. Spray previously served as the company’s President since 2022 and has been with Cincinnati Financial since 1991. Over his extensive career, Spray has held various significant roles within the company, including involvement in the formation of The Cincinnati Specialty Underwriters Insurance Company in 2007. He also led sales and marketing from 2011 to 2016 and managed commercial lines operations from 2016 to 2019. Between 2019 and 2022, Spray served as the Chief Insurance Officer of the property & casualty subsidiaries, demonstrating a broad understanding of the company’s operations and strategic initiatives.
In his new role as CEO, Spray will oversee the company’s ongoing efforts to maintain profitability and growth. Analysts have noted that his deep knowledge of Cincinnati Financial’s business model and strong agency relationships could be valuable assets. Amid this leadership transition, Steven J. Johnston, the outgoing CEO, will continue to support the company as Executive Chairman. Johnston’s focus will be on maintaining effective relationships with key stakeholders, including insurance agencies, investors, and other business organizations. Additionally, the board of directors has expanded, appointing Peter Wu as an independent director and Spray as a non-independent director. This broader executive leadership team aims to establish long-term strategies to drive the company’s future success.
Brian Blaser, QuidelOrtho Corp. (QDEL), Start Date: May 6, 2024
Brian J. Blaser has been named the new President and CEO of QuidelOrtho Corporation, with his tenure starting on May 6, 2024. This leadership change coincides with the company’s upcoming release of its first-quarter 2024 financial results on May 8, 2024. Blaser’s career spans significant roles at Abbott Laboratories, where he managed strategic, operational, and diagnostic functions. Most recently, he served as Executive Vice President of Diagnostic Products at Abbott Laboratories, overseeing the global diagnostics organization. His previous experience includes leadership positions at Johnson & Johnson’s Ortho Clinical Diagnostics division, Eastman Kodak, and General Motors. Blaser holds an MBA focused on Finance from the Rochester Institute of Technology and a Bachelor of Sciences in Mechanical Engineering Technology from the University of Dayton.
The appointment of Blaser is seen as a strategic move for QuidelOrtho as it continues to develop its in-vitro diagnostic solutions. Blaser has a record of executing transformational strategies and driving revenue growth, which is expected to be beneficial for QuidelOrtho’s next phase of development. His compensation package includes a $1 million base salary, bonus opportunities, and equity grants tied to performance metrics, reflecting the company’s investment in his leadership. Blaser’s extensive background and experience in the diagnostics sector are anticipated to guide the company through its future challenges and opportunities.
Gary Cohen, iRobot Corp. (IRBT), Start Date: May 7, 2024
Gary Cohen has been named the new Chief Executive Officer (CEO) of iRobot Corp. (NASDAQ: IRBT), effective May 7, 2024. Cohen brings over 25 years of executive leadership experience, having previously served in roles such as CEO of Automated Retail Technologies, Senior Vice President of Digital Sports and Consumer Business at NBCUniversal Media, LLC, and CEO of EZLinks Golf LLC. In his tenure at EZLinks, he led the company to significant growth and a successful acquisition by NBC Sports in 2019. His career includes leadership positions at Gillette, Timex, and Energizer, where he focused on brand growth, product innovation, and operational efficiencies.
Cohen’s appointment comes at a pivotal time for iRobot, which recently underwent an operational restructuring aimed at shifting the company’s focus towards profitability. Analysts regard his experience in driving enterprise-wide transformations and managing global consumer businesses as a valuable asset for iRobot. As CEO, Cohen will be responsible for overseeing innovation, product strategies, operational excellence, and talent management. He will work closely with the board, leadership team, and employees to introduce new products and maintain the company’s competitive edge in the consumer robotics market. The company looks to leverage his track record to generate value and shape its future direction.
Blair Jordan, 180 Life Sciences Corp. (ATNF), Start Date: May 7, 2024
Blair Jordan has been appointed as the Interim CEO of 180 Life Sciences Corp. (ATNF), effective May 7, 2024. Jordan brings extensive experience from both the private and public sectors, having held leadership positions across various industries. Prior to joining 180 Life Sciences, he co-founded and served as the CEO of HighMont Advisors Inc., a strategy and finance consulting firm, since January 2020. He has also been a senior advisor at Evans & Evans, Inc. since October 2023. His experience with public company boards includes roles at Minas Metals Ltd., Goldgroup Mining Inc., Standard Uranium Ltd., and Timeless Capital Corp. Additionally, Jordan has served as CFO and interim CEO at HeyBryan Media Inc. and Ascent Industries Corp., where he was involved in listing and financing transactions.
Jordan’s background also includes managing director and corporate director roles at Echelon Wealth Partners Inc. and senior positions at Credit Suisse Group, focusing on leveraged finance, principal investing, and special situations. He has practiced corporate and securities law at Bennett Jones LLP. Jordan holds an MBA from the University of Chicago Booth School of Business and an LL.B. from the University of British Columbia. His comprehensive experience in finance, law, and management is seen by analysts as positioning him well for his role at 180 Life Sciences Corp.
Steve Blanco, MSA Safety, Inc. (MSA), Start Date: May 10, 2024
Steve Blanco, 57, has been elected as the new Chief Executive Officer (CEO) of MSA Safety, Inc., effective May 10, 2024. This appointment is part of a planned management succession following the retirement of MSA Chairman and CEO Nish Vartanian. Prior to this role, Blanco served as the company’s President and Chief Operating Officer, where he was involved in overseeing key operational aspects and strategic initiatives. His previous roles included President of MSA Americas and Corporate Vice President and General Manager for the US and Canada, where he managed business interests across North and Latin America.
Blanco’s career at MSA Safety has been marked by his involvement in developing and implementing the MSA Operating System, which emphasizes continuous improvement. In various leadership roles, he has been responsible for both short-term and long-term business planning. As CEO, Blanco has set forth ambitious financial targets for the company, including goals for organic revenue growth and adjusted operating margins by 2028. He has also highlighted the importance of continuous improvement, talent development, and customer-centric innovation as key focus areas for MSA Safety moving forward.
Learn more about MSA Safety, Inc.
Ariane Gorin, Expedia Group, Inc. (EXPE), Start Date: May 13, 2024
Ariane Gorin took on the role of CEO at Expedia Group on May 13, 2024, succeeding Peter Kern. With over a decade of experience at Expedia Group, Gorin has held several executive leadership positions, most recently serving as President of Expedia for Business since 2021. During her tenure, she played a key role in transforming the affiliate network into a lucrative business and establishing the B2B private label segment, which now contributes approximately one-quarter of the company’s annual revenue. Her career at Expedia has been characterized by a focus on identifying market potential and driving business growth.
Gorin’s journey to the CEO role involved tackling challenging projects within the company. She initially took charge of the affiliate network, a role that was not highly sought after, and successfully turned it into a profitable venture. This accomplishment led to her promotion to President of Expedia for Business. Analysts have noted her ability to understand market dynamics, explore expansion opportunities, and meet customer needs as pivotal to her advancement within the company. As CEO, Gorin will address several pressing issues, including revamping the company’s technology infrastructure, improving Vrbo’s performance, and enhancing overall profitability. She aims to focus on business fundamentals, leveraging artificial intelligence, and enhancing the travel booking experience.
Learn more about Ariane Gorin and Expedia Group
Matthew Bromberg, Unity Software, Inc. (U), Start Date: May 15, 2024
Matthew Bromberg has been named the new CEO of Unity Software, Inc. (NYSE: U), effective May 15, 2024, succeeding interim CEO Jim Whitehurst. Bromberg comes with over two decades of experience in the gaming industry, having served as Chief Operating Officer at Zynga (NASDAQ: ZNGA) and in multiple leadership roles at Electronic Arts (NASDAQ: EA). His tenure at Zynga involved overseeing global game studios, product development, technology, data, and analytics, while at Electronic Arts, he contributed to scaling the company’s mobile division and led teams across four continents.
Before his appointment at Unity, Bromberg was a Senior Advisor to Blackstone (NYSE: BX) and served on the boards of companies such as Bumble (NASDAQ: BMBL), Monzo, and Blast. His background also includes leadership in esports as the President and CEO of Major League Gaming. This appointment is seen as a strategic move for Unity, aiming to leverage Bromberg’s extensive industry knowledge to foster growth and innovation. Roelof Botha, an independent director on Unity’s board, highlighted Bromberg’s leadership and customer focus as significant factors in his selection, indicating confidence in his ability to guide Unity’s future direction.
Read more on Unity’s official website
Gordon Hardie, O-I Glass, Inc. (OI), Start Date: May 15, 2024
Gordon Hardie has been appointed as the new Chief Executive Officer (CEO) of O-I Glass, Inc. (NYSE: OI), effective May 15, 2024. Hardie brings over 35 years of leadership and operational experience, particularly noted for overseeing transformations at global companies. Before joining O-I Glass, Hardie served as President, Food & Ingredients at Bunge Limited, a global agribusiness and food company. In this role, he was responsible for leading the strategic development and global performance of the business, which provided him with significant experience in managing large-scale operations.
Hardie has been a member of O-I Glass’ Board of Directors since 2015, offering him a comprehensive understanding of the company’s business, operations, and culture. His appointment follows a thorough search aligned with O-I Glass’ long-term succession planning process. Hardie succeeds Andres Lopez, who announced his retirement, marking a planned transition aimed at maintaining strong governance practices. Analysts have noted that Hardie’s extensive background in the packaged food and beverage industry may provide valuable customer insights, potentially driving future value creation for both the company’s customers and shareholders.
Rob Lynch, Shake Shack, Inc. (SHAK), Start Date: May 20, 2024
Rob Lynch has been appointed as the new CEO of Shake Shack, Inc., effective May 20, 2024. Lynch brings over 25 years of experience in the quick-service restaurant (QSR) and consumer packaged goods (CPG) industries. Before joining Shake Shack, Lynch served as President and CEO of Papa John’s Pizza starting in August 2019, where he oversaw the company’s growth to record global system-wide sales of over $5 billion across roughly 5,900 units. His career also includes significant roles at Arby’s, Taco Bell, The Kraft Heinz Company, and Procter & Gamble, where he developed a strong foundation in marketing, data analytics, and technology.
Lynch’s background in operational leadership and digital transformation has been noted as instrumental in his previous successes, particularly at Arby’s, where he managed operations, marketing, culinary, development, and digital initiatives. His ability to drive growth and foster innovation is expected to be pivotal in his new role at Shake Shack. The transition plan includes Randy Garutti, who has led Shake Shack since 2011, continuing as CEO until May 20, 2024, before moving into an advisory role to ensure a seamless handover. At Papa John’s, Ravi Thanawala will serve as interim CEO until a permanent replacement is found. Lynch’s appointment is seen as a strategic move for Shake Shack as it aims to strengthen its position as a global brand.
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