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Thursday, 20 November 2014 11:52

Multi-Million Dollar Companies Search For New CEOs & The Latest Execs Hired Featured

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Vell Compiles Open CEO Roles and Placements in the Past Month
PREPARED BY: Vell Executive Search
DATE: October 21 to November 16,  2014

Welcome to our CEO Turnover Newsletter.

This newsletter covers companies looking for CEOs, across indusries, as well as latest appointments, in the tech sector and overall in the past thirty days which ended November 16, 2014.

There are 61 companies looking for CEOs, and 31 companies that appointed new CEOs. The vast majority of the CEOs appointed were internal promotions. Eight out of 31 appointments were external appointments. 

CEO turnover for October 2014 increased a mere 1% from that of October 2013. The month to month change from September 2014 to October 2014 saw the CEO turnover increase by 22%

Technology Industry

New Tech CEO Openings: Six – Reddit, Jive Software, Tinder, Guidance Software (CA), Vevo (NY), F5 Networks (WA), and Shanda Games Limited (China)

Total Tech CEO Roles Open: 20

New Tech CEO Appointments: 10

Sources of Tech CEO Appointments: 3 external; 7 internal promotions –COO (2), iCEO (1), CFO (1), others (3)

Geographic Distribution of new Tech CEOs:  Nine in the U.S. and one international

Gender Diversity: None of 10 CEOs appointed were women.

All Other Industries

New CEO Openings (other industries): Four - Carnival Cruise Lines (FL), Chambers Street Properties (NJ), Sanofi and Thales (France)

Total CEO Roles Open: 61 (other industries)

New CEO Appointments: 31 (other industries)

Sources of Appointments (other industries): Five were external appointments; 26 were internal promotions – COO (7), COO & President (2), Presidents (4), iCEOs (4), former CEO (1), others (8)

Geographic Distribution of new CEO Appointments (other industries): US (27) and International (4)

Gender Diversity(other industries): one woman was appointed as CEO (F-Squared Investments)

For more details, please refer to sections below on Tech CEOs wanted, Tech CEOs Appointed and Non-Tech CEOs Wanted, Non-Tech CEOs Appointed.

Other recent Vell Leadership Updates: Tech Company Director Appointments, Tech Directors in Corporate Boards, Giant Tech Companies Latest Appointments.

Dora Vell

Vell Executive Search

t: 781-416-4003 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Vell Executive Search is a retained executive search firm that specializes in recruiting technology execs for boards and executive roles, such as CEOs and C-Levels. Vell has built a reputation for recruiting talented high-performing leadership teams globally. You can reach us at This email address is being protected from spambots. You need JavaScript enabled to view it. and our website is

CEOs Wanted & Appointed - Tech Industry

Tech CEOs Wanted


ServiceSource, San Francisco, CA                                                                     Revenues: $272m
ServiceSource is a service revenue management company.

August 2014 – ServiceSource announced the appointment of CFO, Ashley Fieglein Johnson, as Acting CEO, and has retained a leading executive search firm to identify a permanent CEO.

Infoblox, Santa Clara, CA                                                                       Revenues: $225m
Infoblox is an automated network controller. The Company’s network functions include IP address management, device configuration, compliance, network discovery, policy implementation, security and monitoring.

May 2014 – Infoblox’s CEO Robert Thomas has decided to step down. Thomas will remain in his present management and board positions pending the appointment of his successor. The Board has engaged an executive search firm to assist in the process of contacting and evaluating candidates.

Pulse Electronics, San Diego, CA                                                         Revenues: $355.7m

Pulse Electronics is a supplier of interconnect components for data center network equipment.

July 2014 - Ralph E. Faison resigned from his positions as Chairman, CEO and President of Pulse. The Board will immediately begin a search for a permanent CEO, which will include both internal and external candidates. COO Alan H. Benjamin appointed Interim CEO.

Reddit, San Francisco, CA                                                                           Revenues: Pvt.

Reddit is an entertainment, social networking service and news website where registered community members can submit content, such as text posts or direct links.

November 2014 - Yishan Wong has resigned as CEO of Reddit, the community-curated message board, following a disagreement with the board of directors over new offices. Ellen Pao, Reddit's business and partnerships strategist, will serve as interim CEO.

Jive Software, East Palo Alto, CA                                                                     Revenues: $145.8m Jive Software provides a social business software platform.

November 2014 - Jive Software CEO Tony Zingale announced his retirement from the helm of the Palo Alto company. Zingale will become executive chairman, providing an opportunity for Elisa Steele, who was promoted to president and will serve as interim CEO with help from board member Bill Lanfri until a new leader is named.

Tinder, Los Angeles, CA                                                                     Revenues: NA                Tinder is a matchmaking mobile app, which connects with users' Facebook profiles to provide pictures and ages for other users to view.

November 2014 - Tinder CEO Sean Rad is stepping down. He's going to stay on as CEO until the company finds his replacement.

Guidance Software, Pasadena, CA                                                          Revenues: $110.5m                 Guidance Software is a provider of digital investigative solutions.

November 2014 - Guidance Software appointed CFO Barry Plaga as Interim CEO. This appointment follows the departure of Victor Limongelli as Guidance Software’s President and CEO and his resignation as a member of the Company’s Board of Directors. Guidance Software’s Board of Directors will initiate formal search processes to identify a permanent CEO.


Carbonite, Boston, MA                                                                           Revenues: $107.2m
Carbonite provides secure cloud backup solutions with anytime, anywhere access to files stored on its servers.

February 2014 - David Friend, co-founder and CEO of Carbonite, will step down as CEO of the company once a successor is found.

New Jersey

Single Touch Systems, Jersey City, NJ                                                         Revenues: $7.8m
Single Touch Systems offers its patented technologies through a modular, adaptable platform and a multi-channel messaging gateway to its customers, enabling them to reach consumers on all types of connected devices.

September 2014 - Single Touch Systems announced that Jerry Hug has been appointed as the company's interim CEO. Hug, previously Single Touch's EVP of Corporate Development, replaces James Orsini, who departs on September 19, 2014 to pursue other opportunities.

New York

Vevo, New York, NY                                                         Revenues: NA
Vevo is
a video hosting service owned and operated by a joint venture of Universal Music Group (UMG), Google, Sony Music Entertainment (SME) and Abu Dhabi Media.

November 2014 – CEO Rio Caraeff, who has run the Vevo music video service since its creation in 2009, is leaving at the end of the year. Vevo is now looking for a new CEO. In the meantime, CFO Alan Price will run the company.

New Mexico

EMCORE, Albuquerque, NM                                                         Revenues: $168.1m
EMCORE offers a portfolio of compound semiconductor-based products for the broadband, fiber optics, space and solar power markets.

September 2014 - Dr. Hong Q. Hou, EMCORE's President and CEO, will be stepping down from his position. Dr. Hou will continue to serve in his current role until his successor is appointed. The Board has formed a search committee which has been granted the authority to identify, consider, assess, evaluate, research, and recommend to the entire Board the candidates for the position of CEO.


ScopiaRx, Cincinnati, OH                                                                           Revenues: Private
ScopiaRx founded in 2008 by Jeffrey Huth Phd, MD., is a startup company in Cincinnati, OH that has developed a new, comprehensive drug safety software and database platform to improve patient care and reduce medical costs.

May 2014 - ScopiaRx is looking for an executive with a strong sales background who can help lead an early stage health care IT company to market.  The position is based in Cincinnati.  The founder is an MD who is looking for a seasoned executive to direct the market expansion of a drug safety cloud-based analytics tool.


Unisys, Blue Bell, PA                                                                        Revenues: $3.5b
Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients.

October 2014 - J. Edward Coleman, Chairman and CEO will be leaving the company. The board of directors has engaged an executive search firm, to conduct the search for Coleman's replacement.


F5 Networks, Seattle, WA                                                           Revenues: $1.7b
F5 Networks
is the developer and provider of application delivery services.

November 2014 - F5 Networks said President and Chief Executive John McAdam plans to retire in about a year and will work closely with the board of directors to ensure a smooth transition as the networking company searches for a successor.

West Virginia

MTR Gaming Group, Chester, WV                                                           Revenues: $478.6m
MTR Gaming Group owns and operates racetrack, gaming and hotel properties in West Virginia, Pennsylvania, and Ohio.

April 2013 - Jeffrey J. Dahl has provided his notice of resignation from his position as President and CEO of MTR Gaming Group to pursue other business opportunities. Dahl has agreed to remain in his current position as the Board conducts its interview process for a new CEO. COO Joseph L. Billhimer adds on the role of Acting President.

Other International

Cision, Stockholm, Sweden                                                                       Revenues: $123.8m
Cision is a leading provider of cloud-based PR software, services and tools for the marketing and public relations industry.
June 2014 - Cision announced that Peter Granat is resigning as President and CEO of Cision. The Board of Directors has appointed Magnus Thell, currently head of Cision Europe, as interim President and CEO.

Weve Limited, London, U.K.                                                           Revenues: NA
Weve is the joint venture between the UK's three largest mobile network operators - EE, Telefonica UK (O2) and Vodafone UK. Weve is in the process of rolling out a mobile payment service in the UK through a partnership with MasterCard.
June 2014 - David Sear, chief executive of Weve, is leaving the company he helped establish, after one and a half years. Weve is on the hunt for a CEO.

TeleCity Group, London, U.K.                                                           Revenues: $529.6m
TeleCity Group is a provider of network-independent data centers providing colocation and related data centre services.
September 2014 - Michael Tobin, who had led the FTSE 250 group for a decade, will leave the company at the end of October, with chairman John Hughes taking over executive responsibilities while a replacement is found.

OI S.A., Rio De Janeiro, Brazil                                                       Revenues: $11.63b
Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally.

October 2014 - Zeinal Abedin Mahomed Bava resigned from his position as CEO of the Company. CFO Bayard De Paoli Gontijo will exercise the CEO functions, until the Board of Directors resolves upon the appointment of a replacement for the position of CEO.

Shanda Games Limited, Shanghai, China                                      Revenues: $11.63b
Games Limited is a China-based company principally engaged in the development and operation of online games and related businesses..

November 2014 - Yingfeng Zhang has been appointed as acting CEO and the Board will begin a global search for a permanent successor.

CEOs Appointed


Juniper Networks: The company named veteran employee Rami Rahim as CEO, replacing Shaygan Kheradpir. 

Novatel Wireless: iCEO Alex Mashinsky named CEO permanently.


Fidelity National Information Services: FIS announced the appointment of COO Gary A. Norcross as President and CEO.

Medytox: Seamus Lagan, former CEO of three Medytox Solution subsidiaries, has been named CEO of Medytox, a lab and health IT company operator.

Illinois Gannett named Alex Vetter, EVP and COO for, as President and CEO. 


SeaChange International: Jay Samit succeeds SeaChange's current CEO Raghu Rau. Samit was most recently president at ooVoo, a social video chat service 

New York

Monster Worldwide: Salvatore Iannuzzi has stepped down as CEO and President. Timothy Yates, a Director of Monster and formerly its EVP and CFO, has been appointed CEO.


M*Modal: M*Modal’s taps Scott MacKenzie as new CEO from Experian Health.


Solutionstar: Nationstar Mortgage Holdings hired former Groupon executive Kal Raman as CEO of its subsidiary Solutionstar.

Other International

Sony Mobile: Sony has named SVP at Sony for corporate planning, finance and new business creation Hiroki Totoki as new CEO at its struggling mobile phone business, replacing Kunimasa Suzuki.

CEOs Wanted & Appointed -  Other Industries

CEOs Wanted


Arkansas Capital Corporation, Little Rock, AR                                        Revenues: Private
Arkansas Capital Corporation Group provides commercial financing services. The company was formerly known as First Arkansas Development Finance Corporation.

July 2013 - Sam Walls, who served as the CEO of The Arkansas Capital Corporation Group, has retired after 24 years of service. Rush Deacon, who has served as Chairman of the Board of Arkansas Capital Corporation, is now serving as the acting CEO for the company.


Landec Corporation, Menlo Park, CA                                                     Revenues: $476.8m
Landec Corporation develops polymer products for food and agricultural products, medical devices and licensed partner applications that incorporate Landec's polymer technologies.

September 2014 - Landec Corporation announced that it’s Chairman and CEO, Gary T. Steele, plans to retire on May 31, 2015 at the end of Landec's fiscal year. Mr. Steele has agreed to remain on the Board of Directors as a director, but not as Chairman after his retirement. The search committee of the company has engaged JM Search, of Philadelphia, PA to begin the search process for Steele's successor and the process will consider both external and internal candidates.

STAAR Surgical, Monrovia, CA                                                     Revenues: $72m
STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye.

October 2014 - Staar Surgical announced that Barry G. Caldwell, President & CEO, 64, will retire on March 1, 2015. The Board has initiated a search to identify Caldwell's replacement. The Board of Directors has appointed a special committee to begin an extensive search process for Barry's successor.


Crocs, Niwot, CO                                                                                    Revenues: $1.1b
Crocs is a designer, manufacturer and distributor of footwear and accessories.

January 2014 - Crocs CEO John McCarvel has retired. Crocs said it is launching an outside search for McCarvel's replacement. Crocs has appointed Reebok executive Andrew Rees as president, who will also serve as interim CEO until the company finds a successor to CEO John McClarvel, who left. Rees also will handle the role of principal executive officer until the company finds a replacement for CEO.


Darden Restaurants, Orlando, FL                                                         Revenues: $8.8b
Darden Restaurants is full service restaurant company. The Company owns and operates more than 1,500 restaurants.

August 2014 - Darden Restaurants announced that it has retained global executive search firm Russell Reynolds Associates to assist the Company with the recruitment of its next CEO.  As previously announced, Clarence Otis has stepped down as Chairman and CEO and Eugene Lee serves as iCEO.

WellCare Health Plans, Tampa, FL                                                         Revenues: $7.4b
WellCare Health Plans is a provider of managed care services to government-sponsored health care programs, focusing on Medicaid and Medicare.

October 2013 - The Board of Directors appointed David J. Gallitano, the company's Chairman, to serve as the company's interim CEO, while a search is conducted by the board for a new CEO.

The St. Joe Company, Watersound, FL                                                         Revenues: $131.3m
The St. Joe Company is a Florida real estate development and operating company.

August 2014 - The St. Joe Company announced that its CEO, Park Brady, will be retiring. The Company will be commencing a search for a new CEO. Jeffrey C. Keil, an independent Director of St. Joe since 2011, will serve as President and Interim CEO.

Hertz Global Holdings, Naples, FL                                                         Revenues: $10.8b
Hertz Global Holdings is a holding company. Its business operates in two segments: rental and leasing of cars, crossovers and light trucks (car rental), and rental of industrial, construction and material handling equipment (equipment rental).

September 2014 - Hertz Global Holdings announced that Mark Frissora has stepped down for personal reasons as the Company's Chairman and CEO. Hertz appointed Brian P. MacDonald, President and CEO of Hertz Equipment Rental Corporation (HERC), to serve as interim CEO of Hertz. The Hertz Board has initiated a search process to identify a permanent CEO, with the assistance of an executive search firm. Internal and external candidates will be considered.

Carnival Cruise Lines, Doral, FL                                                         Revenues: NA
Cruise Lines is a British-American owned cruise line, based in Doral, Florida. The company is now one of ten cruise ship brands owned and operated by Carnival Corporation & plc.

November 2014 - Gerry Cahill is retiring from his position as CEO. The company will look at both internal and external candidates to fill the job.


Alternate Energy Holdings, Eagle, ID                                                     Revenues: NA
Alternate Energy Holdings is engaged in the purchase, optimization and construction of
green energy sources, primarily nuclear power plants.

November 2012 - Alternate Energy Holdings announced that founder Don Gillispie will step down as CEO and Director after seven years. The decision was made amid ongoing health concerns, although Gillispie will assist the company part time as a consultant as his health allows going forward. In his place, the AEHI Board of Directors voted unanimously to appoint Pete Honeysett, AEHI Director of Nuclear Projects, as President.


Crate and Barrel, Chicago, IL                                                               Revenues: NA
Crate & Barrel is a 170+ store American chain of retail stores, specializing in housewares, furniture, and home accessories.

August 2014 - Crate and Barrel CEO Sascha Bopp, who led the furniture chain’s recent international expansion, has resigned, less than a month after his second-in-command left the company. Adrian Mitchell, Crate and Barrel’s COO and CFO, has assumed interim leadership and a search is underway to replace Bopp.

Landauer, Glenwood, IL                                                                        Revenues: $150.2m
Landauer is a provider of technical and analytical services to determine occupational and environmental radiation exposure.

September 2014 - Radiation monitoring firm Landauer said that President and CEO William Saxelby will step down next month to be replaced on an interim basis by Michael Leatherman. Leatherman has been a member of the firm's board of directors since 2008.

Rubicon Technology, Franklin Park, IL                                                  Revenues: $41.5m
Rubicon Technology manufactures synthetic electronic materials for opto-electronic, semiconductor fabrication, telecommunications, and optical & laser applications.

September 2014 - Rubicon Technology has appointed William Weissman, currently CFO, as interim CEO, replacing Raja Parvez. Chairman Don Aquilano will lead a search for a permanent CEO with the assistance of a leading executive search firm.


ITT Educational Services, Carmel, IN                                                     Revenues: $1.1b
ITT Educational Services (ITT/ESI) is a provider of postsecondary degree programs in the United States.

August 2014 - ITT Educational Services’ CEO Kevin M. Modany resigned. The company is looking for his replacement.


Waters Corporation, Milford, MA                                                            Revenues: $1.84b
Waters Corporation is a laboratory analytical instrument and software company.

August 2013 - Waters Corporation announced that Douglas A. Berthiaume will retire as CEO within the next twenty-four months. The Board of Directors has appointed a Succession Planning Committee that will guide the process of selecting a successor, and plans to engage an executive search firm to assist in a search which will consider both internal and external candidates.

Atlantic Power, Boston, MA                                                                         Revenues: $551.7m
Atlantic Power owns and operates a fleet of power generation and infrastructure assets in the United States and Canada.

September 2014 - Atlantic Power's Board of Directors also announced today that it has appointed Director Ken Hartwick, 51, as Interim President and CEO effective immediately, following the mutual agreement for Barry Welch to step down as President, CEO and a Director of the Company. The Board has commenced a process to identify and evaluate candidates to serve as the Company's next President and CEO and will promptly engage a leading executive search firm to assist in the process.


The Mosaic Co., Plymouth, MN                                                                 Revenues: $8.2b  Mosaic is a producer and marketer of combined concentrated phosphate and potash crop nutrients.

May 2014 – Mosaic Co. said CEO James T. Prokopanko is taking a medical leave of absence for surgery to treat cancer and named CFO Lawrence W. Stranghoener as interim CEO. Mr. Stranghoener, whose appointment is effective June 1, intends to retire at the end this year, the company said. Mosaic named Richard L. Mack, currently its general counsel and corporate secretary, as its new CFO.


Glacier Bancorp, Kalispell, MT                                                             Revenues: $321m
Glacier Bancorp is a regional multi-bank holding company. As of December 31, 2012, the Company provided commercial banking services from 108 locations in Montana, Idaho, Wyoming, Colorado, Utah and Washington.

October 2014 –
Glacier Bancorp announced that it has retained Spencer Stuart to advise the Board of Directors on potential internal and external candidates for a successor to Michael J. Blodnick as President and CEO.


ConAgra Foods, Omaha, NE                                                                          Revenues: $17.7b
ConAgra Foods is a packaged food company. The Company operates in four segments: Consumer Foods, Commercial Foods, Ralcorp Food Group, and Ralcorp Frozen Bakery Products.

August 2014 –
The search is now underway for the next CEO of ConAgra Foods. Current CEO Gary Rodkin announced his plan to retire from the company in 2015.

New Jersey

Vonage Holdings, Holmdel, NJ                                                       Revenues: $830m
Vonage Holdings is a provider of communications services connecting people through broadband devices worldwide.

April 2014 - Vonage Holdings’ CEO Marc Lefar has shared his intention to retire from the Company upon completion of a process to select a successor. Founder Jeffrey Citron took over as interim CEO.

Rockwood Holdings, Princeton, NJ                                                  Revenues: $1.4b
Rockwood is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes.

June 2014 - The Rockwood Board of Directors has appointed Robert J. Zatta as Acting CEO effective July 1, 2014, in addition to his role as Chief Financial Officer.

Vitamin Shoppe, North Bergen, NJ                                                  Revenues: $1.1b
Vitamin Shoppe is a specialty retailer and direct marketer of vitamins, minerals, herbs, specialty supplements, sports nutrition and other health and wellness products.

September 2014 - CEO Tony Truesdale announced his intent to retire on June 27, 2015 to spend more time with his family and his external Board work. The Board of Directors of the Vitamin Shoppe will be commencing a search for a new CEO, which will include both internal and external candidates.

Chambers Street Properties, Princeton, NJ                                                  Revenues: $250m
Chambers Street
Properties is a net lease real estate investment trust.

November 2014 - Chambers Street Properties announced that President, CEO and Founder Jack Cuneo plans to retire from the Company. Cuneo will continue in his role until a successor is named and will be available to provide consulting services to the Company for a period of time after that.

New York

Morgans Hotel Group, New York, NY                                                      Revenues: $189.9m
Morgans Hotel Group is a fully integrated lifestyle hospitality company.

September 2013 - Morgans Hotel Group said Michael Gross resigned as CEO after its largest shareholder led an ouster of the board. Jason Kalisman, the company’s chairman, will take over as interim CEO.

Delcath Systems, New York, NY                                                          Revenues: $490.0K

Delcath is a specialty pharmaceutical and medical device company, focused on oncology, initially cancers in the liver.

September 2014 – Delcath Systems announced the reorganization of the Company's leadership as Dr. Jennifer Simpson has been appointed interim President and interim CEO. Dr. Simpson has served as interim Co-President and interim Co-CEO of Delcath since September 2013.

Coty, New York, NY                                                                      Revenues: $4.5b

Coty is engaged in manufacturing, marketing and distribution of women’s and men’s fragrances, color cosmetics and skin and body care related products globally.

October 2014 – Coty’s CEO Michele Scannavini has stepped down from his role, and Chairman Bart Becht will become interim CEO. The company intends to commence a search process for Scannavini's permanent successor immediately. Becht will remain as Chairman of the company once a permanent successor has been appointed.


Invacare, Elyria, OH                                                                                   Revenues: $1.4b

Invacare is the manufacturer and distributor of medical equipment and supplies used in home. 

July 2014 - Gerald B. Blouch, President and CEO, will retire. Robert K. Gudbranson, Invacare’s SVP and CFO, has been named interim President and CEO.

DDR Corp., BEACHWOOD, OH                                                                       Revenues: $ 895.6m

DDR is an owner and manager of 396 shopping centers representing 108 million square feet in 39 states and Puerto Rico. 

September 2014 - DDR Corp. announced that CEO Daniel B. Hurwitz and the Board of Directors have agreed not to renew his employment agreement, which expires December 31, 2015. A committee of the Board will engage an executive search firm and consider internal and external candidates to succeed Hurwitz.


American Eagle Outfitters, Pittsburgh, PA                                             Revenues: $3.5b
American Eagle Outfitters is a specialty retailer that operates in the United States and Canada.

January 2014 - American Eagle Outfitters (AEO) said CEO Robert Hanson is leaving the retailer, while executive chairman Jay Schottenstein will step in as his interim replacement.

Kennametal, Latrobe, PA                                                                      Revenues: $2.87b
Kennametal is a supplier of tooling, engineered components and advanced materials consumed in production processes.

August 2014 - Kennametal announced that Chairman, President and CEO Carlos Cardoso has decided to retire from the company. This will be a seamless leadership transition as the company's board of directors commences its search for Cardoso's successor, which members expect to complete before the end of the year. The search process will consider both internal and external candidates.

Polonia Bancorp, Huntingdon Valley, PA                                                           Revenues: $13.1m
Polonia Bancorp is a savings and loan holding institution.

September 2014 – Anthony J. Szuszczewicz advised the Board of Directors that he is retiring as President and CEO. CFO Paul D. Rutkowski will serve as CEO on an interim basis while the Board of Directors conducts a search for a permanent President and CEO.

West Pharmaceutical Services, Lionville, PA                                       Revenues: $1.3b
West Pharmaceutical Services is a global leader in innovative drug packaging and administration systems.

October 2014 - Donald E. Morel, Jr., Ph.D., Chairman and CEO, has announced his intention to retire at the Company's Annual Meeting in May 2015.  The West Board of Directors has retained Russell Reynolds Associates to launch a comprehensive search to identify Dr. Morel's successor.

The Pep Boys: Manny, Moe & Jack, PHILADELPHIA, PA                                Revenues: $2.06b
The Pep Boys: Manny, Moe & Jack, (branded as and commonly abbreviated as Pep Boys) is a full-service and tire automotive aftermarket chain.

October 2014 - The Pep Boys - Manny, Moe & Jack announced the resignation of President & CEO and Director Mike Odell, 50. Director John Sweetwood, 66, was named interim CEO.


Dollar General, Goodlettsville, TN                                                                Revenues: $17.5b
Dollar General Corporation is a discount retailer in the United States.
June 2014 - Richard W. Dreiling, Chairman and CEO, advised Dollar General of his intention to retire as CEO effective May 30, 2015 or upon the appointment of a successor. The Board is conducting an internal and external search for a CEO.


Layne Christensen, The Woodlands, TX                                                    Revenues: $859.3m
Layne Christensen Company is a global water management, construction and drilling company.
June 2014 - Layne Christensen’s CEO Rene J. Robichaud has resigned. David A.B. Brown, Layne's non-executive Chairman, has been appointed to serve in the additional capacities of President and CEO. The Board will engage an executive search firm to identify Robichaud's successor.

Cash America International, Fort Worth, TX                                           Revenues: $1.79b
Cash America International provides specialty financial services to individuals through retail services locations and through electronic distribution platforms known as e-commerce activities.
July 2014 - Cash America International announced that its president and CEO, Daniel R. Feehan, 63, intends to retire. The Board of Directors has appointed a special committee, chaired by James H. Graves, the Chairman of the Management Development and Compensation Committee, to lead a search for a successor CEO.

Era Group, Houston, TX                                                                                   Revenues: $299m
Era Group is engaged in helicopter operations worldwide. The Company’s helicopters are primarily used to transport personnel to, from and between offshore installations, drilling rigs and platforms.    

September 2014 - Sten L. Gustafson has resigned as CEO and director. The Board has named Christopher S. Bradshaw, Era's EVP and CFO, as Acting CEO, while the Board identifies a permanent CEO to replace Gustafson.

Alco Stores, Coppell, TX                                                                                 Revenues: $474.1m
Alco Stores is engaged in the business of retailing general merchandise throughout the central portion of the USA through a range of department store outlets.    

September 2014 - Alco Stores announced at a Company Town Hall Meeting that Director Stanley B. Latacha will assume the role of Interim CEO effective immediately.

EXCO Resources, Dallas, TX                                                                    Revenues: $634.3m
EXCO Resources is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore the United States oil and natural gas properties with a focus on shale resource plays.    

October 2014 - EXCO Resources announced that it is continuing its search for a new CEO. EXCO is currently in various stages of discussions with candidates. In connection with such search, EXCO may consider acquiring oil and gas entities or properties owned by or affiliated with the candidate who is ultimately selected.

Washington, DC

Pepco Holdings, Washington, DC                                                            Revenues: $5b
Pepco Holdings is engaged primarily in the transmission, distribution and default supply of electricity and the distribution and supply of natural gas.
January 2014 - Pepco Holdings announced that Chairman, President and CEO Joseph M. Rigby has notified to retire from PHI in the first half of 2015. To provide for a smooth transition, Rigby will step down as CEO near the end of 2014, following the selection of his successor.


Rockbridge Resources, Vancouver, BC                                                   Revenues: $288.03m
RockBridge Resources engages in the acquisition and development of oil and natural gas resource properties in Canada.

June 2013 - Canadian junior RockBridge Resources is in the hunt for a new boss after its President and CEO quit. Mike O’Byrne is vacating the top seat “to focus on his own business endeavours” but will remain on the board, the Vancouver-based explorer said. Current director Stephen Mathiesen, a business lawyer and partner with Lang Michener, will step in on an interim basis.

Martinrea International, Toronto, ON                                                  Revenues: $2.9b
Martinrea International is engaged in the production and development of quality metal parts, assemblies and modules, fluid management systems and complex aluminum products focused primarily on the automotive sector.
March 2014 - Metal parts maker Martinrea International's president and CEO, Nick Orlando, will step down from his role. The company said it would conduct a search for a new president and CEO immediately, with executive chairman Rob Wildeboer noting some personal health issues of Orlando during his tenure.

Neptune Technologies & Bioressources, Quebec, Canada                        Revenues: $18.1m
Neptune Technologies & Bioressources (Neptune) is a biotechnology company engaged primarily in the development and commercialization of marine-derived omega-3 polyunsaturated fatty acids

June 2014 –Neptune Technologies & Bioressources, Acasti Pharma and NeuroBioPharm jointly announce the appointment of CFO Andre Godin as interim President and CEO of Neptune, Acasti and NeuroBio with immediate effect.

Coast Capital Savings Credit Union, Surrey, BC                                          Revenues: NA

Coast Capital is Canada’s second-largest credit union, with 512,000 members and 50 branches in Metro Vancouver, the Fraser Valley and on Vancouver Island.

July 2014 –Coast Capital Savings Credit Union’s president and CEO Tracy Redies has quit the Vancouver-based financial institution after five years in the top job. CFO Don Coulter has been appointed interim CEO.

Manitoba Telecom Services, Winnipeg, MB                                          Revenues: $1.5b

Manitoba Telecom Services is a communications provider.

August 2014 – The CEO of Manitoba Telecom Services Inc. is planning to retire later this year and the Winnipeg company has started to look for a new leader. CEO Pierre Blouin will stay on until a new CEO has been appointed and will help with the transition process.

Sears Canada, Toronto, ON                                                              Revenues: $3.53b

Sears Canada is a multi-channel retailer.

October 2014 –CEO Douglas C. Campbell intends to depart from the company by the end of 2014 to take care of certain personal issues. EVP and chief merchandising officer and president of Sears and Kmart Formats, Ronald Boire, named Acting President and CEO. The retailer said it is continuing the search for a permanent replacement for Campbell, with Boire being a leading candidate in that process.

Other International

Mulberry Group, Chilcompton, UK                                                       Revenues: $165.1m
Mulberry Group is engaged in the design and manufacture or sourcing of luxury accessories, clothing and footwear and their subsequent sale through wholesale channels or its own stores and concessions in home and export markets.
March 2014 - Bruno Guillon, the CEO of English luxury brand Mulberry, has stepped down from his role less than two months after the retailer issued a profit warning. Godfrey Davis, who is currently non-executive chairman and was previously CEO, will become executive chairman until a successor is found.

Polyus Gold International Limited, London, UK                                     Revenues: $2.84b
Open Joint Stock Company Polyus Gold, together with its subsidiaries, engages in the extraction, refining, and sale of gold.
November 2013 - Polyus Gold International Limited announces that Mr. Pavel Grachev, a member of the Board of Directors, has taken on the added responsibilities of interim CEO of the Company until a successor is elected, and Mr. German Pikhoya has now resigned as CEO and Director of the company with immediate effect.

Kingfisher Airlines, Mumbai, India                                                          Revenues: $5.01b
Kingfisher Airlines Ltd is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services, including charter services.
February 2014 - Kingfisher Airlines CEO Sanjay Aggarwal put in his papers, with no replacement announced.

        Bacardi Limited, Hamilton, Bermuda                                                          Revenues: NA
Bacardi is the largest privately held spirits company in the world.
April 2014 - Bacardi Limited announced the departure of president and CEO Ed Shirley. Interim CEO is Michael J. Dolan who will serve until a successor is appointed.

AGL Energy, Sydney, Australia                                                          Revenues: $9.7b
AGL is engaged in buying and selling of gas and electricity; construction and/or operation of power generation and energy processing infrastructure; development of natural gas production and storage facilities, and exploration, extraction, production and sale of coal seam gas (CSG).
May 2014 - AGL Energy CEO Michael Fraser will retire by the end of June, 2015. The company's board had started a selection process for a replacement and would consider both internal and external candidates.

Bayer, Leverkusen, Germany                                                                Revenues: $54.6b
Bayer AG is a German management holding company with core competencies in the field of health care, nutrition and high-tech materials.
June 2014 - Bayer AG CEO Marijn Dekkers will step down at the end of 2016, setting up a contest for the top job at one of Germany’s largest companies. Chief Financial Officer Werner Baumann, 51, will become chief strategy and portfolio officer, and Johannes Dietsch, 52, a senior manager of Bayer’s Chinese operations, will become CFO.

VTB Capital International, Moscow, Russia                                        Revenues: NA  

VTB Capital offers a full range of investment banking products and services to Russian and international clients. VTB Capital International is the overseas business unit of VTB Capital.

July 2014 - VTB Capital International CEO Atanas Bostandjiev, who heads overseas operations at Russia’s biggest investment bank, will be leaving. CFO Nick Hutt has been appointed interim CEO of the unit.

Eniro, Solna, Sweden                                                                       Revenues: $531.1m
Eniro AB is a Sweden-based company engaged in the provision of search and directory products and services.
August 2014 - Eniro AB has appointed Stefan Kercza, currently President of Eniro Denmark and acting President of, as acting President and CEO of the company.

Net-a-Porter Group, London, U.K.                                                                        Revenues: NA
Net-a-Porter is a high-fashion retailer that operates via a website designed in the style of a magazine. It was launched in London in 2000 by Natalie Massenet.
August 2014 - Longtime CEO Mark Sebba is set to retire, but his successor has not yet been named.

Galliford Try plc, Uxbridge, U.K.                                                                        Revenues: $2.9b
Galliford Try plc is a United Kingdom-based housebuilding and construction company.
September 2014 - British builder Galliford Try said its CEO Greg Fitzgerald would retire no later than the end of 2015, and its board had begun a process to appoint his successor after 33 years at the company.

Statoil, Stavanger, Norway                                                                          Revenues: $94.7b
Statoil is a Norway-based integrated energy company primarily engaged in oil and gas exploration and production activities.

October 2014 - President and CEO Helge Lund has informed Statoil's board that he will resign, to take up the position as CEO of another international oil and gas company. The board has appointed Eldar Sætre as acting president and CEO of Statoil with immediate effect.

LyondellBasell Industries, Rotterdam, Netherlands                                     Revenues: $44.06b
LyondellBasell Industries N.V. is an independent chemical company.

October 2014 - LyondellBasell announced that CEO James L. Gallogly will retire from the company in early 2015. Gallogly will continue to serve as CEO and chairman of the LyondellBasell management board in the interim to ensure an orderly transition pending the selection of his replacement.

Luxottica Group SpA, Rotterdam, Italy                                      Revenues: $9.3b
Luxottica Group SpA is an Italy-based company engaged in optical industry. It designs, manufactures and distributes prescription frames, sports eyewear and sunglasses.

October 2014 - Luxottica Group SpA said founder Leonardo Del Vecchio will become interim CEO after the Italian maker of Ray-Ban glasses lost its second leader, CEO Enrico Cavatorta, in little more than a month. Del Vecchio, the company’s chairman, will take the helm until a pair of co-CEOs take over. Massimo Vian was appointed co-CEO of operations and product and the company is looking for a co-CEO of markets.

Sanofi, Paris, France                                                                             Revenues: $41.2b
Sanofi, formerly
Sanofi-Aventis is a global and diversified healthcare company.

November 2014 – Sanofi’s board ousted its chief executive of six years Chris Viehbacher, criticizing him for an authoritarian management style that was often popular with investors as he lifted the French drugmaker onto the global stage. Chairman Serge Weinberg would take on the CEO role until a replacement for the German-Canadian Viehbacher was found.

Thales, Paris, France                                                                             Revenues: $17.7b
Thales SA is a France-based firm providing integrated solutions and equipment of security systems to the aerospace and defense markets.

November 2014 - The maker of avionics and weapons systems confirmed its full-year goals and said it had begun the search for a chairman and chief executive to replace Jean-Bernard Levy.

Other Industry CEOs Appointed


Knight Transportation: David A. Jackson will become CEO and a member of the board, while retaining the title of President.


Financial Engines: President Lawrence M. Raffone, 51, succeeds Jeffrey N. Maggioncalda, 45, as CEO.


Aaron’s: Aaron’s has named acquired company Progressive Finance Holdings’ CEO John W. Robinson III as its new CEO.


Archer Daniels Midland: COO Juan R. Luciano has been named as next CEO, succeeding Patricia Woertz.

Consolidated Communications Holdings: The company named President, COO and Director Bob Udell as its President and CEO.


Ashland: Ashland named Carpenter Technology’s CEO William A. Wulfsohn as new chairman and CEO, succeeding James J. O'Brien, who earlier this year announced plans to retire.

YUM Brands: President, Pizza Hut, U.S. David Gibbs will be promoted to Global Pizza Hut CEO.

Kindred Healthcare: COO Benjamin A. Breier will become CEO, succeeding Paul J. Diaz who will become Executive Vice Chairman of the Kindred Board.


Alere: iCEO and former COO Namal Nawana has been named CEO, President, and a Member of the Board.

F-Squared Investments: Investor and member of the firm's Board of Managers Laura Dagan succeeds Howard Present, as CEO.


Arctic Cat: Arctic Cat taps private-equity veteran Christopher T. Metz as CEO. He had been at Sun Capital Partners since 2005.

Fastenal Company: President Leland J. Hein, Jr. takes over as CEO, from Willard D. Oberton.

Tile Shop Holdings: Founder and CEO Robert Rucker will retire as CEO, replaced by current COO Chris Homeister.


Aegion: Aegion Corp. has named iCEO Charles "Chuck" Gordon CEO.

New York

CONMED: iCEO Curt Hartman is now President and CEO.

Foot Locker: Richard (Dick) A. Johnson, who has been with Foot Locker for almost two decades, is now CEO, replacing Ken Hicks, who intends to retire.

Gibraltar Industries: President and COO Frank Heard will be promoted to CEO.

Retrophin: iCEO Stephen Aselage is now CEO.


CBIZ: President & COO appoint Jerome P. Grisko, Jr., succeeds Steven L. Gerard, as CEO. Grisko will also continue as President.


Carpenter Technology: Former CEO and current board member Gregory A. Pratt will return as CEO of the Company.

Koppers Holdings: COO Leroy M. Ball, Jr. will succeed Walter W. Turner, the current President and CEO of Koppers.


FedEx Freight subsidiary: William J. Logue will retire as President and CEO of the FedEx Freight subsidiary. Michael L. Ducker, a 40-year FedEx veteran, will succeed Logue as President and CEO.

Fred's: Fred's has named EVP & CFO Jerry A. Shore as CEO.


Willbros Group: The energy engineering firm names recently appointed interim executive chairman John McNabb II as new CEO, president.

Noble Energy: The company elected President & COO David L. Stover as President and CEO, succeeding Charles D. Davidson as CEO.

Team: President Ted W. Owen, has been named CEO.

Furmanite: COO Joseph E. Milliron has been named CEO.

Other International

Chairman of the group's supervisory board Stephen Fanderl has been appointed CEO of struggling German department store group Karstadt.

Deutsche Boerse: The company which operates the Eurex futures market and the Frankfurt Stock Exchange, appoints former UBS executive Carsten Kengeter to replace CEO Reto Francioni next year.

Willis Group Holdings Plc:  Nicolas Aubert has been hired from AIG to be the next CEO of the U.K. insurance business as the broker expands in the country.

Osram Licht: The company named M+W Group’s CEO Olaf Berlien as new CEO, replacing Wolfgang Dehen, who will step down from the executive board and all other positions within the group.


Recent Vell Placements

For Specific bios and announcements, please refer to Vell Website.

LogMeIn (LOGM),  SaaS & IoT Software  - Board members  (2)

Fleetmatics (FLTX), Fleet Management Software for SMB (SaaS)  - Board members  (4)

Carbonite (CARB), Online Backup for SMB (SaaS) - Board Members (2)    

 mHealth Software CEO (Announcement being made)

CIO, Univision  

$1b CFO  Media Company

$60m SaaS to Retail Industry Company: VP North America (now SVP Sales)  

VP Product Management, $120m SaaS Co.      

Chief Technology Officer (CTO) and Chief Product Officer (CPO), $100m Mortgage Software company    

VP & GM, Transportation and Logistics Software (SaaS, large public co.)

VP & GM, SMB (SaaS, large public co.)

CMO, SaaS Software Company

Dora Vell - Managing Partner        

Dal CogerVice President

Paula Axelrod – Vice President

Judy Smith - Senior Consultant

Earl Stephens - Business Manager

Ajanta Banerjee – Business Research Associate

Tori Agel – Marketing Coordinator


Read 6306 times Last modified on Thursday, 27 August 2020 13:34
Dora Vell

Dora Vell is the Managing Partner of Vell Executive Search, a boutique executive search firm in Boston focused on recruiting technology executives and board members. Vell has successfully completed numerous board member and C-level executive searches, including CEOs, COOs, CIOs, and Vice Presidents - at both public and private companies.

Prior to founding the firm in 2005, Vell was a Partner at Heidrick & Struggles' Technology practice for seven years.  Before her career in executive search, she worked at IBM for 11 years, managing software engineering organizations of 100 people and software sales organizations with revenues of $150 million. She has also served as an executive assistant to the CEO of IBM Canada for one year.

Vell holds seven worldwide software patents. She has published several Business of Leadership reports on governance and leadership and has been quoted in numerous articles including The Wall Street Journal, Forbes, Business Week, Fortune, Agenda Week, MSNBC, Mass High Tech, the OPUS for the World Economic Forum, Boston Business Journal, The Globe & Mail, CIO Magazine, and IEEE. She also has been a featured speaker on leadership at numerous conferences and at Columbia University's MBA program.

Vell is a member of the National Association of Corporate Directors (NACD), the Boston CEO Roundtable. She has served on the boards of Framingham State, Entrepreneur's Organization, Goodwill, Mary Centre for developmentally handicapped adults,, and RBC Capital Partners.

She has received an MBA from the University of Toronto, a Master in Computer Science from the University of Waterloo, and a Bachelor in Computer Science from Carleton. She has also completed the MIT Entrepreneurial Master’s program.

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