Here are just a few of the interesting executive changes making headlines over this past week:
Barclays Chooses CEO’s Former Colleague as New COO
Only four months ago, leading British bank Barclays hired a new CEO, Jes Staley, a three-decade veteran of JPMorgan Chase. This week the COO position became vacant when Jonathan Moulds, at the post for just a year, stepped down to “pursue other opportunities.” Announced to take his place is another Chase old hand, Paul Compton, the New York bank’s chief administrator since 2013. Before Compton’s 19 years with Chase, he spent over a decade with Ernst & Young.
VW’s Woes Claim Another Exec
Within a few weeks of the breaking of the Volkswagen emissions scandal last September, nine high-level managers were suspended by the company, not to mention the CEO’s resignation. Among them was Frank Tuch, the head of the company’s quality assurance, caught up in VW’s own investigations into the matter that is costing one of the world’s leading automakers untold billions in legal costs. Tuch resigned this week after holding the office for more than five years. VW has announced his replacement, Hans-Joachim Rothenpieler, who comes from the company’s commercial vehicle division, a job he’s held since 2014.
Sparton Deals with Two Abrupt Departures
It seemed to take no more than a contentious earnings call early this month to effect within days the resignations of the CEO and SVP of corporate development at defense contractor and medical manufacturer Sparton Corporation. President and CEO Cary Wood, on the job for more than seven years, is out, along with SVP Michael Osborne. Replacing Wood is former chairman Joseph Hartnett, though on an interim basis. Board director James Swartout took Hartnett’s place as chair. The main complaint of activist shareholders was that top management had missed many growth opportunities as its stock recently plunged.
Look for more Executives on the Move next week!