CEO succession study NL vs Global.ppt Booz & Company Booz & Company This document is confidential and is intended solely for the use and information of the client to whom it is addressed. CEO Succession Study The Netherlands 1/1/2000 till 31/12/2011 - AEX / AMX Amsterdam, May 2012 Marketing Document 30 September 2012
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CEO succession study NL vs
Global.ppt
Booz & Company
Booz & Company
This document is confidential and is intended solely for
the use and information of the client to whom it is addressed.
CEO Succession Study The Netherlands 1/1/2000 till 31/12/2011 - AEX / AMX
Amsterdam, May 2012 Marketing Document
30 September 2012
CEO succession study NL vs
Global.ppt
Booz & Company 1
Outgoing CEO Reason of
Departure Ingoing CEO Comments
John Rishton (54) left to
become the CEO of
Rolls Royce
Planned
Insider Dick Boer (57)
became CEO after almost 15
years of experience at Ahold
Rishton was still in good
relationship with the firm
Bernard Fontana (51)
left Aperam (a spin-off
of Arcelor Mittal) to
become the CEO of
Holcim
Planned
Outsider Philippe Darmayan
(60) became CEO in
November after a career at
the mother company Arcelor
Mittal
Fontana was still in good
relationship with the firm
Aperam was split from
Arcelor Mittal in January
2011
Peter Bakker (50) left
during the split of TNT
into PostNL and TNT
Express
Planned
PostNL: Insider Harry
Koorstra (60) became
CEO after joining TNT in
1991
TNT Express: Insider
Marie-Christine Lombard
(54) became CEO after
joining TNT in 1998
Pierre-Henri Gourgeon
(66) left due to bad
financial performance
Forced
Insider Jean-Cyril Spinetta
became CEO of Air France –
KLM after being the CEO
from 2003-2009 as well
Gourgeon had a double role
as CEO of Air France and
CEO of Air France – KLM.
New CEO of Air France is
Alexandre de Juniac
CEO Successions in 2011 (1/2)
In 2011 we observed 8 CEO successions - 6 of these where planned, one left with during a merger, one of them was forced
AEX
AEX
AEX
30 September 2012
AEX
CEO succession study NL vs
Global.ppt
Booz & Company 2
Outgoing CEO Reason of
Departure Ingoing CEO Comments
Ad Scheepbouwer (67)
left after a tenure of
more than 9 years
Planned
Insider Eelco Blok (54)
became CEO after more
than 15 years experience at
KPN
Gerard Kleisterlee (65)
retired after almost ten
years as CEO
Planned
Outsider Frans van Houten
(52) became CEO. From
2006-2010 he worked for
NPX and ING. Before 2006
he worked 20 years at
Philips
Gerard Kleisterlee is now
chairman of Vodafone
Reinier van Gerrevink
(62) left after more than
9 years of service
M&A
Insider Taco de Groot (49)
became CEO of Vastned
Retail after joining in 2010 as
COO
VastNed Group consisted
of VastNed Retail and
VastNed Offices having one
management
VastNed Offices merged
with Nieuwe Steen
Investments
John Paul Broeders
(48) left to become
chairman of SHV
Planned
Insider Eelco Hoekstra (40)
became CEO after almost
ten years at Vopak
Broeders left after getting
an offer from SHV
Broeders passed away in
May 2011
Of the 8 companies with CEO successions in 2011, 6 were AEX listed, 2 AMX listed
CEO Successions in 2011 (2/2)
AEX
AEX
AMX
AMX
30 September 2012
CEO succession study NL vs
Global.ppt
Booz & Company 3
Outgoing CEO Reason of
Departure Ingoing CEO Comments
Harry Koorstra (60) left
in April after
disagreement with the
advisory board
Forced
Insider Herna Verhagen (45)
became the new CEO after
two decades of experience
with the company
Harry Koorstra would
retire in 2013
Koorstra’s leave was
unexpected
Tony Mace (61) left in
January due to bad
performance
Forced
Outsider Bruno Chabas (47)
becomes CEO after joining
SBM in May 2011 as COO
The CFO of SBM, Mark
Miles, left as well due to
bad performance
Hans Wijers (60) left
AkzoNobel in April Planned
Outsider Ton Buchner (45)
becomes the new CEO after
being the CEO of Sulzer (a
Swiss engineering and
manufacturing firm)
Akzo does not give a
reason for Wijers’ leave
Wijers was appointed till
the end of 2013
Wijers’ leave was not a
surprise
Klaas Wester (65)
retired in January Planned
Insider Arnold Steenbakker
(54) becomes CEO after
joining Fugro in 2005
In 2012 there are already ten CEO successions – 3 of them were forced, 6 were planned, one left during an acquisition
CEO Successions in 2012 till May (1/2)
AEX
AEX
AEX
30 September 2012
AEX
CEO succession study NL vs
Global.ppt
Booz & Company 4
Outgoing CEO Reason of
Departure Ingoing CEO Comments
Gerrit Witzel (60) left
after 2 years as CEO Planned
Insider Bert van der Els (58)
becomes CEO after joining
Heijmans in 2008
Heijmans does not give a
reason for Witzel’s leave
Harry Noy (61) left in
May Planned
Outsider Neil McArthur(50)
becomes the new CEO after
being one year member of
the executive board
Arcadis does not give a
reason for Noy’s leave
Jan Aalberts (72)
retired in April Planned
Insider Wim Pelsma (48)
becomes CEO after joining
Aalberts in 1999
Wout Dekker (56) Planned
Insider Knut Nesse (45)
becomes CEO in August
after joining Nutreco in 2009
Hans Pars (50) Forced
Insider Dirk Anbeek (49)
becomes CEO in August
after joining Wereldhave in
2009 as CFO
Hans Pars left after bad
performance
Andy Green (56) M&A Unknown CGI takes over Logica
Of the 10 companies with CEO successions so far in 2012, 4 were AEX listed, 6 AMX listed
CEO Successions in 2012 till May (2/2)
AMX
AMX
AMX
30 September 2012
AMX
AMX
AMX
CEO succession study NL vs
Global.ppt
Booz & Company
The Dutch turnover rate is slightly higher than the global and Western European average
5
Average
14.2%
Other
Emerging
11.3%
8.8%
0.4%
2.1%
Brazil,
Russia,
India
22.0%
14.7%
4.4%
2.9%
6.8%
5.1%
1.3%
0.4%
China
16.4%
10.4%
3.8%
2.2%
Other
Mature
Japan
16.8%
12.6%
1.4%
2.8%
Western
Europe
13.9%
9.7%
2.4%
1.8%
US /
Canada
13.5%
9.3%
1.6%
2.6%
2011 CEO Turnover Rate by Region and Succession Reason CEO Turnover Events as % of Top 2,500 Companies
Planned Forced M&A
1) Other emerging economies, e.g., Turkey, Saudi Arabia, Mexico, South Africa, Mauritius, Nigeria, Mongolia, Kazakhstan, Egypt, etc.
2) Other mature economies, e.g., Hong Kong, South Korea, Australia, Czech Republic, Poland, Argentina, Cyprus, Cayman Islands, Hungary, Bahrain, Bermuda, Macau, Chile, New Zealand, etc.
Note: Mature countries defined as per the United Nations Development Program 2011 ranking of countries with “very high human development” (countries with Human Development Index >0.788), all other countries classified as “emerging countries”
Source: Booz & Company CEO Succession 2011 analysis
2011 Turnover by Region
9.8%
Global
14.2%
2.4% 2.2%
2.2%
Western
Europe
13.9%
9.7%
1.8%
Netherlands
16.0%
12.0%
2.0%
2.0%
Forced Planned M&A
Dutch Turnover Rate by Reason
% of AEX / AMX companies with CEO change
N =50 N =2500
30 September 2012
CEO succession study NL vs
Global.ppt
Booz & Company
30 September 2012
0%
5%
10%
15%
20%
25%
30%
Turnover rate
2011
14.2%
9.8%
2.2%
2.2%
2010
11.6%
7.7%
2.2% 1.8%
2009
14.5%
9.1%
3.6%
1.8%
2008
14.4%
7.2%
5.1%
2.2%
2007
13.8%
6.8%
4.2%
2.8%
2006
14.4%
6.6%
4.6%
3.2%
2005
15.4%
9.2%
3.6%
2.6%
2004
14.7%
7.7%
4.5%
2.5%
2003
9.8%
5.3%
3.2%
1.3%
2002
10.8%
5.0%
4.4%
1.4%
2001
10.9%
6.0%
2.4%
2.4%
2000
12.9%
6.4%
3.4%
3.2%
Last year CEO turnover rates globally increased 2.6ppt while the Dutch stayed constant
Global CEO Turnover Rate by Reason
% of top 2500 public companies with CEO change
Source: Booz & Company CEO Succession 2010 analysis, AEX/AMX Succession database
0%
5%
10%
15%
20%
25%
30%
Turnover rate
2011
16.0%
12.0%
2.0%
2010
16.0%
8.0%
4.0%
4.0%
2009
22.0%
10.0%
10.0%
2.0%
2008
26.4%
11.3%
9.4%
5.7%
2007
12.0%
2.0%
4.0%
6.0%
2006
22.0%
12.0%
8.0%
2.0%
2005
18.0%
8.0%
8.0%
2.0%
2004
22.0%
14.0%
8.0%
2003
26.4%
9.4%
17.0%
2002
22.0%
16.0%
6.0%
2001
18.0%
2.0%
16.0%
2000
14.0%
6.0%
6.0%
2.0%
Dutch Turnover Rate by Reason
% of AEX / AMX companies with CEO change
Planned Forced M&A Planned Forced M&A
7 9 11 14 11 9 11 6 14 11 8 8
N = 50
# of leaving
CEO’s
N = 2500
Avg ‘00-’11 = 19.6%
‘11 =16.0%
6
Avg ‘00-’11 = 13.1%
‘11 =14.2%
CEO succession study NL vs
Global.ppt
Booz & Company 7
CEO Tenure in Office by Region: 2000-2011 Likelihood of Turnover Event by Tenure in Office
Dutch outgoing CEOs have a much shorter tenure than European and American CEOs
2%
8%
29%
62%
6%
11%
31%
53%
13%
16%
38%37%
0%
10%
20%
30%
40%
50%
60%
70%
# Years in
office of
outgoing
CEO 16+
Probability of
occurrence
11-15 6-10 0-5
Insider vs. Outsider Comparison – US/Canada vs. W. Europe
Note: Excludes turnover events resulting from M&A, interims and events with incomplete turnover information
Source: Booz & Company CEO Succession 2011 analysis
30 September 2012
US/Canada
WE
Netherlands (N=119)
CEO succession study NL vs
Global.ppt
Booz & Company 8
CEO Tenure in Office by Region: 2000-2011 Likelihood of Turnover Event by Tenure in Office
CEO tenure above 10 years is much more prevalent among US/Canadian CEOs than Western European ones
3%
0%1%
1%1%
2%2%
4%6%
9%
14%
11%
6%
1%0%
2%
3%
5%
9%8%
14%
11%
14%
9%
5%
8%
0%
2%1%
3%3%
3%
4%4%
5%
8%
7%
9%
8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
4
8%
10%
3
7%
10%
2
7%
1
6%
0-0.4
1%
1%
0%
1%
0%
12 15 14 13
3%
1% # Years in
office of
outgoing
CEO 20+
1%
19
1%
18 17
0%
16
Probability of
occurrence
5 11
9%
2%
10 9
5% 5%
2%
3%
7
4%
7%
6 8
US/Canada
Netherlands
Western Europe
Tenure above 11 years in office is much more
likely among US/Canada CEOs
Insider vs. Outsider Comparison – US/Canada vs. W. Europe
Note: Excludes turnover events resulting from M&A, interims and events with incomplete turnover information
Source: Booz & Company CEO Succession 2011 analysis
Tenure under 4 years in office is much more
likely among Dutch CEOs
30 September 2012
Prepared for client name CEO succession study NL vs Global.ppt Booz & Company
30 September 2012 9
The average tenure of Dutch CEO’s (~5.1 y.) is lower than the global average (~7.4 y.)