Corix Group of Companies announced internally February 4 that it is parting ways with longtime CEO Brett Hodson and will embark on a wide-reaching search for a replacement.
The company may be best known locally for being contracted by B.C. Hydro to roll out smart meters across the province.
It generated $620.9 million in 2013 revenue, a 5.9% jump from the previous year, according to Business in Vancouver's 2014 list of B.C.'s Top Private Companies.
Hodson has led the company as president since 2001, when it was named Terasen Water and Utility Services and was a division of Terasen.
In 2006, CAI Capital Partners and Co. and British Columbia Investment Management Corp. partnered to take the company private, rename it Corix and promote Hodson to be CEO.
Both Hodson and Corix chair Gordon Barefoot told Business in Vancouver that the parting of ways was “mutual.”
Hodson will stay on until March 4, when Barefoot will step in to lead the company until a new CEO is found.
“We’re going through a comprehensive search process,” Barefoot said. “We’re going to consider internal and external candidates and expect that it will take a number of months to do.”
He declined to name the head-hunting firm that he has contracted.
Nor would he say exactly what traits the company seeks in a new CEO.
“At this point, I’d prefer not to talk about it because we haven’t finalized the specifics internally with the rest of the board. We’re in the process of doing that right now.”
Barefoot praised Hodson for his vision and said that there would not be any significant change in corporate strategy.
“Things evolve over time and I think both Brett and the board said, 'Gee, been here a long time, maybe it’s time for both of us to do something else.'"
Hodson said he has no immediate plans after March 4 other than to go heli-skiing.
“I’m happy to move on,” he said. “Obviously there is some sadness because I have so many friends here and have been part of the whole organization but this is the right time.”
The average tenure of Fortune 500 company CEOs rose to 9.7 years in 2013, according to non-profit research firm The Conference Board. That’s the longest average tenure recorded since 2002.