PAWCATUCK, CONN. — Machinery manufacturer Davis-Standard LLC is looking for a new CEO after Bob Preston is leaving that top post to become chairman and CEO of another company.
Davis-Standard announced Nov. 6 that Preston has resigned as CEO. Preston will remain vice chairman of Davis-Standard's board of directors, where he will continue to play an important role in the company's strategic leadership.
The change will become effective Nov. 18, so the search for a new CEO is underway now.
Preston could not be reached for comment. Davis-Standard's news release said he is becoming chairman and CEO of a materials company in the southwestern United States, but provided no further details on the company.
Before a new CEO is named, Davis-Standard's daily operations will be managed by an office of the president, consisting of three current executives: Mike Pisch, chief financial officer; Todd Pearson, vice president of global operations; and Jim Murphy, vice president of global sales and marketing.
The Pawcatuck-based maker of extruders and other equipment is owned by Oncap, the middle-market arm of Toronto-based private equity firm Onex Corp.
Greg Baylin, an Oncap managing director, speaking on behalf of Davis-Standard's board of directors, recognized Preston's contributions, “including the creation of a strong Asia-Pacific presence, the introduction of several new market-focused products, and the development of an experienced management team.”