Mr. Van Otterloo made the announcement in person to Chemonics’ headquarters staff, and shared the news with the company’s 4,200 employees around the world via email.
Ms. Mudge will become the fourth CEO to lead the company since its founding. Mr. Dreiman will continue to serve in a full-time role on Chemonics’ Board of Directors.
This CEO transition is part of the firm’s ongoing succession planning, led by its Board. With a commitment to promote leaders from within, the Board of Directors spends considerable time encouraging and developing future leaders, with the expectation that leaders will change roles and refresh themselves regularly.
“It’s so rare today to see a company with this long history and only four different CEOs,” Mr. Van Otterloo said. “It really says something about the stability and opportunities for advancement that exist.”
“It has been a tremendous honor for me to serve all Chemonics staff and the Board as President and CEO. I have loved the job every day. Working with so many dedicated development professionals we have helped improve the lives of others, and transformed Chemonics into an employee-owned company,” Mr. Dreiman said.
As Chemonics’ fourth CEO, Ms. Mudge will be the first woman to serve in that role. She is a 20-year veteran of the company and has served as Executive Vice President since 2005. Prior to that she was Senior Vice President of the Latin America and Caribbean Region, and has held senior leadership roles in the field.
“As a Board of Directors, our number one job is to plan for the future and ensure we have effective leadership going forward,” Mr. Van Otterloo said. “Obviously, as Richard was nearing the end of his planned term, we looked to Susi and knew she was a natural choice. She’s been a great partner to Richard and I know she will be an outstanding CEO. And I am pleased that Richard will continue to serve Chemonics, in his full-time role as the Chair of the Corporate Strategy and Risk Committee of the Board of Directors.”
“I am so honored to be selected for this position,” Ms. Mudge said. “Thank you to our Board for the trust you have placed in me. I’m looking forward to working every day to fulfill our development mission and our employee ownership.”
Chemonics has a tradition of keeping former CEOs engaged with the company. Founder and first CEO Tony Teele served as Chairman of the Board until his death in 2005. Second CEO Ashraf Rizk served on the Board of Directors after he stepped down in 2006.
Ms. Mudge’s appointment as CEO triggers other changes to the company’s leadership team that will be announced in the coming months. The company will host a series of celebratory events to mark the CEO transition in April 2013. Details will be announced early next year.