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Emerald Expositions announced this week that Sally Shankland, it most recent CEO who had been hired in June 2019 to replace resigning CEO David Loechner, has died following her month’s long battle with cancer. The company says Shankland passed away at home peacefully.
Emerald Holding Inc. (NYSE: EEX), formerly known as Emerald Expositions Events Inc. – a national exposition company that is home to both the CEDIA Expo and CE Pro magazine – has announced that they are postponing all events for the first two quarters of 2020 due to the rapid spread of the global pandemic Coronavirus (COVID-19). Given their position as one of the largest producers of B-to-B trade shows in the U.S., this is a major development with huge impact on the various industries their shows serve.
*By now you’ve likely heard about the massive sell-off on Wall Street over the last week or two that is largely a reaction to the spreading coronavirus pandemic and its potential impact on markets. Although not a new situation, coronavirus (now known as COVID-19) has spread around the world and is now making its way into the United States – potentially putting U.S. markets and companies like Emerald Expositions in jeopardy.
But while most public companies have seen their stock values drop during this market decline, Emerald Expositions has seen the market value of their stock decline at a much greater clip… What’s going on?
Emerald Expositions Events, Inc. (Emerald) (NYSE:EEX), parent company to the CEDIA Expo show and industry trade magazines CE Pro & Commercial Integrator, announced this week that CEO Sally Shankland will be leaving the company by the end of this year. Shankland was appointed CEO just this past June 2019, and has said she will step down “for personal health reasons.” Once again, the organization is plunged into a leadership vacuum which began just one year ago with the sudden resignation of then-CEO David Loechner.
Emerald Expositions’ stock nose-dived 19% in early afternoon trading last Thursday as the company released its third quarter fiscal results and announced that David Loechner has resigned as the company’s President and CEO. Current CFO Philip Evans takes over as Interim President and CEO.
It was only just a matter of months ago, in January 2017, that we learned that CEDIA had sold off their trademark show to Emerald Expositions, the biggest B-to-B tradeshow promoter in North America. This news came completely out of the blue, with no forewarning to members of the Association.
When the sale was announced by the Association, the very last line of their notice was: “The financial terms of the agreement were not disclosed.” This lack of disclosure makes it virtually impossible for any loyal supportive CEDIA member to evaluate this major decision – selling off the single largest revenue generator for the Association – by the group management.
