CAT Caterpillar Inc

By James R. Hagerty 

Chief executives hope to glide into retirement as revered leaders after a choreographed transition that surprises no one.

It doesn't always work out that way, as Monday's earlier-than-expected exit of Caterpillar Inc. Chief Executive Douglas Oberhelman showed.

Just last week, Hershey Co.'s chief executive, J.P. Bilbrey, said he plans to step down after months of failed efforts to sell the candy maker to Mondelez International Inc. That made him the third person to step down as Hershey's top executive in the past 10 years. Two people close to the company's controlling shareholder, the Hershey Trust Co., said the efforts to negotiate a deal may have stirred discord with board members who opposed a sale.

Directors of Lands' End Inc. last month forced Federica Marchionni out as chief executive after only 19 months. Losses continued to pile up despite her efforts to introduce racier styles at the maker of casual clothing, and the board was worried she was trying to make too many changes too quickly, according to people familiar with the situation.

Former DuPont CEO and Chairwoman Ellen Kullman abruptly resigned in October 2015 from the company she'd led since 2009. Her departure, just months after she prevailed in a bitter proxy battle against activist investment firm Trian Fund Management LP, caught some analysts and investors off guard. After turning back Trian's effort to secure board seats, however, DuPont twice lowered its profit projections for 2015, the latest in a series of such moves for DuPont in prior years.

In September 2015, Jeff Smisek, the longtime chairman, chief executive and president of United Continental Holdings Inc., was cut loose from the company along with two other top executives. The surprise ouster came after an internal investigation overseen by the airline's board prompted by a federal corruption probe of the Port Authority of New York and New Jersey. United has a major hub in Newark, N.J., one of the airports managed by the Port Authority.

Mark Hurd was expected to bring stability to Hewlett-Packard Co. when he became chief executive in April 2005 after the board pushed out Carly Fiorina. Then he suddenly resigned in August 2010. HP said he had submitted inaccurate expense reports to conceal a "close personal relationship" with a woman who provided marketing services.

In 1998, Sunbeam Corp. CEO Albert J. Dunlap seemed to be riding high. His ferocious cost-cutting earned him the nickname "Chain Saw Al," and when he reported a surge in profits in 1997, the maker of blenders and grills introduced a triumphant theme song, "There's a New Sunbeam Shining." But results deteriorated rapidly in 1998, questions about accounting arose, and outside directors forced him out.

More rarely, executives step down just before they are due to take over the top job. Lockheed Martin Corp. had selected Chris Kubasik to take over from then-CEO Bob Stevens in 2013 only for the anointed successor to resign seven weeks before the handover following what was deemed an improper relationship with a colleague. Lockheed Martin hastily installed company veteran Marillyn Hewson as chief executive. Mr. Kubasik this year became president of L-3 Communications Holdings Inc. and is widely tipped by analysts to eventually become CEO of the defense contractor.

Write to James R. Hagerty at bob.hagerty@wsj.com

(END) Dow Jones Newswires

October 17, 2016 12:21 ET (16:21 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.