William M. Lowe, Jr. takes over as CEO and joins the board of directors of the leading global supplier of passive electronic components effective Thursday. Lowe has been with the company since 2008, previously serving as executive vice president and chief financial officer.
Loof's departure comes after an investigation into a consensual personal relationship between the CEO and a company employee. An external law firm assisted independent members of the Kemet board in the investigation, which found Loof's actions inconsistent with company policies. The alleged misconduct did not relate to the company's operations or financial statements.
"Kemet is committed to ensuring that the company's policies are upheld by all Kemet employees," said Kemet board Chairman Frank G. Brandenberg. "The board recognizes Mr. Loof's contributions to the company's financial performance, as well as the establishment of an outstanding leadership team now to be led by Bill."
Loof was CEO of Kemet for 14 years and oversaw annual revenues that almost tripled with profits, according to the company. He will not receive severance benefits.
Kemet's CEO is the latest victim in a wave of companies' exodus by many in leadership positions for alleged sexual misconduct that began with the #MeToo movement's first high-profile victim, Hollywood mogul Harvey Weinstein, in 2017. #MeToo is a movement against workplace harassment and sexual assault by men in powerful positions.
Les Moonves, CEO of CBS Co. (CBS - Get Report) , is the latest high-profile name to fall from grace after a slew of sexual misconduct allegations were uncovered. Empowered by #MeToo, six current and former CBS employees spoke to the New Yorker's Ronan Farrow accusing Moonves of harassment, intimidation and assault.
Moonves, once one of the most powerful media executives in America, was fired by CBS for cause after an independent investigation corroborated witness accounts. Despite his more than two-decade of service with CBS, Moonves will not receive severance pay.
Since 2017, more than 250 powerful celebrities, politicians, CEOs, and others have been the subject of accusations of sexual harassment, assault, or other misconduct, Vox reports.Save 66% with our '12 Days of Holiday Deals' Sale. Join Jim Cramer's Action Alerts PLUS club for investors and get our best deal of the year. Click here for details or to sign up.