July 9 is a seminal moment for Houston-based Stewart & Stevenson Services Inc. On that day, no member of the Stewart and Stevenson families will play a significant management role in the 102-year-old company’s power structure for the first time.
In addition, Donald Stevenson will no longer serve as a director after 29 years. As a result, for the first time there will be no directors sitting on the board from either of the two founding families. Virtually all of the directors will be independent. And that’s just one of several of governance changes the $1.2 billion diversified manufacturer has recently announced.
