- Push-out Score suggests push-out forces
- After almost 15 years in the position
- Praise, thanks and good wishes for Johnson
- Scott Beamer taking over
(exechange) — Aurora, Illinois, December 12, 2017 — Bill Johnson, finance chief of Cabot, leaves the position. It is a change at short notice. As announced by Cabot Microelectronics Corporation in a news release and in a regulatory filing published on Tuesday, December 12, 2017, William S. (Bill) Johnson leaves his post as Chief Financial Officer at the supplier of chemical mechanical planarization (CMP) polishing slurries after almost 15 years in the position, effective January 15, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.7 years, according to data compiled by exechange. Only 19 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
Johnson leaves the company effective January 5, 2019.
Johnson’s duties will be taken over by Scott Beamer, currently Chief Financial Officer at Stepan Company.
The fact that Johnson’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Cabot did not explicitly explain the reason for Johnson’s imminent move, leaving room for speculation.
Precise information about Johnson’s future plans was not immediately available.
Cabot said that Johnson “plans to retire after almost 15 years as Chief Financial Officer of the Company”.
Cabot further said: “Upon the effective date of Mr. Beamer’s appointment, Mr. Johnson will resign as an officer of the Corporation and will perform transition responsibilities for the Corporation until he retires from employment on January 5, 2019.”
Share price rise since February 2016
The change follows a rise in the share price of Cabot Microelectronics Corporation since February 2016.
Chaired by William P. Noglows
Cabot Microelectronics Corporation is chaired by William P. Noglows.
William P. Noglows has served as the Company’s Chairman since 2003 and the Company’s President and Chief Executive Officer from November 2003 through December 2014.
CEO: David H. Li
David H. Li serves as CEO of Cabot Microelectronics Corporation. Li has served as the Company’s President and Chief Executive Officer since January 2015.
In the position of CFO since 2003
William S. Johnson has served as the Company’s Vice President and Chief Financial Officer since April 2003, and was named Executive Vice President in April 2013.
Prior to joining the Company, Johnson served as Executive Vice President and Chief Financial Officer for Budget Group, Inc. from August 2000 to March 2003.
Before that, Johnson worked for BP Amoco for 16 years in various senior finance and management positions, culminating in serving as President of Amoco Fabrics and Fibers Company.
Johnson received his B.S. in Mechanical Engineering from the University of Oklahoma and his M.B.A. from the Harvard Business School.
Johnson is also a director of CTS Corporation.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bill Johnson’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 51.2017 ($).