- Push-out Score suggests push-out forces
- After about four years in the position
- Accolades, praise and good wishes for Beer
- Britt Vitalone taking over
(exechange) — San Francisco, California, December 18, 2017 — James Beer, finance chief of McKesson, leaves the position. It is a change at short notice. As announced by McKesson Corporation in a news release and in a regulatory filing published on Monday, December 18, 2017, James A. Beer leaves his post as chief financial officer at the health care company after about four years in the position, effective December 31, 2017.
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 5.9 years, according to data compiled by exechange.
Beer leaves the company effective early next calendar year.
Beer’s duties will be taken over by Britt Vitalone, currently senior vice president and chief financial officer, U.S. Pharmaceutical and McKesson Specialty Health at McKesson Corporation.
Beer’s imminent departure from the CFO post is explained as follows. McKesson said: “James Beer, executive vice president and chief financial officer, will be leaving the company to pursue a new opportunity.”
Beer will be CFO at Atlassian
“Beer will join Atlassian, an enterprise collaboration company, in San Francisco, as chief financial officer, effective February 2018,” McKesson said.
Atlassian is a maker of productivity software solutions.
Share price decline
The change follows a decline in the share price of McKesson Corporation since May 2015.
Chaired by John H. Hammergren
McKesson Corporation is chaired by John H. Hammergren.
John H. Hammergren is chairman, president and chief executive officer of McKesson Corporation. He was elected president and CEO in 2001 and chairman in 2002.
In the position of CFO since 2013
James A. Beer has been the Chief Financial Officer and Executive Vice President at McKesson Corporation since October 9, 2013.
As CFO, Beer is responsible for overseeing all financial functions for McKesson. Beer is also a member of McKesson’s executive committee.
Before joining McKesson, Beer served as Executive Vice President and Chief Financial Officer of Symantec Corporation, managing the worldwide finance organization with responsibility for accounting, financial planning and analysis, treasury, tax, investor relations, corporate development, purchasing, and audit.
Prior to Symantec, Beer was Chief Financial Officer of AMR Corp. and American Airlines, AMR’s principal subsidiary, responsible for financial planning and analysis, treasury, corporate development, accounting, tax, purchasing, and investor relations.
In his 15 years at American Airlines, Beer held a variety of management positions in finance and operations, including leading the airline’s European and Asia Pacific businesses.
Beer holds a Bachelor of Science degree in aeronautical engineering from Imperial College, London University, and a master’s degree in business administration from Harvard Business School.
Beer will assist in a transition period into early 2018.
In addition, the company reaffirmed its outlook of Adjusted Earnings of $11.80 to $12.50 per diluted share for the fiscal year ending March 31, 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered James Beer’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 52.2017 ($).