- Push-out Score suggests push-out forces
- After about two years in the position
- Praise and good wishes for Schneider
- Search for a successor
(exechange) — Houston, Texas, December 21, 2017 — Chip Schneider, finance chief of RigNet, leaves. It is a change at short notice. As announced by RigNet, Inc. in a news release and in a regulatory filing published on Thursday, December 21, 2017, Charles E. (Chip) Schneider, chief financial officer, leaves the technology company after about two years in the position, effective December 27, 2017.
No company wants a CFO to flame out in the first years.
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 5.8 years, according to data compiled by exechange. Only 35 percent of the CFOs who departed over the past twelve months left the position within three years.
Schneider’s move comes 19 months after Steven E. Pickett took over as CEO of RigNet, Inc.
RigNet will undertake a search for a successor.
“To pursue other opportunities”
Schneider’s imminent departure from the CFO post is explained as follows. RigNet said: “Charles E. (Chip) Schneider, senior vice president and chief financial officer (CFO), will leave the company to pursue other opportunities following a brief transition period.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about Schneider’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position at short notice and without a reasonable explanation.
“Leaving the Company”
RigNet said: “Charles “Chip” Schneider, Senior Vice President and Chief Financial Officer, will be leaving the Company as of December 27, 2017.”
Share price decline
The change follows a decline in the share price of RigNet, Inc. since July 2014.
Chaired by James H. Browning
RigNet, Inc. is chaired by James H. Browning.
Browning served as a partner at KPMG LLP, an international accounting firm, from July 1980 to his retirement in September 2009.
CEO: Steven E. Pickett
Steven E. Pickett serves as CEO of RigNet, Inc. Steven E. Pickett has been Chief Executive Officer and President of RigNet, Inc. since May 31, 2016.
In the position of CFO since 2015
Charles Schneider has served as the Company’s Senior Vice President and Chief Financial Officer since December 8, 2015.
Prior to that, Schneider served in various financial leadership roles at KBR, Inc. including Vice President and Chief Financial Officer for the Engineering and Construction, Americas division from January 2015 to December 2015; Vice President, Finance and Treasurer from February 2010 to December 2014; Vice President, Corporate Development from December 2008 to February 2010; and interim Chief Financial Officer from March 2008 to June 2008.
In addition, his professional career includes experience in commercial banking, project finance, corporate finance and M&A.
Schneider received a B.B.A. degree in finance and a MBA from University of Texas at Austin, McCombs School of Business.
Generally speaking, when a top leader announces to step down with no successor in place, it is a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chip Schneider’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 ($).