Advanced Energy CFO Tom Liguori leaves for Avnet

  • Push-out Score suggests push-out forces
  • After less than three years in the position
  • Thanks and good wishes for Liguori
  • Tom McGimpsey taking over in the interim
  • Search for a successor
  • Liguori said 52 words

(exechange) — Fort Collins, Colorado, December 28, 2017 — Tom Liguori, finance chief of Advanced Energy, leaves. It is a change at short notice. As announced by Advanced Energy Industries, Inc. in a news release and in a regulatory filing published on Thursday, December 28, 2017, Thomas (Tom) Liguori leaves his post as Chief Financial Officer at the semiconductor manufacturing company after less than three years in the position, effective January 26, 2018.

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 5.9 years, according to data compiled by exechange. Only 36 percent of the CFOs who departed over the past twelve months left the position within three years.

Advanced Energy will undertake a search for a successor.

Liguori’s duties will be taken over in the interim by Tom McGimpsey, currently Executive Vice President and General Counsel at Advanced Energy Industries, Inc.

Career change

Liguori’s imminent departure from the CFO post is explained as follows. Advanced Energy said: “Thomas Liguori, Executive Vice President and Chief Financial Officer, is resigning effective January 26, 2018 to pursue another opportunity.”

Liguori will be CFO at Avnet

Avnet, Inc. announced that Tom Liguori has been named Chief Financial Officer (CFO), reporting to Bill Amelio, Avnet’s Chief Executive Officer.

Avnet, Inc. announced the move on Thursday, December 28, 2017.

Avnet is a distributer of electronic components.

“Resigning”

Advanced Energy said: “On December 25, 2017, Thomas Liguori, Executive Vice President and Chief Financial Officer of Advanced Energy Industries, Inc. …, notified the Company that he is resigning effective January 26, 2018 to pursue another opportunity.”

“No issues”

“There are no issues involving the Company’s financial statements, internal controls or financial reporting procedures that led to Mr. Liguori’s departure,” Advanced Energy said.

Share price decline

The change follows a decline in the share price of Advanced Energy Industries, Inc. since October 2017.

Chaired by Grant H. Beard

Advanced Energy Industries, Inc. is chaired by Grant H. Beard.

Grant H. Beard has been a director of Advanced Energy since 2014 and was appointed chairman of the board in May 2016.

CEO: Yuval Wasserman

Yuval Wasserman serves as CEO of Advanced Energy Industries, Inc. Wasserman has served as President & Chief Executive Officer and a director since October 2014.

In the position of CFO since 2015

Thomas Liguori has been the Chief Financial Officer and Executive Vice President at Advanced Energy Industries, Inc. since May 18, 2015.

Thomas Liguori joined Advanced Energy in May 2015 as executive vice president and chief financial officer, bringing more than 30 years of finance and operations expertise to the company.

He was previously executive vice president and chief financial officer at Multi-Fineline Electronix, Inc. (MFLEX).

He built a global finance organization amid a period of significant corporate growth during his seven-year tenure at MFLEX, a global leader of high-quality, technologically advanced flexible printed circuits and value-added component assembly solutions to the electronics industry.

Liguori has also served as the chief financial officer at Hypercom, Inc.; Iomega Corporation; Channell Commercial Corporation; and Dole Europe for Dole Food Company, and he has held other senior management positions at Teledyne, Inc.; Honeywell; and Deloitte & Touche LLP.

He holds a BS degree in business administration, summa cum laude, from Boston University and an MBA in finance, summa cum laude, from Arizona State University.

He is a certified management accountant and a certified financial manager.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tom Liguori’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 1.2018 ($).