Flexsteel CFO Tim Hall leaves post at short notice

  • Push-out Score suggests push-out forces
  • After almost 13 years in the position
  • Praise and thanks for Hall
  • Marcus Hamilton taking over

(exechange) — Dubuque, Iowa, January 3, 2018 — Tim Hall, finance chief of Flexsteel, leaves the position. It is a change at short notice. As announced by Flexsteel Industries, Inc. in a news release and in a regulatory filing published on Wednesday, January 3, 2018, Timothy E. (Tim) Hall leaves his post as Chief Financial Officer at the furniture company after almost 13 years in the position, effective January 8, 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 5.8 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.

Hall leaves the company effective June 30, 2018.

Hall’s duties will be taken over by Marcus Hamilton, most recently Global Vice President – Finance at Valspar Paints.

The fact that Hall’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

No reason given

In the announcement, Flexsteel did not explicitly explain the reason for Hall’s imminent move, opening the door for speculation.

Precise information about Hall’s future plans was not immediately available.

“Retiring”

Flexsteel said: “Timothy E. Hall, Chief Financial Officer, will be retiring from Flexsteel Industries, Inc. on June 30, 2018, after 23 years of service.”

Share price decline

The change follows a decline in the share price of Flexsteel Industries, Inc. since December 2016.

Chaired by Eric S. Rangen

Flexsteel Industries, Inc. is chaired by Eric S. Rangen.

CEO: Karel K. Czanderna

Karel K. Czanderna serves as CEO of Flexsteel Industries, Inc. Karel K. Czanderna has been the Chief Executive Officer and President of Flexsteel Industries Inc. since July 1, 2012.

In the position of CFO since 2005

Timothy E. Hall has been the Chief Financial Officer and Treasurer of Flexsteel Industries Inc. since June 2005.

Hall will assist in the transition of his CFO responsibilities to Hamilton, and will continue working on the business information systems project, the Dubuque Operations building construction project, and will continue serving as Secretary to the Board of Directors until his retirement.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tim Hall’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 2.2018 ($).