- Push-out Score suggests push-out forces
- After almost 19 years in the position
- Praise for George
- Stephen Nolan taking over
(exechange) — Bellevue, Washington, January 9, 2018 — Bob George, finance chief of Esterline, leaves. It is a change at short notice. As announced by Esterline Corporation in a news release and in a regulatory filing published on Tuesday, January 9, 2018, Robert D. (Bob) George leaves his post as Chief Financial Officer at the aerospace and defense company after almost 19 years in the position, effective February 5, 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 5 percent of the CFOs who departed over the past twelve months left the position after more than 15 years.
George’s duties will be taken over by Stephen Nolan, most recently Chief Financial Officer at Vista Outdoor, Inc.
The fact that George’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, Esterline did not explicitly explain the reason for George’s imminent move, leaving room for speculation.
Precise information about George’s future plans was not immediately available.
Esterline said: “Stephen Nolan, Chief Financial Officer for Vista Outdoor, Inc., will succeed Robert George as Esterline’s Chief Financial Officer, effective February 5, 2018.”
Esterline further said: “Mr. Nolan will succeed Mr. Robert D. George, the Company’s current Executive Vice President, Chief Financial Officer & Corporate Development, who is retiring from Esterline.”
Share price decline
The change follows a decline in the share price of Esterline Corporation since November 2017.
Chaired by Curtis C. Reusser
Esterline Corporation is chaired by Curtis C. Reusser.
Reusser has been Chairman, President and Chief Executive Officer of the Company since March 2014 and served as President and Chief Executive Officer of the Company from October 2013 to March 2014.
In the position of CFO since 1999
Robert David George has been the Chief Financial Officer of Esterline Technologies Corporation since July 1999.
George has been Executive Vice President, Chief Financial Officer and Corporate Development since June 2016.
From October 2012 to June 2016, he was Vice President, Chief Financial Officer and Corporate Development.
From July 2011 to October 2012, he was Vice President, Chief Financial Officer, Corporate Development and Secretary.
Prior to that time, he was Vice President, Chief Financial Officer, Secretary and Treasurer since July 1999.
George has an M.B.A. from the Fuqua School of Business at Duke University and a B.A. degree in Economics from Drew University.
George, who has been with Esterline as Chief Financial Officer for 21 years, will remain with the company in a special advisory role to help ensure a seamless transition before retiring in June 2018.
Effective February 5, 2018, George will retire from his current positions with Esterline.
George will remain employed through June 30, 2018 to support the transition of responsibilities to Nolan as well as special activities at the request of the CEO.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob George’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 3.2018 ($).