Guidewire CFO Richard Hart leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about three years in the position
  • Praise and thanks for Hart
  • Curtis Smith taking over
  • Hart will remain as Chief Strategy Officer at Guidewire

(exechange) — Foster City, California, January 9, 2018 — Richard Hart, finance chief of Guidewire, leaves the position. It is a change at short notice. As announced by Guidewire Software, Inc. in a news release and in a regulatory filing published on Tuesday, January 9, 2018, Richard Hart leaves his post as Chief Financial Officer at the provider of software products to Property & Casualty insurers after about three years in the position, effective on or about March 6, 2018.

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.

Hart’s move comes ten months after Peter Gassner took over as Chairman of Guidewire Software, Inc.

Hart’s duties will be taken over by Curtis Smith, most recently Chief Financial Officer at Infusion Software, Inc.

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

“The greater flexibility he needs to fulfill his personal obligations”

Hart’s imminent departure from the CFO post is explained as follows. Marcus Ryu, CEO, said: “Richard’s new role will focus on ensuring we make the right strategic choices and afford him the greater flexibility he needs to fulfill his personal obligations.”

Hart will remain as CSO at Guidewire

“Guidewire announced that Richard Hart, its Chief Financial Officer, will transition to a new role of Chief Strategy Officer, on or about March 6, 2018. In this capacity, Mr. Hart will report to Marcus Ryu and will take a leadership role focusing on Guidewire’s strategic growth initiatives,” Guidewire said.

Share price rise since December 2016

The change follows a rise in the share price of Guidewire Software, Inc. since December 2016.

Chaired by Peter Gassner

Guidewire Software, Inc. is chaired by Peter Gassner.

Peter Gassner has served on the Company’s Board of Directors since 2015 and as Chairman of the board since March, 2017.

CEO: Marcus S. Ryu

Marcus S. Ryu serves as CEO of Guidewire Software, Inc. Marcus S. Ryu co-founded Guidewire Software, Inc. in 2001 and has been its Chief Executive Officer since October 1, 2010 and President since 2010.

In the position of CFO since 2015

Richard Hart has served as the Company’s Chief Financial Officer since March 2015.

From March 2004 to November 2013, Hart served as Managing Director at Deutsche Bank, an investment bank.

From 1999 to 2004, Hart served as an investment banker at Credit Suisse First Boston, an investment bank, most recently as Managing Director.

Hart holds a JD from New York University School of Law and a BA in Physics from the University of Pennsylvania.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Richard Hart’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 ($).