- Push-out Score suggests push-out forces
- After around ten years in the position
- Praise, thanks and good wishes for Fletcher
- Neil Johnston taking over
(exechange) — New York, January 16, 2018 — This news came the day after Martin Luther King, Jr. Day. Paul Fletcher, finance chief of Presidio, leaves. It is an abrupt change. As announced by Presidio, Inc. in a news release and in a regulatory filing published on Tuesday, January 16, 2018, Paul D. Fletcher leaves his post as Chief Financial Officer at the IT service management company after around ten years in the position, effective immediately.
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 20 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
Fletcher’s duties will be taken over by Neil Johnston, most recently Chief Financial Officer at Cox Automotive Inc.
The fact that Fletcher’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Presidio did not explicitly explain the reason for Fletcher’s sudden move, opening the door for speculation.
Precise information about Fletcher’s future plans was not immediately available.
Presidio said: “Mr. Johnston will succeed Paul Fletcher, who has decided to retire after serving as the Company’s Chief Financial Officer since 2007.”
Presidio further said: “Presidio, Inc. … announced that its Executive Vice President and Chief Financial Officer, Paul Fletcher, has decided to retire on March 31, 2018, after over ten years of service to the Company.”
Share price rise since September 2017
The change follows a rise in the share price of Presidio, Inc. since September 2017.
Chaired by Bob Cagnazzi
Presidio, Inc. is chaired by Bob Cagnazzi.
Bob Cagnazzi has served as Chief Executive Officer of Presidio since 2012.
In the position of CFO since 2007
Paul D. Fletcher has been the Chief Financial Officer and Secretary of Presidio, Inc. since August 2007.
Paul Fletcher has served as Executive Vice President and Chief Financial Officer of Presidio since 2007.
He was responsible for financial strategy, financial and operational execution, and treasury, cash management and banking.
Previously, Fletcher served as the Senior Vice President and Chief Financial Officer of Trex Company Inc. from 2003 to 2007, and as its Principal Accounting Officer until 2007.
He also served at Trex Company as Vice President of Finance from 2001 to 2002.
Prior to that, Fletcher has held various executive positions at AMX, LLC, Excel Telecommunications Inc. and Lomas Financial Corporation.
He served as a director of Vul Corporation from 2011 to 2013.
Fletcher will remain with the Company and serve in a transitional role from January 16, 2018 through March 31, 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Paul Fletcher’s sudden 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 4.2018 ($).