- Push-out Score suggests push-out forces
- After almost seven years in the position
- Praise, thanks and good wishes for Collins
- Damian Finio taking over
(exechange) — Buena, New Jersey, January 26, 2018 — Jenniffer Collins, finance chief of Teligent, leaves. It is a change at short notice. As announced by Teligent, Inc. in a news release and in a regulatory filing published on Friday, January 26, 2018, Jenniffer Collins leaves her post as Chief Financial Officer at the pharmaceutical company after almost seven years in the position, effective February 2, 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 5.9 years, according to data compiled by exechange.
Collins’ duties will be taken over by Damian Finio, most recently Chief Financial Officer at Virtus Pharmaceuticals, Inc.
The fact that Collins’ 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.
“To pursue personal and professional opportunities”
Collins’ imminent departure from the CFO post is explained as follows. Teligent said: “Mr. Finio is currently the CFO of Virtus Pharmaceuticals, Inc., and will succeed Jenniffer Collins, who is leaving Teligent to pursue personal and professional opportunities and has agreed to stay on through May in a transitional capacity.”
The phrase “to pursue personal and professional opportunities” opens the door to speculation.
Precise information about Collins’ future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.
Teligent said: “The Company’s current Chief Financial Officer, Jenniffer Collins, has notified the Company of her intent to resign to pursue other interests.”
Share price decline
The change follows a sharp decline in the share price of Teligent, Inc. since June 2017.
Chaired by James C. Gale
Teligent, Inc. is chaired by James C. Gale.
CEO: Jason Grenfell-Gardner
Jason Grenfell-Gardner serves as CEO of Teligent, Inc. Jason Grenfell-Gardner has been the Chief Executive Officer, President and Director of Teligent, Inc. since July 30, 2012.
In the position of CFO since 2011
Jenniffer Collins has served as the Chief Financial Officer of Teligent, Inc. since July 2011.
She leads the Finance, Accounting, Human Resources, Investor Relations and IT teams.
Collins has twenty years of experience in accounting and finance.
Prior to joining Teligent, Collins most recently served as Vice President-Treasurer and previously the Corporate Controller at the Lightstone Group, a privately held real estate firm and The Lightstone Value Plus REIT, a publicly traded real estate investment trust.
She also served as Corporate Controller for Orchid Cellmark, Inc., a publicly-held biotechnology company, and as Director of Finance and Investor Relations for Tellium, Inc. a publicly-held optical switching company.
Her background also includes seven years of public accounting experience, including Pricewaterhouse Coopers.
Collins earned her CPA in New Jersey in 1993 and graduated with a BS in accounting from Lehigh University.
Collins is expected to continue in her current role until February 2, 2018 and to provide transitional assistance through May 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jenniffer Collins’ 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 5.2018 ($).