- Push-out Score suggests push-out forces
- After almost 14 years in the position
- Accolades and praise for Comas
- Matt McGrew taking over
- Comas will remain as Executive Vice President at Danaher
(exechange) — Washington, D.C., January 30, 2018 — Dan Comas, finance chief of Danaher, leaves. His departure is made public at an early stage. As announced by Danaher Corporation in a news release and in a regulatory filing published on Tuesday, January 30, 2018, Daniel L. (Dan) Comas leaves his post as Chief Financial Officer at the science, health care and technology conglomerate after almost 14 years in the position, effective December 31, 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 6 years, according to data compiled by exechange. Only 21 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
It is a long goodbye. The announcement of Comas’s move comes eleven months prior to his planned departure from the post of CFO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Comas’s duties will be taken over by Matt McGrew, currently Group CFO of the Diagnostics and Dental platforms at Danaher Corporation.
No reason given
In the announcement, Danaher did not explicitly explain the reason for Comas’s move, opening the door for speculation.
Comas will remain as Executive Vice President at Danaher
“Mr. Comas will continue as an Executive Vice President of the Company, and a member of the Office of the Chief Executive, effective January 1, 2019 as he begins a gradual transition to retirement,” Danaher said.
Danaher said: “On January 29, 2018, Daniel L. Comas, Executive Vice President and Chief Financial Officer of Danaher Corporation …, notified the Company that he plans to relinquish his role as Chief Financial Officer as of December 31, 2018.”
Share price rise since January 2009
The change follows a rise in the share price of Danaher Corporation since January 2009.
Chaired by Steven M. Rales
Danaher Corporation is chaired by Steven M. Rales.
Rales is a co-founder of Danaher and has served as Danaher’s Chairman of the Board since 1984.
CEO: Thomas P. Joyce
Thomas P. Joyce, Jr. serves as CEO of Danaher Corporation. Thomas P. Joyce, Jr. has been the Chief Executive Officer and President of Danaher Corp. since September 9, 2014.
In the position of CFO since 2005
Comas has served as Company CFO since April 2005.
He joined Danaher in 1991 in the Corporate Development organization.
As Executive Vice President and Chief Financial, Dan Comas leads Danaher’s Finance, Accounting, Tax, Corporate Development, IR, IT, Procurement, and Treasury teams.
Comas joined Danaher Corporate Development in 1991 and assumed leadership for mergers and acquisitions as Vice President, Corporate Development five years later.
In 1999 he added responsibility for the Corporate Treasury team and, in 2004, was appointed Senior Vice President, Finance and Corporate Development with an expanded role that included legal services and corporate risk management.
Over the course of Comas’s 25-year career at Danaher, the company has completed more than 250 acquisitions worth more than $42 billion.
Comas received his undergraduate degree in Economics from Georgetown University and his M.B.A. from Stanford University.
He lives in Washington, D.C. with his wife, Leigh, and four children.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dan Comas’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 6.2018 ($).