- Push-out Score suggests push-out forces
- After around seven years in the position
- Praise and thanks for Fein
- Search for a successor
- Fein kept it short and said 22 words
(exechange) — Seattle, Washington, February 1, 2018 — Evan Fein, finance chief of Impinj, leaves. It is a change at short notice. As announced by Impinj, Inc. in a news release and in a regulatory filing published on Thursday, February 1, 2018, Evan Fein leaves his post as Chief Financial Officer at the maker of radio-frequency identification devices and software after around seven years in the position, effective March 30, 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 12 months was 6 years, according to data compiled by exechange.
Impinj will undertake a search for a successor.
“To spend more time with family and to pursue other opportunities”
Fein’s imminent departure from the CFO post is explained as follows. Fein said: “I have decided to spend more time with family and to pursue other opportunities.”
The phrase “to spend more time with family and to pursue other opportunities” opens the door to speculation.
Precise information about Fein’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position at short notice and without a reasonable explanation.
Impinj said: “[L]ong-time Chief Financial Officer Evan Fein has decided to step down effective March 30.”
Impinj further said: “Evan Fein has decided to step down as Chief Financial Officer to pursue other opportunities.”
Share price decline
The change follows a decline in the share price of Impinj, Inc. since June 2017.
Chaired by Peter van Oppen
Impinj, Inc. is chaired by Peter van Oppen.
Peter van Oppen has served as the Company’s chairman and a member of the Company’s board of directors since January 2013.
CEO: Chris Diorio
Chris Diorio serves as CEO of Impinj, Inc. Chris Diorio, one of the Company’s co-founders, has served as a member of the Company’s board of directors since April 2000, as chief executive officer since November 2014 and as vice chairman since September 2013.
In the position of CFO since 2010
Evan Fein has served as the Company’s chief financial officer since November 2010.
Previously, he served as the Company’s senior vice president, finance and administration from June 2009 to November 2010, vice president, finance and administration from February 2004 to June 2009, and director of finance from October 2000 to February 2004.
Prior to joining the Company, Fein managed the financial planning and corporate development activities of T-Mobile US, Inc., a telecommunications provider.
Fein received a B.S. in mathematics and an M.B.A. from the University of Washington.
Generally speaking, when a top leader announces to step aside with no successor available, it is a sign that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Evan Fein’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 6.2018 ($).