Micron CFO Ernie Maddock leaves post at short notice

  • Push-out Score suggests push-out forces
  • After less than three years in the position
  • Praise, thanks and good wishes for Maddock
  • Dave Zinsner taking over
  • Maddock spoke briefly and said 36 words

(exechange) — Boise, Idaho, February 5, 2018 — Ernie Maddock, finance chief of Micron, leaves the position. It is a change at short notice. As announced by Micron Technology, Inc. in a news release and in a regulatory filing published on Monday, February 5, 2018, Ernest E. (Ernie) Maddock leaves his post as chief financial officer at the maker of semiconductor devices after less than three years in the position, effective February 19, 2018.

No company wants a CFO to flame out in the first years.

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 6.1 years, according to data compiled by exechange. Only 35 percent of the CFOs who departed over the past 12 months left the position within three years.

Maddock’s move comes nine months after Sanjay Mehrotra took over as CEO of Micron Technology, Inc.

Maddock leaves the company effective June 8, 2018.

Maddock’s duties will be taken over by Dave Zinsner, most recently president and chief operating officer at Affirmed Networks, Inc.

The fact that Maddock’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, Micron did not explicitly explain the reason for Maddock’s imminent move, leaving room for speculation.

Precise information about Maddock’s future plans was not immediately available.

“Retiring”

Micron said: “Zinsner succeeds Ernie Maddock, who is retiring from Micron but will remain with the company as an adviser through early June to ensure a smooth transition.”

Micron further said: “On February 1, 2018, Ernest E. Maddock announced his intention to retire from Micron Technology, Inc. … on June 8, 2018. Mr. Maddock will serve as the Company’s Senior Vice President and Chief Financial Officer until February 19, 2018 and, to provide for an orderly transition of duties, as an advisor to the Company from February 19, 2018 to June 8, 2018.”

Share price rise since May 2016

The change follows a rise in the share price of Micron Technology, Inc. since May 2016.

Chaired by Robert E. Switz

Micron Technology, Inc. is chaired by Robert E. Switz.

Switz was appointed Chairman of the Board of Directors in 2012.

CEO: Sanjay Mehrotra

Sanjay Mehrotra serves as CEO of Micron Technology, Inc. Sanjay Mehrotra has been the Chief Executive Officer and President at Micron Technology, Inc. since May 8, 2017.

In the position of CFO since 2015

Ernest E. Maddock has been Chief Financial Officer at Micron Technology, Inc. since June 1, 2015 and has been its Senior Vice President since June 23, 2017.

Maddock is responsible for overseeing Micron’s global finance and accounting organization.

Prior to joining Micron in 2015, Maddock served as CFO at multiple global companies, including Riverbed Technology and Lam Research.

His career includes executive experience in manufacturing and supply chain management, global operations, international business and information technology.

He has also held leadership roles at NCR Corporation and Lockheed Corporation.

Maddock currently serves on the board of Intersil Corporation.

Maddock earned a bachelor’s degree in industrial management from the Georgia Institute of Technology and a master’s degree in business administration from Georgia State University.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Ernie Maddock’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 7.2018 ($).