- Push-out Score suggests push-out forces
- After almost seven years in the position
- Accolades, praise, thanks and good wishes for Ludwig
- Search for a successor
- Ludwig made a lengthy statement and said 75 words
(exechange) — Livermore, California, February 7, 2018 — Mike Ludwig, finance chief of FormFactor, leaves. It is a change at short notice. As announced by FormFactor, Inc. in a news release on Wednesday, February 7, 2018, Michael M. (Mike) Ludwig leaves his post as Chief Financial Officer at the provider of test and measurement products after almost seven years in the position, effective March 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 12 months was 6.1 years, according to data compiled by exechange.
FormFactor will undertake a search for a successor.
No reason given
In the announcement, FormFactor did not explicitly explain the reason for Ludwig’s imminent move, opening the door for speculation.
Precise information about Ludwig’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for shareholders when a CFO leaves the post at short notice and without a reasonable explanation.
FormFactor said: “FormFactor, Inc. … today announced that its Chief Financial Officer, Michael Ludwig, has notified the company of his plans to retire.”
Chaired by Thomas St. Dennis
FormFactor, Inc. is chaired by Thomas St. Dennis.
Thomas St. Dennis was named Chairman of the Board of Directors and Chief Executive Officer in October, 2013.
CEO: Michael Slessor
Michael Slessor serves as CEO of FormFactor, Inc. Mike Slessor has served as CEO since January, 2015 and as President since October, 2013.
In the position of CFO since 2011
Michael M. Ludwig has been the Chief Financial Officer at Formfactor Inc. since May 16, 2011.
He served as Vice President, Finance of FormFactor since December 2009, was a consultant to FormFactor from February 2009 to December 2009, and served as Vice President and Corporate Controller of the Company from April 2001 to April 2007.
Ludwig has also held senior level finance and accounting positions at Force 10 Networks, Inc., a privately held company that builds and secures high performance networks, and at divisions of Tyco Electronics and Beckman Coulter.
Ludwig holds a bachelor of science degree in accounting from California State Polytechnic University, Pomona.
Ludwig will continue to serve as FormFactor’s CFO through March 2, 2018, directing the company’s financial operations.
As a general rule, when a top leader announces to step down with no successor in place, it is a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Ludwig’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 ($).