- Push-out Score suggests push-out forces
- After three years in the position
- Accolades, praise, thanks, words of regret and good wishes for Eckart
- Search for a successor
- Eckart made a lengthy statement and said 69 words
(exechange) — El Dorado, Arkansas, February 12, 2018 — John Eckart, finance chief of Murphy Oil, leaves. As announced by Murphy Oil Corporation in a news release and in a regulatory filing published on Monday, February 12, 2018, John W. Eckart leaves his post as Chief Financial Officer at the independent oil and natural gas exploration and production company after three years in the position, effective during 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.
Murphy Oil will undertake a search for a successor.
No reason given
In the announcement, Murphy Oil did not explicitly explain the reason for Eckart’s move, opening the door for speculation.
Precise information about Eckart’s future plans was not immediately available.
Murphy Oil said: “John W. Eckart, Executive Vice President and Chief Financial Officer, has informed the company of his intention to retire during 2018, after nearly 28 years of service.”
Murphy Oil further said: “[O]n February 7, 2018, Mr. Eckart notified the Company of his intention to retire from the Company in 2018.”
Share price decline
The change follows a decline in the share price of Murphy Oil Corporation since July 2014.
Chaired by Claiborne P. Deming
Murphy Oil Corporation is chaired by Claiborne P. Deming.
CEO: Roger Jenkins
Roger Jenkins serves as CEO of Murphy Oil Corporation. Roger W. Jenkins was elected President & Chief Executive Officer of Murphy Oil Corporation in 2013.
In the position of CFO since 2015
John W. Eckart has been the Chief Financial Officer and Executive Vice President of Murphy Oil Corporation since March 1, 2015.
Eckart joined Murphy in October 1990 as Auditing Manager and was promoted to Assistant Controller in February of 1995.
He received the title of Controller in 2000 and was promoted to Vice President in 2006 and in 2011 was promoted to Senior Vice President.
He was promoted to his current role in 2015.
He holds a bachelor’s degree in Accounting from the University of Arkansas and is a Certified Public Accountant.
Eckart is expected to continue in his current role until such time as a successor is named and otherwise assist in the transition.
As a general rule, when a top leader announces to step down with no successor available, it is a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered John Eckart’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 8.2018 ($).