- Push-out Score suggests push-out forces
- After about six years in the position
- Search for a successor
(exechange) — San Francisco, California, February 13, 2018 — Lee Kirkpatrick, finance chief of Twilio, leaves. As announced by Twilio Inc. in a news release and in a regulatory filing published on Tuesday, February 13, 2018, Lee Kirkpatrick leaves his post as Chief Financial Officer at the cloud communications platform company after about six years in the position.
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.
The effective date for Kirkpatrick’s resignation has not been determined and Kirkpatrick intends to continue with the Company through the transition.
Twilio will undertake a search for a successor.
No reason given
In the announcement, Twilio did not explicitly explain the reason for Kirkpatrick’s move, opening the door for speculation.
Precise information about Kirkpatrick’s future plans was not immediately available.
Twilio said: “Lee Kirkpatrick, who has served as Twilio’s Chief Financial Officer since May 2012, has informed the Company and its Board of Directors of his decision to leave the company.”
Twilio further said: “Lee Kirkpatrick, the Company’s Chief Financial Officer, will be resigning from his position with the Company.”
Share price decline
The change follows a decline in the share price of Twilio Inc. since September 2016.
Chaired by Jeff Lawson
Twilio Inc. is chaired by Jeff Lawson.
Jeff Lawson co-founded Twilio, Inc. in 2008 and has been its Chairman of the Board and Chief Executive Officer since November 2015 and April 2008 respectively.
In the position of CFO since 2012
Lee Kirkpatrick has been the Chief Financial Officer of Twilio, Inc. since May 2012.
Kirkpatrick brings over 20 years of experience in finance and operations at high growth and technology companies.
Prior to joining Twilio, Kirkpatrick was CFO of SAY Media (formerly Videoegg), COO and CFO of Videoegg, COO of Kodak Imaging Network, CFO of Ofoto and held various senior finance and operating roles during nine years at Reuters.
Kirkpatrick grew up in Southern California, and earned his BS in Business Administration from the University of Southern California, and his MBA from Columbia University.
He currently serves on the Board of Lincoln Healthcare.
As a general rule, when a top manager announces to step down with no successor in place, it is a sign that the move was unexpected and too early.
Generally speaking, potential causes for an unplanned change can be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Lee Kirkpatrick’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 ($).