- After less than half a year in the position
- Nicole Ossenfort taking over
(exechange) — Virginia Beach, Virginia, February 19, 2018 — This news came on Presidents Day. Ed Brunot, chief executive of Liberty Tax, leaves. It is an abrupt change. As announced by Liberty Tax Inc. in a news release on Monday, February 19, 2018, Edward L. (Ed) Brunot, Chief Executive Officer, leaves the parent of Liberty Tax Service after less than half a year in the position, effective immediately.
No company wants a CEO to flame out in the first months.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.3 years, according to data compiled by exechange. Only 4 percent of the CEOs who departed over the past 12 months left the position within their first year. Around 10 percent left the position within two years, and 20 percent left the position within three years.
Brunot’s duties will be taken over by Nicole Ossenfort, a former Vice President of the 360 Accounting Solutions business of Liberty Tax Inc.
No reason given
In the announcement, Liberty Tax did not explicitly explain the obviously compelling reason for Brunot’s sudden move, opening the door for speculation.
Precise information about Brunot’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post abruptly and without an understandable explanation.
Liberty Tax said: “Ms. Ossenfort replaces Edward L Brunot, whose employment was terminated by the Company’s Board of Directors on February 19, 2018.”
Share price decline
The change follows a decline in the share price of Liberty Tax Inc. since November 2014.
Chaired by John Hewitt
Liberty Tax Inc. is chaired by John Hewitt.
In the position of CEO since 2017
Edward L. Brunot has been the Chief Executive Officer of Liberty Tax, Inc. since September 8, 2017.
Brunot has served as the Company’s Vice President and Chief Operating Officer since June 1, 2017.
Brunot previously served as the Executive Vice President and President of MDV at SpartanNash Company from 2013 until 2017.
Prior to the merger between Spartan Stores and Nash Finch in 2013, he served with Nash Finch as Executive Vice President and President and Chief Operating Officer of MDV from 2012 to 2013 and as Senior Vice President and President and Chief Operating Officer of MDV from February 2009 to March 2012.
Brunot joined Nash Finch in July 2006 as Senior Vice President, Military.
Brunot previously served as Senior Vice President and Vice President of Operations of AmeriCold Logistics, LLC from December 2002 to May 2006, and CS Integrated from 1999 to 2002.
Read the full story in the exechange report 9.2018 ($).