- Push-out Score suggests push-out forces
- After about two years in the position
- Accolades, praise, thanks and good wishes for Mattacchione
- Search for a successor
- Mattacchione said 47 words
(exechange) — Billerica, Massachusetts, February 21, 2018 — Tony Mattacchione, finance chief of Bruker, leaves. It is a change at short notice. As announced by Bruker Corporation in a news release and in a regulatory filing published on Wednesday, February 21, 2018, Anthony L. (Tony) Mattacchione leaves his post as Chief Financial Officer at the maker of scientific instruments after about two years in the position, effective March 16, 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.
Bruker will undertake a search for a successor.
Mattacchione’s imminent departure from the CFO post is explained as follows. Bruker said: “Anthony L. Mattacchione, Chief Financial Officer (CFO) and Senior Vice President of Bruker, has submitted his resignation, effective as of March 16, 2018, in order to pursue other interests.”
Mattacchione will be CFO at Albany Molecular
“Mr. Mattacchione, who has served as the Company’s principal financial officer since 2015 and principal accounting officer since 2016, informed us that he has accepted a position as Chief Financial Officer of Albany Molecular Research, Inc., and will commence service in that position in April 2018,” Bruker said.
Albany Molecular is a contract research and manufacturing organization that provides drug discovery, development, cGMP manufacturing and aseptic fill and finish to the pharmaceutical and biotechnology industries.
Bruker said: “On February 16, 2018, Mr. Anthony L. Mattacchione, Chief Financial Officer (CFO) and Senior Vice President of Bruker Corporation …, submitted his resignation, effective as of March 16, 2018, in order to pursue other interests.”
“Not the result of any dispute or disagreement”
“Mr. Mattacchione’s resignation is not the result of any dispute or disagreement with the Company, or any matter relating to the Company’s accounting practices or financial statements,” Bruker said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price rise since April 2017
The change follows a rise in the share price of Bruker Corporation since April 2017.
Chaired by Frank H. Laukien
Bruker Corporation is chaired by Frank H. Laukien.
Frank H. Laukien has been the Chairman, President and Chief Executive Officer of the Company since February 1991 and is the Company’s largest shareholder.
In the position of CFO since 2016
Anthony L. Mattacchione has been the Chief Financial Officer of Bruker Corporation since February 18, 2016.
Prior to becoming Bruker’s Interim CFO in 2015, he had responsibility for Bruker’s global finance and accounting functions, including financial planning & analysis, corporate accounting, public company reporting, treasury, tax, shared financial services, internal controls and audit, and global ERP business processes.
Prior to joining Bruker, Mattacchione served as Chief Financial Officer of EMD Millipore Corporation, a subsidiary of Merck KGaA, from 2010 to 2013.
Previously, he was Vice President, Controller and Chief Accounting Officer of Millipore Corporation between 2006 and 2010.
He also held various financial leadership roles during a 16-year career at Gerber Scientific. Mattacchione is a certified public accountant, and holds an MBA from the University of Connecticut.
Mattacchione is expected to continue in his role as Bruker’s Chief Financial Officer until his departure from the Company, and he will work during the next few weeks to ensure an orderly transition of his responsibilities.
Effective as of February 16, 2018, Mattacchione ceased to serve as the Company’s principal accounting officer and is succeeded in that role by Gerald Herman, Vice President and Corporate Controller.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tony Mattacchione’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 9.2018 ($).