- Push-out Score suggests push-out forces
- After almost 15 years in the position
- Accolades, praise, thanks and words of regret for Federici
- Search for a successor
- Federici spoke at length and said 79 words
(exechange) — Exton, Pennsylvania, March 2, 2018 — Bill Federici, finance chief of West Pharmaceutical, leaves. As announced by West Pharmaceutical Services, Inc. in a news release and in a regulatory filing published on Friday, March 2, 2018, William J. (Bill) Federici leaves his post as Chief Financial Officer at the pharmaceutical company after almost 15 years in the position, effective later this year.
It is the end of an era.
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 22 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
West Pharmaceutical will undertake a search for a successor.
“It is the right time to begin this important chapter for my family and me”
Federici’s departure from the CFO post is explained as follows. Federici said: “With our company in a strong financial position and well-poised for future growth, and with the close of the 2017 reporting season, it is the right time to begin this important chapter for my family and me.”
The phrase “it is the right time to begin this important chapter for my family and me” opens the door to speculation.
Precise information about Federici’s future plans was not immediately available.
West Pharmaceutical said: “William Federici, Senior Vice President, Chief Financial Officer and Treasurer, has communicated his intention to retire later this year.”
West Pharmaceutical further said: “On March 2, 2018, William J. Federici, Senior Vice President, Chief Financial Officer & Treasurer, announced his intention to retire later this year.”
Chaired by Patrick J. Zenner
West Pharmaceutical Services, Inc. is chaired by Patrick J. Zenner.
Zenner was elected Chairman of the Board effective July 1, 2015.
In the position of CFO since 2003
William J. Federici serves as the Chief Financial Officer and Senior Vice President of West Pharmaceutical Services Inc. since August 2003 and has been its Treasurer since January 2017.
Federici joined West in 2003 and currently serves as Senior Vice President and Chief Financial Officer.
Additionally, he serves as a member of the Board of Directors serving as Audit Committee Chair for Zynerba Pharmaceuticals, Inc. and is a member of the Board of Directors of the American Oncologic Hospital and Affiliates including the Fox Chase Cancer Center.
Federici holds a BA in Economics and an MBA in Professional Accounting from Rutgers University.
As a general rule, when a top manager 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 Bill Federici’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 10.2018 ($).