- Push-out Score suggests push-out forces
- After around eight years in the position
- Praise for George
- Search for a successor
(exechange) — Goleta, California, March 2, 2018 — Tom George, finance chief of Deckers Outdoor, leaves. As announced by Deckers Outdoor Corporation in a regulatory filing published on Friday, March 2, 2018, Thomas A. (Tom) George leaves his post as Chief Financial Officer at the footwear designer after around eight 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.
George’s move comes six months after John M. Gibbons took over as Chairman of Deckers Outdoor Corporation.
In order to facilitate a smooth transition, which is expected to be concluded before the end of the calendar year, George has agreed to stay on in his current role to assist the Company “in continuing to pursue its strategic objectives until the Company has identified and named a successor,” Deckers Outdoor said.
Deckers Outdoor will undertake a search for a successor.
“To pursue other interests”
George’s departure from the CFO post is explained as follows. Deckers Outdoor said: “On March 2, 2018, Deckers Outdoor Corporation … announced that, after nine years of valuable contributions and dedicated service to the Company, Thomas A. George will be stepping down as Chief Financial Officer of the Company to pursue other interests.”
The phrase “to pursue other interests” opens the door to speculation.
Precise information about George’s future plans was not immediately available.
Share price rise since January 2017
The change follows a rise in the share price of Deckers Outdoor Corporation since January 2017.
Chaired by John M. Gibbons
Deckers Outdoor Corporation is chaired by John M. Gibbons.
On August 31, 2017, the Board of Directors of Deckers Outdoor Corporation appointed John M. Gibbons as Chairman of the Board, effective September 1, 2017.
CEO: David Powers
David Powers serves as CEO of Deckers Outdoor Corporation. David Powers has been the Chief Executive Officer of Deckers Outdoor Corp. since June 2016 and has been its President since March 2015.
In the position of CFO since 2009
George has been the Company’s Chief Financial Officer since September 11, 2009.
He has over 32 years of experience in corporate finance and accounting, having served in a number of senior level positions with both public and private companies.
From February 2005 to September 2009, George was Chief Financial Officer of Ophthonix, Inc., a private technology company.
Prior to Ophthonix, Inc., from October 1997 to February 2005, George was the Chief Financial Officer of Oakley, Inc., now a division of Luxottica Group S.p.A., a publicly held global consumer products brand with wholesale and retail distribution of multiple product categories including sunglasses and prescription eyewear, apparel, footwear, watches and electronics.
Prior to Oakley, Inc., from December 1987 to October 1997, George was the Senior Vice President and Chief Financial Officer of REMEC, Inc., a public technology company.
George has also served as Corporate Controller and Manager of Financial Planning for other public technology firms.
He began his career at Coopers & Lybrand, where he became a Certified Public Accountant.
He received a B.S. in Business Administration from the University of Southern California.
Generally speaking, when a top leader announces to step down with no successor in place, 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 Tom George’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 11.2018 ($).