- Push-out Score suggests push-out forces
- After about six years in the position
- No successor named
(exechange) — Sugar Land, Texas, March 23, 2018 — Susan Ball, finance chief of CVR Energy, leaves. It is a change at short notice. As announced by CVR Energy, Inc. in a regulatory filing published on Friday, March 23, 2018, Susan M. Ball leaves her post as Chief Financial Officer at the petroleum refining company after about six years in the position, effective April 17, 2018.
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 years, according to data compiled by exechange.
Ball’s move comes three months after David L. Lamp took over as CEO of CVR Energy, Inc.
CVR Energy did not name a replacement for the position of Chief Financial Officer.
No reason given
In the announcement, CVR Energy did not explicitly explain the reason for Ball’s imminent move, opening the door for speculation.
Precise information about Ball’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for shareholders when a CFO leaves the post at short notice and without comprehensible reasons being given.
CVR Energy said: “On March 20, 2018, Susan M. Ball delivered notice to CVR Energy, Inc. (“CVR Energy”) that she is resigning effective April 17, 2018.”
Share price decline
The change follows a decline in the share price of CVR Energy, Inc. since May 2013.
Chaired by Carl C. Icahn
CVR Energy, Inc. is chaired by Carl C. Icahn.
Icahn has been chairman of the board of CVR Energy, Inc. since June 2012.
CEO: David L. Lamp
David L. Lamp serves as CEO of CVR Energy, Inc. Lamp has been Chief Executive Officer of CVR Energy since January 1, 2018.
In the position of CFO since 2012
Susan M. Ball has served as chief financial officer and treasurer of CVR Energy and CVR Partners’ general partner since August 2012.
She previously served as vice president, chief accounting officer and assistant treasurer of CVR Energy and the general partner of CVR Partners since October 2007 and as vice president, chief accounting officer and assistant treasurer for Coffeyville Resources, LLC (“CRLLC”) since May 2006.
In addition, Ball has also served as the chief financial officer and treasurer of CVR Refining’s general partner since its inception in September 2012.
Ball has more than 30 years of experience in the accounting industry, with more than 12 years serving clients in the public accounting industry.
Prior to joining CVR Energy, she served as a Tax Managing Director with KPMG LLP, where she was responsible for all aspects of federal and state income tax compliance and tax consulting, which included a significant amount of mergers and acquisition work on behalf of her clients.
Ball received a Bachelor of Science in Business Administration from Missouri Western State University and is a Certified Public Accountant.
Generally speaking, when a top leader announces to step down with no successor in place, it is a sign that the move was unexpected and too early.
In general, possible causes for an unexpected management change may be, among others, disagreement or dispute, health reasons, family reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Susan Ball’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 14.2018 ($).