- Push-out Score suggests push-out forces
- After around seven years in the position
- Accolades, praise, words of regret and good wishes for Spice
- Search for a successor
- Spice spoke at length and said 87 words
(exechange) — Carlsbad, California, April 2, 2018 — Adam Spice, finance chief of MaxLinear, leaves. It is a change at short notice. As announced by MaxLinear, Inc. in a news release and in a regulatory filing published on Monday, April 2, 2018, Adam C. Spice, Chief Financial Officer, leaves the chipmaker after around seven years in the position, effective May 23, 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 6.2 years, according to data compiled by exechange.
MaxLinear will undertake a search for a successor.
Spice’s imminent departure from the CFO post is explained as follows. Spice said: “I have made the very difficult decision to leave MaxLinear to pursue another opportunity.”
Spice will be CFO at Rocket Lab
“I am eager to embark on my next adventure, in the role of Chief Financial Officer of Rocket Lab, an orbital launch provider based in Huntington Beach, California,” Spice said.
MaxLinear said: “Adam Spice, Vice President and Chief Financial Officer, has given notice that he will be leaving the Company on May 23, 2018.”
MaxLinear further said: “On March 30, 2018, Adam C. Spice, the Chief Financial Officer of MaxLinear, Inc. …, notified the Company of his intention to resign, effective as of May 23, 2018.”
Share price decline
The change follows a decline in the share price of MaxLinear, Inc. since May 2017.
Chaired by Kishore Seendripu
MaxLinear, Inc. is chaired by Kishore Seendripu.
Kishore Seendripu, Ph.D. has served as the Company’s Chairman, President, and Chief Executive Officer since the Company’s inception in September 2003 and is also a cofounder of the Company.
In the position of CFO since 2011
Adam Spice joined MaxLinear as the Company’s Chief Financial Officer in January 2011.
From 2000 to 2009, Spice held a variety of executive roles at Broadcom Corporation, including Vice President, Finance, Corporate Development, Treasurer, and Vice President and General Manager of its Mobile Power Management Business.
From June 1996 to July 2000, Spice held Senior Finance Management positions at Intel Corporation in its Planning and Logistics group and Intel Capital.
Spice previously served as Chief Financial Officer of Symwave Corporation, a venture backed fabless semiconductor startup from October 2009 to November 2010, leading up to its sale to SMSC.
Spice received a Bachelor of Business Administration degree from the Brigham Young University and an MBA from The University of Texas at Austin.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Adam Spice’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 15.2018 ($).