Seacor CFO Matt Cenac leaves abruptly

  • Push-out Score suggests push-out forces
  • After less than one year in the position
  • Praise, thanks and good wishes for Cenac
  • Jesús Llorca taking over

(exechange) — Houma, Louisiana, April 2, 2018 — Matt Cenac, finance chief of Seacor, leaves. It is an abrupt change. As announced by Seacor Marine Holdings Inc. in a news release and in a regulatory filing published on Monday, April 2, 2018, Matthew R. (Matt) Cenac has left his post as Chief Financial Officer at the provider of marine and support transportation services after less than one year in the position, effective April 1, 2018.

No company wants a CFO to flame out in the first year.

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 6.3 years, according to data compiled by exechange. Only 5 percent of the CFOs who departed over the past 12 months left the position within their first year. Around 19 percent left the position within two years, and 33 percent left the position within three years.

Cenac’s duties will be taken over by Jesús Llorca, most recently Executive Vice President of Corporate Development of Seacor Marine Holdings Inc.

No reason given

In the announcement, Seacor did not explicitly explain the obviously compelling reason for Cenac’s sudden move, leaving room for speculation.

Precise information about Cenac’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without an understandable explanation.

“Stepped down/departed”

Seacor said: “Matthew R. Cenac has stepped down as Executive Vice President and Chief Financial Officer, effective as of April 1, 2018.”

Seacor further said: “On April 1, 2018 …, Matthew R. Cenac departed Seacor Marine Holdings Inc. … as Executive Vice President and Chief Financial Officer.”

Chaired by Charles Fabrikant

Seacor Marine Holdings Inc. is chaired by Charles Fabrikant.

Fabrikant has been a member of the Company’s board of directors and has served as Chairman of the Board and Non-Executive Chairman since June 1, 2017.

CEO: John Gellert

John Gellert serves as CEO of Seacor Marine Holdings Inc. Gellert has been President and Chief Executive Officer since the Company’s formation and a member of the Seacor Marine Holdings Inc. board since June 1, 2017.

In the position of CFO since 2017

Cenac has been the Company’s Executive Vice President and Chief Financial Officer since June 1, 2017.

In his prior appointment, Cenac was Executive Vice President and Chief Financial Officer of Seacor Holdings from February 23, 2015 to May 31, 2017.

From August 2014 to February 2015, Cenac was Senior Vice President and Chief Financial Officer of Seacor Holdings.

From August 2005 to August 2015, Cenac was Vice President and Chief Accounting Officer of Seacor Holdings.

From June 2003 to August 2005, Cenac was Corporate Controller of Seacor Holdings.

Cenac will provide consulting services to the Company for a period of six months following his departure in order to assist the Company with the transition of his duties.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Matt Cenac’s sudden 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 ($).