- After about six years in the position
- Accolades, praise and thanks for Zarrilli
- Brian Sisko taking over
- Zarrilli spoke at length and said 92 words
(exechange) — Radnor, Pennsylvania, April 6, 2018 — Steve Zarrilli, chief executive of Safeguard, leaves the position. As announced by Safeguard Scientifics, Inc. in a news release on Friday, April 6, 2018, Stephen T. (Steve) Zarrilli leaves his post as Chief Executive Officer at the private equity and venture capital firm after about six years in the position, effective July 1, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.6 years, according to data compiled by exechange.
Zarrilli leaves the company effective September 30, 2018.
Zarrilli’s duties will be taken over by Brian J. Sisko, currently Chief Operating Officer of Safeguard Scientifics, Inc.
Zarrilli’s move is part of a management shake-up also involving the positions of Chief Financial Officer; and Senior Vice President of Investor Relations and Corporate Communications.
“To streamline the Company’s organizational structure and reduce operating costs”
The management change is explained as follows. Safeguard said in a fairly blunt statement: “Safeguard Scientifics, Inc. … today announced a series of management changes intended to streamline the Company’s organizational structure and reduce operating costs. These aggressive cost-reduction initiatives are intended to better align Safeguard’s cost structure with the strategy the Company announced in January 2018 to reduce its operating costs, monetize its Partner Company interests and maximize the net proceeds distributable to Safeguard’s shareholders.”
Precise information about Zarrilli’s future plans was not immediately available.
Safeguard said: “Stephen T. Zarrilli, who has served as Safeguard’s President and Chief Executive Officer since November 2012, will retire from Safeguard, effective September 30, 2018.”
Share price decline
The change follows a decline in the share price of Safeguard Scientifics, Inc. since April 2014.
Chaired by Robert J. Rosenthal
Safeguard Scientifics, Inc. is chaired by Robert J. Rosenthal.
In the position of CEO since 2012
Stephen T. Zarrilli has been the Chief Executive Officer and President at Safeguard Scientifics, Inc. since November 1, 2012.
Over the course of a 30 year career, Steve Zarrilli has served as CEO and CFO of both publicly traded and privately held, venture-backed companies.
Having been directly involved with the launch of two businesses, Zarrilli understands the operational and strategic challenges that entrepreneurs face.
In addition to his responsibilities at Safeguard, Zarrilli serves as a director of Nutrisystem, Inc. (NASDAQ:NTRI) and Virtus Investment Partners (NASDAQ:VRTS).
Other board affiliations include Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP), LaSalle University and Safeguard’s partner companies Putney and Trice Medical.
Zarrilli is a graduate of LaSalle University in Philadelphia earning a B.S. degree in Accounting.
He is a former Certified Public Accountant, and is a frequent lecturer on corporate governance, financial management, organizational and capital development matters.
He also completed the Advanced Management Program (AMP) at the Wharton School at the University of Pennsylvania.
Zarrilli will remain with the Company as a non-executive employee until September 30, 2018 to ensure a smooth transition.
He will continue to serve on the Safeguard Board until the 2018 Annual Meeting, but will not stand for re-election.
Read the full story in the exechange report 15.2018 ($).