- Push-out Score suggests push-out forces
- After less than three and a half years in the position
- Praise and thanks for Jones
- Search for a successor
- Jones said 50 words
(exechange) — Findlay, Ohio, April 9, 2018 — Ginger Jones, finance chief of Cooper Tire, leaves. As announced by Cooper Tire & Rubber Company in a news release and in a regulatory filing published on Monday, April 9, 2018, Ginger M. Jones leaves her post as Chief Financial Officer at the tire maker after less than three and a half 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 6.3 years, according to data compiled by exechange.
Jones, who joined Cooper in 2014, will remain in her current role until a successor is named and an orderly transition is completed.
Cooper Tire will undertake a search for a successor.
No reason given
In the announcement, Cooper Tire did not explicitly explain the reason for Jones’s move, opening the door for speculation.
Precise information about Jones’s future plans was not immediately available.
Cooper Tire said: “Ginger Jones, Senior Vice President & Chief Financial Officer, has informed the company she will retire as a full-time executive later this year, and will focus on serving on public company boards of directors.”
Share price decline
The change follows a decline in the share price of Cooper Tire & Rubber Company since April 2017.
Chaired by Thomas P. Capo
Cooper Tire & Rubber Company is chaired by Thomas P. Capo.
Capo was appointed non-executive Chairman of Cooper Tire & Rubber Company’s Board of Directors effective September 1, 2016.
CEO: Bradley E. Hughes
Bradley E. Hughes serves as CEO of Cooper Tire & Rubber Company. Hughes has served as President & Chief Executive Officer of the Company since September 2016. He joined Cooper in November 2009 as Vice President and Chief Financial Officer.
In the position of CFO since 2014
Ginger Jones joined Cooper in December 2014 as Vice President & Chief Financial Officer (CFO) and later became named Senior Vice President.
In addition to her responsibilities as CFO, she is responsible for Cooper’s business information systems and corporate strategic planning.
Jones joined Cooper from Plexus Corp., a $2.3 billion electronics manufacturing services company that has more than two dozen facilities around the world providing custom design and manufacturing capabilities to the medical device, industrial, aerospace and defense sectors.
At Plexus, Jones served as Chief Financial Officer for seven years, having been named Vice President and Chief Financial Officer in 2007 and advancing to Senior Vice President and Chief Financial Officer in 2011.
Prior to joining Plexus, she was with Banta Corporation for five years as its Vice President and Corporate Controller.
Before Banta, Jones was Director of Finance for the Drive Logic Division of CCC Information Services Group, Inc., and was Chief Financial Officer for Choice Parts, LLC, a joint venture between ADP and The Reynolds and Reynolds Company.
Earlier in her career, Jones held other accounting and financial positions with Reynolds and Reynolds, O-Cedar Brands, Inc. and Deloitte & Touche.
Jones holds a Master of Business Administration (MBA) degree from The Ohio State University and a bachelor’s degree in accounting from the University of Utah.
She is a certified public accountant.
Jones is a member of the board of directors of Libbey Inc., and is currently serving on the compensation committee and as chair of the audit committee.
Jones was recently appointed to a second public-company board.
As a general rule, when a top leader announces to step down with no successor in place, it’s a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Ginger Jones’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 16.2018 ($).