- After about two years in the position
- Praise for Froisland
- Search for a successor
(exechange) — Quincy, Illinois, April 16, 2018 — Jim Froisland, finance chief of Titan, leaves. As announced by Titan International, Inc. in a news release and in a regulatory filing published on Monday, April 16, 2018, James M. (Jim) Froisland, Chief Financial Officer, leaves the maker of off-highway wheels after about two years in the position, effective December 5, 2018.
No company wants a CFO to flame out in the first years.
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 34 percent of the CFOs who departed over the past 12 months left the position within three years.
Froisland’s move comes 15 months after Paul G. Reitz took over as CEO of Titan International, Inc.
Titan will undertake a search for a successor.
No reason given
In the announcement, Titan did not explicitly explain the reason for Froisland’s move, opening the door for speculation.
Precise information about Froisland’s future plans was not immediately available.
“The Company will not renew his employment agreement”
Titan said: “Titan International, Inc. … today announced that it notified James M. Froisland, the Company’s Chief Financial Officer and Chief Information Officer, that the Company will not renew his employment agreement upon the expiration of the initial term of the agreement on December 5, 2018.”
Pursuant to the terms of the agreement, the agreement was scheduled to renew automatically unless Froisland or the Company provided a notice of non-renewal at least six months prior to its expiration or otherwise terminated the agreement in accordance with its terms.
Chaired by Maurice M. Taylor Jr.
Titan International, Inc. is chaired by Maurice M. Taylor Jr.
Taylor served as President and CEO of the company from 1990 to 2005 when he became Chairman and CEO. In December 2016, Taylor retired from the position of CEO and remains the Chairman of the Board.
CEO: Paul G. Reitz
Paul G. Reitz serves as CEO of Titan International, Inc. Reitz joined the Company in 2010 as Chief Financial Officer, became President in February 2014, and was named CEO effective in January 2017.
In the position of CFO since 2016
Froisland was appointed as Interim Chief Financial Officer in May 2016 and was named as the CFO in December 2016.
He was named Chief Information Officer in July 2017.
Prior to joining Titan, Froisland has had extensive experience as a Chief Financial Officer, Chief Information Officer, Chief Operating Officer, Corporate Secretary, Consultant and Board Member for domestic and international public and private equity owned companies, including Westell Technologies, Inc., InfuSystems Holdings, Inc., Material Sciences Corporation, and Burns International Services Corporation.
He also held financial leadership positions at Anixter International, Inc., Budget Rent a Car Corporation, Allsteel, Inc., and The Pillsbury Company.
He began his career at KPMG LLP and is a Certified Public Accountant.
He holds a Masters of Business Administration in Management Information Systems from the University of Minnesota’s Carlson School of Management and a Bachelor of Arts from Luther College in Math and Accounting.
At the time of Froisland’s appointment as Chief Financial Officer at Titan, Maurice Taylor, then Titan Chairman and CEO, had stated: “The Company engaged a top search firm to find an ideal CFO candidate. There were some outstanding candidates, but in the end, Jim proved to the Board and Titan staff that his background, knowledge and management style are an excellent fit for Titan. He is enthusiastic about Titan and how we are positioning this company for the future. Jim grew up on a farm in Iowa, so he brings firsthand knowledge and a passion for Titan’s largest segment.”
Read the full story in the exechange report 17.2018 ($).