Granite CFO Laurel Krzeminski leaves

  • Push-out Score suggests push-out forces
  • After around seven years in the position
  • Accolades and praise for Krzeminski
  • Search for a successor
  • Krzeminski spoke at length and said 95 words

(exechange) — Watsonville, California, April 23, 2018 — Laurel Krzeminski, finance chief of Granite, leaves the position. As announced by Granite Construction Incorporated in a news release and in a regulatory filing published on Monday, April 23, 2018, Laurel J. Krzeminski, Chief Financial Officer, leaves the construction materials producer after around seven years in the position, effective in the second half of 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 6.3 years, according to data compiled by exechange.

Krzeminski will continue in her role as CFO until her successor is appointed.

Granite will undertake a search for a successor.

“More time with my family”

A reason for Krzeminski’s departure from the CFO post was not explicitly given. Krzeminski said: “My focus remains on my role as CFO through the transition, after which I look forward to more time with my family, other company board responsibilities, and personal goals.”

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

“Retirement”

Granite said: “Granite Construction Incorporated … today announced the planned retirement of Executive Vice President and Chief Executive Officer [sic!] (CFO), Laurel J. Krzeminski, in the second half of 2018.”

Granite further said: “On April 23, 2018, Laurel J. Krzeminski, Executive Vice President and Chief Financial Officer of Granite Construction Incorporated …, announced her decision to retire later this year once her successor has been named.”

Chaired by William H. Powell

Granite Construction Incorporated is chaired by William H. Powell.

William Howard Powell has been the Chairman of Granite Construction Incorporated since September 2009.

CEO: James Roberts

James Roberts serves as CEO of Granite Construction Incorporated. James Roberts is Granite’s president and chief executive officer, since September 2010, and a member of Granite’s Board of Directors since 2011.

In the position of CFO since 2010

Laurel Krzeminski has served as Granite’s chief financial officer since November 2010 and executive vice president since December 2015.

Krzeminski is responsible for the development and execution of the financial strategy supporting Granite’s growth and business plans.

She is partner to the CEO and the executive committee, as well as liaison to the Audit Committee of the Board.

Krzeminski has held a variety of leadership roles at Granite including senior vice president, interim chief financial officer and corporate controller.

Prior to joining Granite, Krzeminski held various corporate and operational finance positions with The Gillette Company (acquired by The Procter & Gamble Company in 2005), including finance director for the Duracell and Braun North American business units, and director of Gillette’s Sarbanes-Oxley Section 404 Compliance program and as Gillette’s director of corporate financial reporting.

Her experience also includes several years in public accounting with an international accounting firm.

Krzeminski received a B.A. in Business Administration-Accounting from San Diego State University.

Unplanned

As a general rule, when a top leader announces to step aside with no successor in place, it’s a signal that the change was unplanned and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Laurel Krzeminski’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 18.2018 ($).