Financial Institutions CFO Kevin Klotzbach leaves

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Accolades and praise for Klotzbach
  • No successor named
  • Klotzbach spoke at length and said 95 words

(exechange) — Warsaw, New York, April 30, 2018 — Kevin Klotzbach, finance chief of Financial Institutions, leaves. His departure is made public at an early stage. As announced by Financial Institutions, Inc. in a news release and in a regulatory filing published on Monday, April 30, 2018, Kevin B. Klotzbach leaves his post as Chief Financial Officer at the parent company of Five Star Bank after about six years in the position, effective March 31, 2019.

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 6.6 years, according to data compiled by exechange.

Long goodbye

It is a long goodbye. The announcement of Klotzbach’s move comes up to 11 months prior to his planned departure from the post of CFO.

In general, a top executive who announces the departure very early may be considered a lame duck.

Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.

Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.

Financial Institutions did not name a replacement for the position of Chief Financial Officer.

“Time to fulfill personal goals”

Klotzbach’s departure from the CFO post is explained as follows. Klotzbach said: “I am looking forward to having more time to fulfill personal goals.”

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


Financial Institutions said: “Kevin B. Klotzbach will retire as Chief Financial Officer effective March 31, 2019.”

Financial Institutions further said: “On April 24, 2018, Kevin B. Klotzbach notified Financial Institutions, Inc. … that he will retire from his positions as Executive Vice President and Chief Financial Officer effective as of March 31, 2019.”

Share price rise since February 2009

The change follows a rise in the share price of Financial Institutions, Inc. since February 2009.

Chaired by Robert N. Latella

Financial Institutions, Inc. is chaired by Robert N. Latella.

Robert N. Latella has served as Chairman of the Board of the Company and the Bank since May 2014.

CEO: Martin K. Birmingham

Martin K. Birmingham serves as CEO of Financial Institutions, Inc. Martin K. Birmingham has been a director of the Company and the Bank since 2013. Birmingham also serves as the President and Chief Executive Officer of the Company and the Bank, positions he has held since March 2013.

In the position of CFO since 2013

Kevin B. Klotzbach has been Executive Vice President, Chief Financial Officer and Treasurer of the Company and the Bank since April 2013.

Klotzbach joined the Company as Vice President and Treasurer in 2001 and was promoted to Senior Vice President in 2005.

Prior to joining the Company, Klotzbach actively managed fixed income portfolios at several other financial institutions, including Merrill Lynch Asset Management and Empire of America.

Klotzbach will continue to serve as Treasurer through December 31, 2019.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Kevin Klotzbach’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 19.2018 ($).