Ultimate Software CFO Mitch Dauerman leaves post abruptly

  • Push-out Score suggests push-out forces
  • After almost 22 years in the position
  • Accolades and praise for Dauerman
  • Felicia Alvaro taking over
  • Dauerman will remain as executive at Ultimate Software

(exechange) — Weston, Florida, May 1, 2018 — Mitch Dauerman, finance chief of Ultimate Software, leaves the position. It is an abrupt change. As announced by The Ultimate Software Group, Inc. in a news release on Tuesday, May 1, 2018, Mitchell K. (Mitch) Dauerman leaves his post as chief financial officer at the provider of human capital management (HCM) solutions after almost 22 years in the position, effective May 2, 2018.

It is the end of an era.

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 6.5 years, according to data compiled by exechange. Only 3 percent of the CFOs who departed over the past 12 months left the position after more than 20 years.

Dauerman’s duties will be taken over by Felicia Alvaro, most recently vice president of finance of The Ultimate Software Group, Inc.

No reason given

In the announcement, Ultimate Software did not explicitly explain the obviously compelling reason for Dauerman’s sudden move, leaving room for speculation.

Dauerman will remain as executive at Ultimate Software

“He will continue his service at Ultimate, focusing on investor relations and strategic initiatives,” Ultimate Software said.

“Step down”

Ultimate Software said: “Mitchell K. Dauerman, who has served as Ultimate’s CFO since September 1996, will step down tomorrow.”

Share price rise since February 2009

The change follows a rise in the share price of The Ultimate Software Group, Inc. since February 2009.

Chaired by Scott Scherr

The Ultimate Software Group, Inc. is chaired by Scott Scherr.

Scott Scherr founded Ultimate Software in 1990 and has served as president and CEO since the company’s inception.

In the position of CFO since 1996

Since 1996, Mitch Dauerman has brought a wealth of knowledge and expertise to Ultimate Software’s executive team — providing more than 30 years of experience in finance and accounting.

As chief financial officer, he is responsible for managing the organization’s finances and administration.

Before joining Ultimate Software, Dauerman held various positions with KPMG, including serving as a partner in the firm from 1988 to 1996.

Dauerman is a certified public accountant, and he studied economics at Rutgers University.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Mitch Dauerman’s sudden 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 ($).