- Push-out Score suggests push-out forces
- After about five years in the position
- Accolades, praise, thanks and good wishes for Nicolelli
- Search for a successor
- Nicolelli said 56 words
(exechange) — Norwalk, Connecticut, May 8, 2018 — Maurizio Nicolelli, finance chief of FactSet, leaves. As announced by FactSet Research Systems Inc. in a news release and in a regulatory filing published on Tuesday, May 8, 2018, Maurizio Nicolelli, Chief Financial Officer, leaves the provider of financial information after about five years in the position, effective December 31, 2018.
Nicolelli will remain with FactSet through December 2018, until a successor has joined to ensure a smooth transition of his duties.
FactSet will undertake a search for a successor.
“To pursue other interests”
Nicolelli’s departure from the CFO post is explained as follows. FactSet said: “The agreement was entered into after Nicolelli and FactSet discussed his transition from his role as Senior Vice President, Chief Financial Officer, to pursue other interests.”
The phrase “to pursue other interests” opens the door to speculation.
Precise information about Nicolelli’s future plans was not immediately available.
FactSet said: “FactSet … announced that it has entered into a separation agreement with Maurizio Nicolelli, the company’s Chief Financial Officer.”
FactSet further said: “On May 8, 2018, FactSet Research Systems Inc. … entered into a separation of employment and general release agreement with Maurizio Nicolelli …, pursuant to which Mr. Nicolelli will remain in his current position as Chief Financial Officer … until his successor is appointed, participate in an orderly transition of duties to the new CFO and remain an employee of FactSet until his effective termination date of December 31, 2018.”
Share price rise since April 2014
The change follows a rise in the share price of FactSet Research Systems Inc. since April 2014.
Chaired by Philip A. Hadley
FactSet Research Systems Inc. is chaired by Philip A. Hadley.
Hadley served as the Company’s Chief Executive Officer from 2000 until stepping down on July 1, 2015.
CEO: Philip Snow
Philip Snow serves as CEO of FactSet Research Systems Inc. Snow was named Chief Executive Officer effective July 1, 2015. Prior to that, Snow held the title of President.
In the position of CFO since 2013
Maurizio Nicolelli has been the Chief Financial Officer of FactSet Research Systems Inc. since October 18, 2013 and has been its Senior Vice President since October 1, 2009.
Nicolelli joined the Company in 1996 as the Senior Accountant and held the position of Chief Accountant from 1999 to 2001.
From 2002 to 2009, he served as Vice President and Comptroller of the Company.
From October 2009 to 2013, he occupied the position of Senior Vice President, Principal Financial Officer and was named Chief Financial Officer in fiscal 2014.
Prior to joining FactSet, he was employed at PricewaterhouseCoopers LLP.
He holds a B.S. degree in Political Science from Syracuse University and an M.B.A. degree in Accounting from St. John’s University.
Nicolelli is a CPA licensed in the state of New York.
Generally speaking, when a top manager announces to step aside with no successor available, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Maurizio Nicolelli’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 20.2018 ($).