- Push-out Score suggests push-out forces
- After almost 17 years in the position
- Accolades, praise and words of regret for Carney
- Jennifer Lada taking over
(exechange) — Jacksonville, Florida, May 22, 2018 — Kevin Carney, finance chief of Web.com, leaves. It is a change at short notice. As announced by Web.com Group, Inc. in a news release published on Monday, May 21, 2018 and in a regulatory filing published on Tuesday, May 22, 2018, Kevin M. Carney leaves his post as chief financial officer at the company that provides domain name registration and web development services after almost 17 years in the position, effective June 30, 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 6.8 years, according to data compiled by exechange. Only 7 percent of the CFOs who departed over the past 12 months left the position after more than 15 years.
Carney’s duties will be taken over by Jennifer Lada, currently chief accounting officer of Web.com Group, Inc.
No reason given
In the announcement, Web.com did not explicitly explain the reason for Carney’s imminent move, leaving room for speculation.
Precise information about Carney’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.
Web.com said: “Lada will succeed Kevin Carney, who has been with Web.com for 20 years and has served as executive vice president and CFO since 2002. Carney will continue as CFO until his retirement on June 30 while working with Lada on a smooth transition.”
Web.com further said: “On May 9, 2018, the Board of Directors of Web.com Group, Inc. … approved the appointment of Jennifer Lada, to the position of Senior Vice President and Chief Financial Officer to be effective on July 1, 2018, upon the departure of Kevin M. Carney, current Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of Web.com Group, Inc. since February 2014.
Chaired by David L. Brown
Web.com Group, Inc. is chaired by David L. Brown.
Brown serves as Chairman and CEO and has been a board member of Web.com since August 1999. He was named President of the Company in August 1999 and Chief Executive Officer in August 2000.
In the position of CFO since 2002
Carney has served as Executive Vice President and Chief Financial Officer since October 2011, and as Senior Vice President and Chief Financial Officer since January 2002.
He has led the financial and accounting departments since January 2002.
Previously he served as Director of Finance beginning in August 1999.
Carney joined Web.com with the acquisition of Atlantic Teleservices, where he served as Chief Financial Officer.
Previously he was Director of Finance at The Carlyle Group and then Chief Financial Officer of Carlyle International.
Carney also served as Director of Mergers and Acquisitions for Manor Care, Inc. and Choice Hotels International and began his career with the public accounting firm of Arthur Andersen & Co.
Carney is a Certified Public Accountant and holds a B.S. in Accounting and Finance from Boston College.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Kevin Carney’s imminent 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 22.2018 ($).