Enviva Partners CFO Steve Reeves leaves at short notice

  • Push-out Score suggests push-out forces
  • After about four and a half years in the position
  • Praise and thanks for Reeves
  • Shai Even taking over

(exechange) — Bethesda, Maryland, May 30, 2018 — Steve Reeves, finance chief of Enviva Partners, leaves. It is a change at short notice. As announced by Enviva Partners, LP in a news release on Wednesday, May 30, 2018, Stephen F. (Steve) Reeves leaves his post as Chief Financial Officer at the maker of wood pellets after about four and a half years in the role, effective June 4, 2018.

Reeves’s duties will be taken over by Shai Even, a former Chief Financial Officer of Alon USA Energy, Inc. and Alon USA Partners, LP.

The fact that Reeves’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“For personal reasons”

Reeves’s imminent departure from the CFO post is explained as follows. Enviva Partners said: “Mr. Reeves has resigned from the Partnership for personal reasons.”

In the announcement, the company did not detail the personal reasons causing Reeves to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.

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

Alarm signal

Generally speaking, it is often an alarm signal for investors when a CFO leaves the post at short notice and without comprehensible reasons being given.

Share price rise since September 2015

The change follows a rise in the share price of Enviva Partners, LP since September 2015.

Chaired by John Keppler

Enviva Partners, LP is chaired by John Keppler.

John K. Keppler has been the Chairman and Chief Executive Officer of Enviva Partners since November 12, 2013 and serves as its President.

In the position of CFO since 2013

Stephen F. Reeves has been the Chief Financial Officer and Executive Vice President of Enviva Partners since November 12, 2013.

Reeves is an experienced financial executive with nearly 30 years of experience in Fortune 500 companies and major consulting firms.

As Executive Vice President and Chief Financial Officer for Enviva, LP, Reeves is responsible for all aspects of finance.

He also oversees all of Enviva’s corporate infrastructure and information technology.

Through his leadership, Enviva has diversified its sources of financing beyond equity capital to close on the first debt facility in the sustainable wood biomass industry.

Prior to joining Enviva, Reeves was the SVP and CFO of The Black & Decker Corporation, a $5 billion, NYSE-traded global power tool and home improvement product manufacturer.

Reeves has also worked in the audit practice at Ernst & Young, LLP, one of the world’s largest accounting firms.

Reeves holds a Bachelor of Science in accounting from the Pennsylvania State University.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Reeves’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 23.2018 ($).