Owens & Minor CFO Randy Meier leaves abruptly

  • Push-out Score suggests push-out forces
  • After about five years in the position
  • Praise, thanks and good wishes for Meier
  • Robert Snead taking over in the interim
  • Search for a successor

(exechange) — Richmond, Virginia, June 4, 2018 — Randy Meier, finance chief of Owens & Minor, leaves. It is an abrupt change. As announced by Owens & Minor, Inc. in a news release on Monday, June 4, 2018, Richard A. (Randy) Meier has left his post as Chief Financial Officer at the healthcare company after about five years in the role, effective June 1, 2018.

Owens & Minor will undertake a search for a successor.

Meier’s duties were taken over in the interim by Robert K. Snead, currently Group Vice President of Finance—Global Solutions of Owens & Minor, Inc.

Meier’s move is part of a management shake-up also involving the position of Executive Vice President, North American Operations.

“To pursue other opportunities”

The management change is explained as follows. Owens & Minor said: “Robert K. Snead, currently Group Vice President of Finance—Global Solutions, has assumed the additional role of interim Chief Financial Officer of Owens & Minor, effective June 1, 2018, succeeding Richard “Randy” A. Meier, Executive Vice President, Chief Financial Officer, who is leaving the company to pursue other opportunities.”

The phrase “to pursue other opportunities” opens the door to speculation.

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

Wake-up call

Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position abruptly and without an understandable explanation.

Share price decline

The change follows a decline in the share price of Owens & Minor, Inc. since July 2017.

Chaired by P.Cody Phipps

Owens & Minor, Inc. is chaired by P.Cody Phipps.

In the position of CFO since 2013

Richard A. Meier was President, International since August 2015, and Executive Vice President & Chief Financial Officer since joining Owens & Minor in March 2013.

Meier served from 2010 to 2012 as Executive Vice President & Chief Financial Officer of Teleflex, Inc., a global provider of specialty medical devices.

Prior to that, he served as President & Chief Operating Officer of Advanced Medical Optics, Inc., from 2007 to 2009, and as Chief Operating Officer & Chief Financial Officer, and in a variety of other operations roles from 2002 through 2007.

Previously Meier served as Chief Financial Officer and in various other roles at ICN Pharmaceuticals (now Velant Pharmaceutical Inc.).

He also served for a number of years at Schroders & Co (now J.P. Morgan); Smith Barney (now CitiBank); and Manufacturers Hanover (now J.P. Morgan).

Meier currently serves as Lead Director and Chair of Audit Committee of BioMarin Pharmaceuticals.

He was a Director of Staar Surgical until June, 2016.

Unplanned

Generally speaking, when a top leader announces to step aside with no permanent successor in place, it is a sign that the change was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Randy Meier’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 24.2018 ($).