Fitbit CFO Bill Zerella leaves at short notice

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Accolades, praise, thanks and good wishes for Zerella
  • Ron Kisling taking over

(exechange) — San Francisco, California, June 6, 2018 — Bill Zerella, finance chief of Fitbit, leaves. It is a change at short notice. As announced by Fitbit, Inc. in a news release and in a regulatory filing published on Wednesday, June 6, 2018, William R. (Bill) Zerella, chief financial officer, leaves the maker of activity trackers after about four years in the role, effective June 15, 2018.

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 6.6 years, according to data compiled by exechange.

Zerella’s duties will be taken over by Ronald W. (Ron) Kisling, currently chief accounting officer of Fitbit, Inc.

Career change

Zerella’s imminent departure from the CFO post is explained as follows. Fitbit said: “Zerella is leaving Fitbit to become CFO of an autonomous vehicle technology startup, leveraging his experience in growing businesses.”

Exact details about Zerella’s new position were not immediately available.

“Depart/resignation”

Fitbit said: “William R. Zerella will depart the company, effective June 15.”

Fitbit further said: “On May 31, 2018, William Zerella informed Fitbit, Inc. … of his resignation from his position as Chief Financial Officer, effective June 15, 2018.”

Share price decline

The change follows a decline in the share price of Fitbit, Inc. since July 2015.

Chaired by James Park

Fitbit, Inc. is chaired by James Park.

James Park is the Company’s cofounder and has served as a member of the Company’s board of directors since March 2007, as the Company’s Chairman since May 2015, and as the Company’s President and Chief Executive Officer since September 2007.

In the position of CFO since 2014

Zerella has served as the Company’s CFO since June 2014.

From October 2011 to June 2014, he served as Chief Financial Officer of Vocera Communications, Inc., a wireless healthcare communications company which he took public in 2012.

Prior to Vocera, Zerella served as CFO for Force10 Networks (a networking company acquired by Dell Inc), as CFO at Infinera Corporation (a telecom equipment provider), and CFO at Calient Networks (an optical equipment provider).

He also held several senior level financial and business management positions at GTECH Corporation and Deloitte & Touche.

He holds a B.S. in Accounting from the New York Institute of Technology and an M.B.A. from the Leonard N. Stern School of Business at NYU.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Bill Zerella’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 24.2018 ($).