- Push-out Score suggests push-out forces
- After around 13 years in the position
- Accolades, praise and good wishes for Dawson
- Max Bowman taking over
(exechange) — Jackson, Mississippi, June 5, 2018 — Tim Dawson, finance chief of Cal-Maine, leaves. His departure is made public at an early stage. As announced by Cal-Maine Foods, Inc. in a news release and in a regulatory filing published on Tuesday, June 5, 2018, Timothy A. (Tim) Dawson leaves his post as Chief Financial Officer at the fresh egg producer after around 13 years in the role, effective October 5, 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 6.7 years, according to data compiled by exechange. Only 24 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Dawson’s duties will be taken over by Max P. Bowman, most recently Chief Financial Officer of Southern States Utility Trailer Sales and H&P Leasing.
The fact that Dawson’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.
No reason given
In the announcement, Cal-Maine did not explicitly explain the reason for Dawson’s move, leaving room for speculation.
Precise information about Dawson’s future plans was not immediately available.
Cal-Maine said: “Timothy A. Dawson will retire as the Company’s Chief Financial Officer and Director at the Cal-Maine Foods’ annual meeting of shareholders, scheduled for October 5, 2018.”
Share price decline
The change follows a decline in the share price of Cal-Maine Foods, Inc. since October 2015.
Chaired by Adolphus B. Baker
Cal-Maine Foods, Inc. is chaired by Adolphus B. Baker.
Baker serves as Chairman of the Board, President and Chief Executive Officer of the Company. He was elected Chairman of the Board in 2012 and President and Chief Operating Officer in 1997.
In the position of CFO since 2005
Timothy A. Dawson was elected as Vice President and Chief Financial Officer on August 1, 2005.
Previously, he served as Senior Vice President and Chief Financial Officer for Mississippi Chemical Corporation, where he was employed in various financial positions from 1981 to 2005.
He was elected as a director in October, 2005.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tim Dawson’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 24.2018 ($).