- Push-out Score suggests push-out forces
- After about six years in the position
- Accolades and praise for McDevitt
- Search for a successor
- McDevitt spoke at length and said 109 words
(exechange) — Durham, North Carolina, June 7, 2018 — Mike McDevitt, finance chief of Cree, leaves – as “mutually agreed”. As announced by Cree, Inc. in a news release and in a regulatory filing published on Thursday, June 7, 2018, Michael E. (Mike) McDevitt leaves his post as Chief Financial Officer at the maker of lighting-class LEDs after about six years in the role.
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.
McDevitt’s move comes eight months after Gregg A. Lowe took over as CEO of Cree, Inc.
Furthermore, McDevitt’s move comes eight months after Robert A. Ingram took over as Chairman of Cree, Inc.
McDevitt intends to stay on until a successor is appointed, and thereafter will remain available as a consultant to the Company to ensure a seamless transition of leadership responsibilities.
“The appropriate time to begin this CFO transition”
McDevitt’s departure from the CFO post is explained as follows. McDevitt said: “I am confident that it is the appropriate time to begin this CFO transition as the team continues executing the new strategic direction going forward.”
Precise information about McDevitt’s future plans was not immediately available.
Cree said: “Executive Vice President and Chief Financial Officer (CFO) Mike McDevitt will retire from his executive positions following a transition period.”
Cree further said: “On June 5, 2018, Michael E. McDevitt and Cree, Inc. … mutually agreed that Mr. McDevitt would retire as Executive Vice President and Chief Financial Officer … following a transition period.”
Share price decline
The change follows a decline in the share price of Cree, Inc. since July 2013.
Chaired by Robert A. Ingram
Cree, Inc. is chaired by Robert A. Ingram.
Ingram joined the Board of Directors in December 2008, and served as Lead Independent Director from October 2011 to September 2017, and as Chairman of the Board since September 2017.
CEO: Gregg A. Lowe
Gregg A. Lowe serves as CEO of Cree, Inc. Gregg A. Lowe has been President and Chief Executive Officer at Cree, Inc. since September 27, 2017.
In the position of CFO since 2012
McDevitt has served as the Company’s CFO since May 2012.
McDevitt was appointed as Executive Vice President and Chief Financial Officer of the Company effective February 4, 2013.
McDevitt previously served as the Company’s Vice President and Interim Chief Financial Officer from May 2012 to February 2013, as Director–Sales Operations from 2011 to May 2012, as Director–Financial Planning from 2005 to 2011 and as Corporate Controller from 2002 to 2005.
Additionally, he served as the Company’s Chief Financial Officer and Treasurer on an interim basis from May 2006 through September 2006.
Before joining the Company in 2002, McDevitt was Chief Financial Officer of American Sanitary Incorporated, a privately owned U.S. distributor of janitorial-sanitary maintenance products, from 1997 to 2002.
He served from 1994 to 1997 as Director of Acquisitions for Unisource Worldwide, Inc., a publicly traded North American distributor of printing and imaging papers and supply systems.
Generally speaking, when a top leader announces to step down with no successor available, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike McDevitt’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 ($).