- Push-out Score suggests push-out forces
- After about three years in the position
- Praise, thanks and good wishes for van Gaalen
- Search for a successor
(exechange) — Pittsburgh, Pennsylvania, June 15, 2018 — Jan Kees van Gaalen, finance chief of Kennametal, leaves. As announced by Kennametal Inc. in a news release on Friday, June 15, 2018, Johannes Cornelius (Jan Kees) van Gaalen, Chief Financial Officer, leaves the supplier of tooling and industrial materials after about three years in the role, effective in September 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 6.7 years, according to data compiled by exechange. Only 29 percent of the CFOs who departed over the past 12 months left the position within three years.
Van Gaalen’s move comes 10 months after Christopher Rossi took over as CEO of Kennametal Inc.
Kennametal will undertake a search for a successor.
No reason given
In the announcement, Kennametal did not explicitly explain the reason for van Gaalen’s move, leaving room for speculation.
Precise information about van Gaalen’s future plans was not immediately available.
Kennametal said: “Vice President and Chief Financial Officer Jan Kees van Gaalen will retire from the company in September 2018.”
Share price decline
The change follows a decline in the share price of Kennametal Inc. since January 2018.
Chaired by Ronald M. De Feo
Kennametal Inc. is chaired by Ronald M. De Feo.
He serves as Executive Chairman of the Board of Directors.
CEO: Christopher Rossi
Christopher Rossi serves as CEO of Kennametal Inc. Christopher (Chris) Rossi is President and Chief Executive Officer of Kennametal Inc.
Rossi joined Kennametal in August of 2017. Prior to his current role, he served as the CEO of Dresser-Rand at Siemens.
In the position of CFO since 2015
Jan Kees van Gaalen is vice president and chief financial officer of Kennametal Inc.
In this role, van Gaalen leads the company’s finance, treasury, accounting and investor relations functions.
Prior to joining Kennametal, van Gaalen was executive vice president and chief financial officer for Dresser-Rand.
Before this role, he served as vice president and treasurer for Baker Hughes, Inc. in Houston, Texas as well as vice president finance and chief financial officer for Vale Inco Ltd., in Jakarta, Indonesia.
In addition, van Gaalen has more than 34 years of global experience in business analytics, treasury, audit, business development and commercial management.
Van Gaalen holds a bachelor’s degree in economics from the Erasmus University in Rotterdam, Netherlands and a Master’s of Business Administration degree in business administration from the HEC Management School in France.
Van Gaalen joined the company in September 2015, and has served as vice president and chief financial officer since that time.
Generally speaking, when a top leader announces to step aside with no successor available, it’s a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jan Kees van Gaalen’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 25.2018 ($).