- Push-out Score suggests push-out forces
- After about five and a half years in the position
- Accolades, praise and thanks for Thompson
- Search for a successor
- Thompson said 68 words
(exechange) — Akron, Ohio, June 18, 2018 — Laura Thompson, finance chief of Goodyear, leaves. As announced by The Goodyear Tire & Rubber Company in a news release and in a regulatory filing published on Monday, June 18, 2018, Laura K. Thompson leaves her post as chief financial officer at the tire manufacturing company after about five and a half years in the role, effective in the first quarter of 2019.
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.
Goodyear will undertake a search for a successor.
It is a long goodbye. The announcement of Thompson’s move comes up to nine months prior to her planned departure from the post of CFO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“The time is right for me to take this step”
Thompson’s departure from the CFO post is explained as follows. Thompson said: “As I look ahead to marking 35 years with Goodyear in the coming months, I have given this decision a great deal of thought and concluded that the time is right for me to take this step.”
Precise information about Thompson’s future plans was not immediately available.
Goodyear said: “Laura K. Thompson, executive vice president and chief financial officer has informed the company of her intention to retire in the first quarter of 2019 after 35 years of dedicated and distinguished service.”
Goodyear further said: “On June 15, 2018, Laura Thompson, Executive Vice President and Chief Financial Officer of The Goodyear Tire & Rubber Company …, announced her retirement, effective by March 31, 2019.”
Chaired by Richard J. Kramer
The Goodyear Tire & Rubber Company is chaired by Richard J. Kramer.
Rich Kramer is Chairman, Chief Executive Officer and President of The Goodyear Tire & Rubber Company. He became CEO in 2010 and was elected Chairman by Goodyear’s Board of Directors later the same year.
In the position of CFO since 2013
Laura K. Thompson has been the Chief Financial Officer and Executive Vice President of The Goodyear Tire & Rubber Company since December 1, 2013.
Thompson leads the company’s financial activities, including finance, treasury, planning, accounting, treasury, tax, audit and compliance and investor relations. She also oversees the information technology (IT) organization.
Thompson has more than 30 years of financial management experience, and in her role as CFO, she is responsible for leading the company’s capital allocation plan that balances high-value growth investments and shareholder returns.
Prior to becoming CFO in 2013, Thompson served as vice president of finance for Goodyear North America, where she played a key role in the turnaround of the company’s largest business.
Previously, she served as vice president of business development, responsible for acquisition, divestiture and partnership activities in supporting Goodyear’s long-term strategies, including divestiture of the Engineered Products business.
While in this role, she provided leadership for the development of a new global headquarters campus in Akron, Ohio.
Thompson joined Goodyear in 1983 and additionally served as director of investor relations and held finance and accounting roles in two strategic business units.
Thompson attended The University of Akron, where she earned a Bachelor of Science degree in accounting in 1986 and a Master of Business Administration degree in finance in 1991.
Active in the community, she currently serves on the board of Akron Children’s Hospital and The University of Akron’s Advancement Council for the College of Business Administration.
She is a recipient of The University of Akron’s Alumni Honor Award and the Dr. Frank L. Simonetti Distinguished Business Alumni Award, and was recognized by Treasury & Risk magazine on its list of “30 Outstanding Women in Finance.”
As a general rule, when a top manager announces to step down with no successor in place, 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 Laura Thompson’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 26.2018 ($).