- Push-out Score suggests push-out forces
- After less than two years in the position
- Accolades, praise, words of regret and good wishes for McBride
- Search for a successor
(exechange) — Norwalk, Connecticut, June 21, 2018 — Perley McBride, finance chief of Frontier, leaves. As announced by Frontier Communications Corporation in a news release and in a regulatory filing published on Thursday, June 21, 2018, R.Perley McBride leaves his post as Chief Financial Officer at the telecommunications company after less than two years in the role, effective August 31, 2018.
No company wants a CFO to flame out in the first years.
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. Only 16 percent of the CFOs who departed over the past 12 months left the position within two years, and 29 percent left the position within three years.
Frontier will undertake a search for a successor.
“For personal reasons”
McBride’s departure from the CFO post is explained as follows. Frontier said: “R. Perley McBride, its Executive Vice President and Chief Financial Officer, will be resigning from the company for personal reasons, and to return to Atlanta where his family resides.”
In the announcement, the company did not detail the personal reasons causing McBride to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.
Precise information about McBride’s future plans was not immediately available.
Frontier said: “On June 19, 2018, R. Perley McBride notified Frontier Communications Corporation … that he will be resigning from his position as Frontier’s Executive Vice President and Chief Financial Officer, effective August 31, 2018.”
Share price decline
The change follows a decline in the share price of Frontier Communications Corporation since February 2015.
Chaired by Pamela D.A. Reeve
Frontier Communications Corporation is chaired by Pamela D.A. Reeve.
CEO: Daniel McCarthy
Daniel McCarthy serves as CEO of Frontier Communications Corporation. Daniel J. McCarthy became President and Chief Executive Officer of Frontier Communications in April 2015. He was elected to the Frontier Board of Directors in May 2014. Prior to becoming President and Chief Executive Officer, he held other positions of increasing responsibility at the Company, including President and Chief Operating Officer (April 2012 to April 2015), Executive Vice President and Chief Operating Officer (January 2006 to April 2012) and Senior Vice President, Field Operations (December 2004 to December 2005).
In the position of CFO since 2016
McBride became Executive Vice President and Chief Financial Officer of Frontier Communications Corporation on November 4, 2016.
He has more than 20 years of experience in financial roles in the communications industry, including more than a decade at Frontier.
Most recently, McBride was CFO of Cable & Wireless Communications Plc and a member of its Board of Directors until its May 2016 acquisition by Liberty Global plc.
Before that, he served as Executive Vice President at Leap Wireless International, which operated the Cricket Communications mobile brand, and was part of the Executive team that led the business’ acquisition by AT&T Inc.
Earlier, as an Executive Vice President of Finance at The Weather Company, owner of The Weather Channel among other assets, he was instrumental in achieving sustained EBITDA growth and reducing leverage.
Between 1999 to 2010, and between 1994 and 1997, McBride held senior financial roles at Frontier Communications (formerly Citizens Communications), including Vice President of Financial Planning and Analysis.
He created a culture of expense discipline that enabled Frontier to achieve a consistent track record of sustaining industry-leading margins.
Early in his career, he held Accounting and Finance roles at Sprint PCS (now Sprint Corporation).
McBride holds a Bachelor of Science degree from Canada’s Mount Allison University and an M.B.A from the University of Houston.
McBride will remain in his position until August 31, 2018 to help transition responsibilities.
As a general rule, when a top manager announces to step aside with no successor available, it is a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Perley McBride’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 ($).