Superior Industries CFO Nadeem Moiz leaves at short notice

  • Push-out Score suggests push-out forces
  • After about a year in the position
  • Search for a successor

(exechange) — Southfield, Michigan, July 11, 2018 — Nadeem Moiz, finance chief of Superior Industries, leaves. It is a change at short notice. As announced by Superior Industries International, Inc. in a news release and in a regulatory filing published on Wednesday, July 11, 2018, Nadeem Moiz leaves his post as Chief Financial Officer at the maker of cast aluminum wheels after about a year in the role, effective July 20, 2018.

No company wants a CFO to flame out in the first year.

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 14 percent of the CFOs who departed over the past 12 months left the position within two years, and 28 percent left the position within three years.

Superior Industries will undertake a search for a successor.

“For personal reasons”

Moiz’s imminent departure from the CFO post is explained as follows. Superior Industries said: “Executive Vice President and Chief Financial Officer, Nadeem Moiz, has resigned for personal reasons, effective July 20, 2018.”

In the announcement, the company did not detail the personal reasons causing Moiz to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons or health reasons.

Precise information about Moiz’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often a wake-up call for investors when a CFO leaves the post at short notice and without a reasonable explanation.

“Resign”

Superior Industries said: “On July 6, 2018, Nadeem Moiz, Executive Vice President and Chief Financial Officer of Superior Industries International, Inc. … notified Superior of his decision to resign for personal reasons, effective July 20, 2018.”

“Did not result from a disagreement”

“Mr. Moiz confirmed that his resignation did not result from a disagreement with Superior on any matter relating to its strategy, management, operations, policies or practices, including its controls, accounting, and other matters related to the finances of the Company,” Superior Industries said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Superior Industries International, Inc. since October 2016.

Chaired by Timothy C. McQuay

Superior Industries International, Inc. is chaired by Timothy C. McQuay.

CEO: Donald J. Stebbins

Donald J. Stebbins serves as CEO of Superior Industries International, Inc. Don Stebbins was appointed as President, Chief Executive Officer and Director of Superior Industries International, Inc. effective May 2014.

In the position of CFO since 2017

Nadeem Moiz was appointed as Executive Vice President and Chief Financial Officer effective July 2017.

Prior to joining Superior, he served as Senior Vice President and Chief Financial Officer for Direct ChassisLink, a portfolio company of private equity firm EQT and a leading intermodal equipment and asset management provider in the US.

Earlier in his career, Moiz had various roles of increasing responsibilities at DaimlerChrysler AG, and then served as Vice President Finance, Strategic Planning and Supply Chain at Graphic Packaging International.

He is a proven and accomplished financial leader with strategic and operational expertise.

Moiz is a Certified Public Accountant and holds a Bachelor of Science degree in Accounting from the University of Florida.

In addition, he holds a Master of Business Administration in Finance from Florida University and has completed the Advanced Management Program at Harvard Business School.

Unplanned

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 Nadeem Moiz’s imminent 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 29.2018 ($).