- Push-out Score suggests push-out forces
- After around seven years in the position
- Thanks for Hall
- Shaun McCarthy taking over in the interim
- Search for a successor
(exechange) — Andover, Massachusetts, July 11, 2018 — Gary Hall, finance chief of Casa, leaves. It is a change at short notice. As announced by Casa Systems, Inc. in a news release and in a regulatory filing published on Wednesday, July 11, 2018, Gary Hall, Chief Financial Officer, leaves the provider of converged broadband infrastructure technology after around seven years in the role, effective August 10, 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.
Casa will undertake a search for a successor.
Hall’s duties will be taken over in the interim by Shaun McCarthy, currently Vice President of Finance and Corporate Controller of Casa Systems, Inc.
No reason given
In the announcement, Casa did not explicitly explain the reason for Hall’s imminent move, leaving room for speculation.
Precise information about Hall’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.
“His intent to leave the company”
Casa said: “Gary Hall, Chief Financial Officer (CFO), has provided notice of his intent to leave the company effective August 10, 2018.”
Casa further said: “On July 5, 2018, Gary Hall notified Casa Systems, Inc. … that he would be leaving his position as Chief Financial Officer of the Company. His last day of employment will be August 10, 2018.”
Share price decline
The change follows a decline in the share price of Casa Systems, Inc. since April 2018.
CEO: Jerry Guo
Jerry Guo serves as CEO of Casa Systems, Inc. Jerry Guo has served as President, Chief Executive Officer and Chairman of Board of Directors at Casa Systems, Inc. since its founding in 2003.
In the position of CFO since 2011
Gary Hall has served as the Company’s chief financial officer since June 2011.
Prior to joining Casa, from April 2007 to March 2010, Hall was the chief financial officer of eCopy, a provider of document management solutions.
From August 2004 to June 2006, he served as the chief financial officer of MatrixOne, a product lifecycle management company, where he had previously served as controller from April 1999 to August 2004.
Previously, Hall served in various accounting and auditing roles at Deloitte & Touche, a multinational professional services firm.
Hall holds a M.S. degree in finance from Bentley College and a B.A. degree in accounting from Southern New Hampshire University.
Generally speaking, when a top leader announces to step aside with no permanent successor available, it’s a signal that the move was unplanned and too early.
Generally speaking, potential causes for an unplanned change can be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Gary Hall’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 ($).