- Push-out Score suggests push-out forces
- After about six and a half years in the position
- Accolades, praise, thanks and words of regret for Mallak
- David Johnson taking over
(exechange) — Harvey, Illinois, July 19, 2018 — Jim Mallak, finance chief of Atkore, leaves the position. It is a change at short notice. As announced by Atkore International Group Inc. in a news release and in a regulatory filing published on Thursday, July 19, 2018, James A. (Jim) Mallak leaves his post as Chief Financial Officer at the maker of electrical raceway products after about six and a half years in the role, effective August 13, 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.
Mallak leaves the company effective January 4, 2019.
Mallak’s duties will be taken over by David Johnson, most recently Vice President-Finance & Operations for the Electrical Sector business of Eaton Corporation.
The fact that Mallak’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Atkore did not explicitly explain the reason for Mallak’s imminent move, leaving room for speculation.
Precise information about Mallak’s future plans was not immediately available.
Atkore said: “James (Jim) Mallak, Vice President and Chief Financial Officer and Chief Accounting Officer, will retire on January 4, 2019.”
Atkore further said: “[A]s part of its succession planning process, Atkore International Group Inc. …, announced that James A. Mallak, the Company’s Chief Financial Officer …, will retire as of January 4, 2019.”
Share price decline
The change follows a decline in the share price of Atkore International Group Inc. since January 2017.
Chaired by Philip W. Knisely
Atkore International Group Inc. is chaired by Philip W. Knisely.
Knisely is an operating advisor to Clayton, Dubilier & Rice and has served for over 20 years as a senior executive in the diversified industrials category.
CEO: John P. Williamson
John P. Williamson serves as CEO of Atkore International Group Inc. John P. Williamson assumed the roles of President and Chief Executive Officer of Atkore International on June 1, 2011.
In the position of CFO since 2012
James A. Mallak has been the Chief Financial Officer of Atkore International Group Inc. since March 5, 2012.
Mallak joined Atkore International in March 2012. Prior to joining the company, he served as Managing Director at Alvarez & Marsal, a global professional services firm where he focused on international financial management, corporate financial administration, merger and acquisition transactions and corporate restructuring.
Prior to that, Mallak was the Chief Financial Officer at Tower Automotive with responsibility for ensuring the financial integrity of 48 manufacturing locations.
He also served as Executive Vice President and CFO for two operating segments of Textron, Inc., a global manufacturer for the aerospace and defense, automotive and transportation, as well as industrial manufacturing industries.
While there, Mallak managed teams supporting controllership and reporting, internal controls and policies, tax, manufacturing accounting, as well as internal audit and ethics and treasury.
Mallak began his career at ITT Automotive, holding progressive leadership roles in the finance arena during his 14 year tenure.
Mallak earned a Masters of Business Administration from the Eli Broad College of Business at Michigan State University and a Bachelors of Arts degree in accounting from Michigan State University.
Until his retirement date, Mallak will continue in his role as the Chief Accounting Officer (CAO) reporting to the Atkore Chief Executive Officer, overseeing the Fiscal Year 2018 financial reporting and assisting with the full transition of financial responsibilities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jim Mallak’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 30.2018 ($).