- Push-out Score suggests push-out forces
- After around 12 years in the position
- Accolades, praise, thanks and good wishes for Paulson
- Search for a successor
- Paulson spoke at length and said 94 words
(exechange) — Minneapolis, Minnesota, July 25, 2018 — Tom Paulson, finance chief of Tennant, leaves the position. As announced by Tennant Company in a news release and in a regulatory filing published on Wednesday, July 25, 2018, Thomas (Tom) Paulson, Chief Financial Officer, leaves the maker of cleaning products after around 12 years in the role, effective in the first quarter of 2019.
It is the end of an era.
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 25 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Paulson has committed to remain with the company until his successor is appointed, and then remain with the company during a transition period until his retirement date.
Tennant will undertake a search for a successor.
“A good time to begin planning for my next chapter”
Paulson’s departure from the CFO post is explained as follows. Paulson said: “With a transformative year behind us and the integration of IPC on track, I have decided that this is a good time to begin planning for my next chapter.”
The phrase “a good time to begin planning for my next chapter” opens the door to speculation.
Precise information about Paulson’s future plans was not immediately available.
Tennant said: “Tennant Company … today announced the planned retirement of Tom Paulson, Tennant’s Senior Vice President and Chief Financial Officer, with an expected effective date in the first quarter of 2019.”
Tennant further said: “Tom Paulson, Senior Vice President and Chief Financial Officer of Tennant Company, submitted his notice of retirement on July 24, 2018, with an expected effective date in the first quarter of 2019.”
Share price rise since February 2018
The change follows a rise in the share price of Tennant Company since February 2018.
CEO: Chris Killingstad
Chris Killingstad serves as CEO of Tennant Company. Killingstad has been the Chief Executive Officer and President of Tennant Company since December 1, 2005 and has been its Director since October 6, 2005.
In the position of CFO since 2006
Thomas Paulson has been the Chief Financial Officer of Tennant Company since March 27, 2006.
Tom Paulson joined the Company in March 2006 as Vice President and Chief Financial Officer and was named Senior Vice President and Chief Financial Officer in October 2013.
Prior to joining Tennant, he was Chief Financial Officer and Senior Vice President of Innovex from 2001 to 2006.
Prior to joining Innovex, a manufacturer of electronic interconnect solutions, he worked for The Pillsbury Company for over 19 years.
He became a Vice President at Pillsbury in 1995 and was the Vice President of Finance for the $4 billion North American Foods Division for over two years before joining Innovex.
As a general rule, when a top leader announces to step down with no successor available, it is a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tom Paulson’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 31.2018 ($).