- Push-out Score suggests push-out forces
- After about six and a half years in the position
- Accolades, praise, thanks and good wishes for Hardig
- Sarah Glickman taking over in the interim
- Search for a successor
- Hardig said 55 words
(exechange) — Greenwich, Connecticut, August 2, 2018 — John Hardig, finance chief of XPO Logistics, leaves. It is a change at short notice. As announced by XPO Logistics, Inc. in a news release published on Wednesday, August 1, 2018 and in a regulatory filing published on Thursday, August 2, 2018, John J. Hardig leaves his post as chief financial officer at the provider of transportation and logistics services after about six and a half years in the role, effective August 15, 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 6.8 years, according to data compiled by exechange.
XPO Logistics will undertake a search for a successor.
Hardig’s duties will be taken over in the interim by Sarah Glickman, currently senior vice president, corporate finance of XPO Logistics, Inc.
“To spend more time with his family”
Hardig’s imminent departure from the CFO post is explained as follows. XPO Logistics said: “Hardig has served as XPO`s first CFO since February 2012 and is leaving to spend more time with his family.”
The phrase “to spend more time with his family” opens the door to speculation.
Precise information about Hardig’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position at short notice and without an understandable explanation.
XPO Logistics said: “John Hardig will step down as chief financial officer on August 15, 2018.”
XPO Logistics further said: “Effective as of August 15, 2018, John Hardig will step down as Chief Financial Officer of XPO Logistics, Inc. … and Sarah Glickman, Senior Vice President, Corporate Finance, will assume the role of acting Chief Financial Officer.”
Share price rise since January 2016
The change follows a rise in the share price of XPO Logistics, Inc. since January 2016.
Chaired by Bradley Jacobs
XPO Logistics, Inc. is chaired by Bradley Jacobs.
In the position of CFO since 2012
John J. Hardig has been the Chief Financial Officer of XPO Logistics, Inc. since February 13, 2012.
John Hardig is responsible for leading the company’s financial operations in support of its growth strategy.
He most recently served as a managing director in the Transportation & Logistics investment banking group with Stifel Nicolaus Weisel.
Previously, he was an investment banker in the Transportation and Telecom groups at Alex. Brown & Sons (now Deutsche Bank).
Hardig has represented market leaders in truck and rail brokerage, international freight forwarding, value-added warehousing and distribution, and trucking.
Over the course of his career, he has completed over 60 M&A transactions and his teams have raised billions of dollars of capital for many of the industry’s leading logistics companies, including IPOs for C.H. Robinson, Hub Group and Roadrunner Transportation, and follow-ons for Forward Air, Inc., Heartland Express, Inc. and Knight Transportation, Inc.
He holds a master of business administration degree from the University of Michigan Business School and a bachelor’s degree from the U.S. Naval Academy.
He will remain available to the company in an advisory capacity through September 15, 2018.
Generally speaking, when a top manager announces to step down with no permanent successor available, it’s 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 John Hardig’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 32.2018 ($).