- Push-out Score suggests push-out forces
- After less than two and a half years in the position
- Accolades, praise and thanks for Blake
- Brent Moen taking over
(exechange) — Minneapolis, Minnesota, August 6, 2018 — Lynn Blake, finance chief of Tactile Medical, leaves. It is a change at short notice. As announced by Tactile Systems Technology Inc. in a news release and in a regulatory filing published on Monday, August 6, 2018, Lynn L. Blake leaves her post as Chief Financial Officer at the medical technology company after less than two and a half years in the role, effective September 1, 2018.
No company wants a CFO to flame out in the first years.
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. Only 26 percent of the CFOs who departed over the past 12 months left the position within three years.
Blake’s duties will be taken over by Brent A. Moen, most recently Chief Financial Officer of Entellus Medical, Inc.
The fact that Blake’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“For personal reasons”
Blake’s imminent departure from the CFO post is explained as follows. Tactile Medical said: “Ms. Blake’s resignation is for personal reasons.”
In the announcement, the company did not detail the personal reasons causing Blake 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 Blake’s future plans was not immediately available.
Tactile Medical said: “Tactile Medical’s current Chief Financial Officer, Lynn L. Blake, will resign from that role effective as of the close of business on September 1, 2018.”
Tactile Medical further said: “On August 1, 2018, Lynn L. Blake, the Chief Financial Officer and Secretary of Tactile Systems Technology, Inc. …, notified the Company of her intention to resign from such officer positions and as an employee of the Company effective as of the close of business on September 1, 2018.”
“Not due to any disagreement”
“Ms. Blake’s resignation is for personal reasons and is not due to any disagreement with the Company on any matter, including related to the Company’s operations, policies, practices, financial reporting or controls,” Tactile Medical 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 rise since November 2017
The change follows a rise in the share price of Tactile Systems Technology Inc. since November 2017.
Chaired by Peter H. Soderberg
Tactile Systems Technology Inc. is chaired by Peter H. Soderberg.
CEO: Gerald R. Mattys
Gerald R. Mattys serves as CEO of Tactile Systems Technology Inc.
In the position of CFO since 2016
Lynn L. Blake is Chief Financial Officer of the Company.
She has served as the Company’s Chief Financial Officer since joining the company in April 2016.
Prior to joining the company, Blake served as Chief Financial Officer and Secretary of Taylor-Wharton International LLC, a global industrial products manufacturer, from September 2014 through December 2015.
Prior to joining Taylor-Wharton International LLC, Blake served as Chief Financial Officer and Treasurer of Analysts International Corporation, a leading national information technology services firm, from July 2012 until its sale in October 2013.
Prior to these roles, Blake held a variety of senior financial leadership positions at companies including Entegris, Inc., MTS Systems Corporation, and Honeywell International Inc.
Blake will continue to advise the Company in a consulting role until March 2019 in order to facilitate a smooth transition.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Lynn Blake’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 33.2018 ($).