Evertec CFO Peter Smith leaves at short notice

  • Push-out Score suggests push-out forces
  • After about three years in the position
  • Praise and thanks for Smith
  • Joaquín Castrillo taking over in the interim
  • Search for a successor

(exechange) — San Juan, Puerto Rico, August 8, 2018 — Peter Smith, finance chief of Evertec, leaves. It is a change at short notice. As announced by Evertec, Inc. in a news release and in a regulatory filing published on Wednesday, August 8, 2018, Peter J.S. Smith, Chief Financial Officer, leaves the IT service management company after about three years in the role, effective September 6, 2018.

Evertec will undertake a search for a successor.

Smith’s duties will be taken over in the interim by Joaquín Castrillo, currently Vice President of Finance of Evertec, Inc.

“Pursue other opportunities”

Smith’s imminent departure from the CFO post is explained as follows. Evertec said: “Executive Vice President and Chief Financial Officer (CFO) Peter J.S. Smith has decided to leave the Company effective September 6, 2018 and pursue other opportunities.”

The phrase “pursue other opportunities” opens the door to speculation.

Precise information about Smith’s future plans was not immediately available.

“Not the result of any disagreement”

“In his resignation letter, Mr. Smith advised us that his resignation is not the result of any disagreement with the Company and/or any of its subsidiaries on any matter relating to its operations, policies and practices,” Evertec 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 December 2017

The change follows a rise in the share price of Evertec, Inc. since December 2017.

Chaired by Frank G. D’Angelo

Evertec, Inc. is chaired by Frank G. D’Angelo.

D’Angelo has been Chairman of the Board since February 2014 and a director since September 2013. He was the Company’s Interim CEO from January 1, 2015 to March 31, 2015.

CEO: Mac Schuessler

Mac Schuessler serves as CEO of Evertec, Inc.

In the position of CFO since 2015

Peter J. S. Smith has been the Chief Financial Officer, Executive Vice President and Treasurer of Evertec, Inc. since September 1, 2015.

Prior to joining the Company, Smith served as Chief Accounting Officer and Corporate Senior Vice President of Fidelity National Information Services, Inc. from May 2013 to May 2015.

In this role, Smith was FIS’ principal accounting officer responsible for enterprise-wide accounting operations and systems, financial controls and external reporting.

From October 2009 to May 2013, Smith served as Senior Vice President and Segment Controller.

In this position, he was responsible for managing the finance and accounting functions for FIS’ Payments Solutions Group segment.

Before joining FIS, Smith held finance roles of increasing responsibility at Metavante Technologies, Inc. from 2005 to 2009 and served as Segment Chief Financial Officer of the Payments Solutions Group of Metavante Corporation from 2008 to 2009.

As part of his responsibilities, he teamed up with business partners to successfully acquire, integrate and grow numerous businesses and go public.

Prior to joining Metavante, Smith spent seven years in Silicon Valley and served as the Worldwide Sales Controller of Openwave Systems Inc., beginning in June 2002.

Before this role, he worked for PricewaterhouseCoopers LLP in its San Jose, CA office.

Smith received his bachelor’s degree from the University of Pennsylvania and holds a master’s degree in taxation from San Jose State University.

He is a Certified Public Accountant.

Unexpected

As a general rule, when a top manager announces to step aside with no permanent successor available, it is a sign that the move was unplanned and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Peter Smith’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 ($).