- Push-out Score suggests push-out forces
- After around 11 years in the position
- Praise and good wishes for Gibbons
- Janet Yang taking over in the interim
(exechange) — Houston, Texas, August 13, 2018 — Danny Gibbons, finance chief of W&T Offshore, leaves. It is an abrupt change. As announced by W&T Offshore, Inc. in a news release on Monday, August 13, 2018, John Daniel (Danny) Gibbons leaves his post as Chief Financial Officer at the oil and natural gas producer after around 11 years in the role, effective immediately.
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 6.8 years, according to data compiled by exechange. Only 24 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Gibbons’s duties will be taken over in the interim by Janet Yang, most recently Vice President, Corporate & Business Development of W&T Offshore, Inc., as acting Chief Financial Officer.
No reason given
In the announcement, W&T Offshore did not explicitly explain the obviously compelling reason for Gibbons’s sudden move, leaving room for speculation.
Precise information about Gibbons’s future plans was not immediately available.
W&T Offshore said: “W&T Offshore, Inc. … today announced the retirement of J. Daniel (“Danny”) Gibbons, Senior Vice President and Chief Financial Officer.”
Share price rise since October 2016
The change follows a rise in the share price of W&T Offshore, Inc. since October 2016.
Chaired by Tracy W. Krohn
W&T Offshore, Inc. is chaired by Tracy W. Krohn.
Tracy W. Krohn has served as Chief Executive Officer since he founded the Company in 1983, as President from 1983 until 2008 and again starting in 2017, as Chairman of the Board since 2004 and as Treasurer from 1997 until 2006.
In the position of CFO since 2007
John Daniel Gibbons has been the Chief Financial Officer and Senior Vice President of W&T Offshore Inc. since February 26, 2007.
Generally speaking, when a top manager announces to step aside with no permanent successor in place, it’s a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Danny Gibbons’s sudden 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 34.2018 ($).