- Push-out Score determined
- After about two years in the position
- Search for a successor
(exechange) — Orlando, Florida, August 10, 2018 — Jim Mikolaichik, finance chief of Hilton Grand Vacations, leaves. It is an abrupt change. As announced by Hilton Grand Vacations Inc. in a news release and in a regulatory filing published on Friday, August 10, 2018, James E. (Jim) Mikolaichik leaves his post as Chief Financial Officer at the timeshare company after about two years in the role, effective immediately.
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.
Mikolaichik’s move comes 19 months after Mark Wang took over as CEO of Hilton Grand Vacations Inc.
Hilton Grand Vacations will undertake a search for a successor.
“For conduct and behavior not consistent with the Company’s policies”
Mikolaichik’s sudden departure from the CFO post is explained as follows. Hilton Grand Vacations said in a fairly blunt statement: “Hilton Grand Vacations Inc. … announced that its Board of Directors terminated James E. Mikolaichik as Executive Vice President and Chief Financial Officer, effective today, for conduct and behavior not consistent with the Company’s policies.”
Precise information about Mikolaichik’s future plans was not immediately available.
“Not related to any issues involving the Company’s business, strategy, operations, performance, financial reporting or internal controls”
“Mr. Mikolaichik’s termination was not related to any issues involving the Company’s business, strategy, operations, performance, financial reporting or internal controls,” Hilton Grand Vacations said.
Share price decline
The change follows a decline in the share price of Hilton Grand Vacations Inc. since March 2018.
Chaired by Leonard A. Potter
Hilton Grand Vacations Inc. is chaired by Leonard A. Potter.
Leonard Potter is President and Chief Investment Officer of Wildcat Capital Management, a private investment advisory firm.
CEO: Mark Wang
Mark Wang serves as CEO of Hilton Grand Vacations Inc. Mark D. Wang has been the Chief Executive Officer and President of Hilton Grand Vacations Inc. (HGV) since January 3, 2017 and March 2008 respectively.
In the position of CFO since 2016
James E. Mikolaichik has served as Executive Vice President and Chief Financial Officer of HGV since August 2016.
Previously, Mikolaichik served in multiple roles at Manning & Napier Inc., an independent investment management firm, from 2011 through 2016.
As chairman and president of Manning & Napier Fund Inc., from 2015 through 2016, Mikolaichik was responsible for all aspects of the mutual fund company.
Additionally, from 2011 through 2015, he served as chief financial officer of Manning & Napier Inc., where he was responsible for all aspects of strategic and financial planning, monitoring performance metrics, financial reporting, internal audit, tax, corporate development and investor relations.
In addition, Mikolaichik served as executive vice president and head of strategy of Old Mutual Asset Management from 2008 through 2011, and as its chief risk officer from 2004 through 2008.
Mikolaichik served in various capacities at Deloitte & Touche LLP, providing consulting, financial advisory, auditing and accounting services from 1993 through 2004.
Mikolaichik earned a bachelor’s degree from Susquehanna University in 1993 and masters of business administration from Columbia University in 2001.