- Push-out Score suggests push-out forces
- After about five years in the position
- Praise, thanks and good wishes for Bhalla
- Search for a successor
- Bhalla spoke briefly and said 34 words
(exechange) — Burlington, Massachusetts, August 20, 2018 — Rajeev Bhalla, finance chief of Circor, leaves. As announced by Circor International, Inc. in a news release and in a regulatory filing published on Monday, August 20, 2018, Rajeev Bhalla leaves his post as Chief Financial Officer at the industrial valve manufacturing company after about five years in the role.
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.
Bhalla has agreed to remain in his current role and assist with an orderly transition until a successor has been named.
Circor will undertake a search for a successor.
“Now is the right time”
Bhalla’s departure from the CFO post is explained as follows. Scott Buckhout, President and Chief Executive Officer, said: “Given strong top-line momentum, clear progress in our organizational re-alignment and integration efforts, and confidence in our long-term growth, cash flow and margin targets, we believe now is the right time to make this transition.”
Precise information about Bhalla’s future plans was not immediately available.
Circor said: “Chief Financial Officer Rajeev Bhalla will depart Circor.”
Circor further said: “Circor International, Inc. … announced that Rajeev Bhalla, the Company’s Executive Vice President, Chief Financial Officer, will depart the Company pending the appointment of his successor.”
Share price decline
The change follows a decline in the share price of Circor International, Inc. since May 2017.
Chaired by David F. Dietz
Circor International, Inc. is chaired by David F. Dietz.
CEO: Scott Buckhout
Scott Buckhout serves as CEO of Circor International, Inc. Buckhout joined Circor as President and Chief Executive Officer and was appointed to the Board in April 2013.
In the position of CFO since 2013
Rajeev Bhalla joined Circor as Executive Vice President and Chief Financial Officer in December 2013.
Prior to joining Circor, Bhalla served as Vice President, Finance and Chief Financial Officer for Sikorsky Aircraft Corporation since May 2012.
He joined Sikorsky from United Technologies’ Pratt & Whitney division where he had served as Vice President and Chief Financial Officer since 2005 and was responsible for all financial operations worldwide.
Prior to that, Bhalla served as Vice President and Corporate Controller for Lockheed Martin Corporation and as a partner with PricewaterhouseCoopers, serving large multinational, technology and middle-market clients in a variety of industries.
He holds a Bachelors of Business Administration – Magna Cum Laude from the University of Massachusetts Amherst, and is a Certified Public Accountant.
Generally speaking, when a top leader announces to step down with no successor in place, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Rajeev Bhalla’s 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 35.2018 ($).