Lantheus CFO Jack Crowley leaves at short notice

  • Push-out Score suggests push-out forces
  • After about two and a half years in the position
  • Thanks and good wishes for Crowley
  • Bob Marshall taking over
  • Crowley spoke briefly and said 48 words

(exechange) — North Billerica, Massachusetts, August 20, 2018 — Jack Crowley, finance chief of Lantheus, leaves. It is a change at short notice. As announced by Lantheus Holdings, Inc. in a news release and in a regulatory filing published on Monday, August 20, 2018, John W. (Jack) Crowley leaves his post as Chief Financial Officer at the parent company of Lantheus Medical Imaging, Inc. after about two and a half years in the role, effective September 24, 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.

Crowley’s duties will be taken over by Robert J. (Bob) Marshall, most recently Vice President, Americas Finance of Zimmer Biomet Holdings, Inc.

The fact that Crowley’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“To grow both organically and through future potential acquisitions”

A reason for Crowley’s imminent departure from the CFO post was not explicitly given. Mary Anne Heino, President and Chief Executive Officer, said that Marshall “has particularly strong transactional expertise, which will be useful as we look to grow both organically and through future potential acquisitions.”

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

“Succeeds”

Lantheus said: “Mr. Marshall succeeds Jack Crowley, who will continue with the Company in a full time advisory role until September 28, 2018, and will work with Mr. Marshall to ensure a smooth transition.”

“Not due to any disagreement”

“The separation with Mr. Crowley is not due to any disagreement with the Company, its Board of Directors, its Audit Committee or its auditors or on any matter relating to the Company’s operations, policies, practices or financial statements, including its controls or other financial related matters,” Lantheus 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 decline

The change follows a decline in the share price of Lantheus Holdings, Inc. since January 2018.

Chaired by Brian Markison

Lantheus Holdings, Inc. is chaired by Brian Markison.

Brian Markison is the Non-Executive Chairman of the Board of Directors. Markison joined the Board of Directors in September 2012 and was elevated to Chairman in January 2013.

CEO: Mary Anne Heino

Mary Anne Heino serves as CEO of Lantheus Holdings, Inc. Joining Lantheus in April 2013 as Chief Commercial Officer, Heino was promoted to Chief Operating Officer in March 2015 and to President and Chief Executive Officer in August 2015.

In the position of CFO since 2016

John W. Crowley has been the Chief Financial Officer and Treasurer of Lantheus Holdings, Inc. since March 25, 2016.

He previously served as interim Chief Financial Officer from December 2015 until March 2016.

Prior to that, he held the roles of Vice President, Chief Accounting Officer from March 2015 to December 2015, Vice President, Finance from April 2013 until March 2015, and was Director, Accounting from September 2010 until April 2013.

Prior to joining Lantheus, Crowley served in the roles of Assistant Corporate Controller, and prior to that, Director of Finance at Biogen Idec.

Crowley also previously served as Director of Accounting at Fisher Scientific International.

Prior to Fisher, Crowley was a Senior Audit Manager in the Technology practice of PriceWaterhouseCoopers.

Crowley holds a Master of Business Administration from the University of Massachusetts and a Bachelor of Science in Business Administration from Westfield State University, and is a Certified Public Accountant.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jack Crowley’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 35.2018 ($).