Hewlett Packard Enterprise CFO Tim Stonesifer leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about five years in the position
  • Accolades, praise, thanks and good wishes for Stonesifer
  • Tarek Robbiati taking over

(exechange) — Palo Alto, California, August 28, 2018 — Tim Stonesifer, finance chief of Hewlett Packard Enterprise, leaves the position. It is a change at short notice. As announced by Hewlett Packard Enterprise Company in a news release and in a regulatory filing published on Tuesday, August 28, 2018, Timothy C. (Tim) Stonesifer leaves his post as chief financial officer at the enterprise information technology company after about five years in the role, effective September 16, 2018.

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.

Stonesifer’s move comes 14 months after Antonio Neri took over as CEO of Hewlett Packard Enterprise Company.

Stonesifer leaves the company effective October 31, 2018.

Stonesifer’s duties will be taken over by Tarek A. Robbiati, most recently chief financial officer of Sprint Corp.

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

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

No reason given

In the announcement, Hewlett Packard Enterprise did not explicitly explain the reason for Stonesifer’s imminent move, leaving room for speculation.

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

“Step down”

Hewlett Packard Enterprise said: “Reporting to Antonio Neri, HPE’s president and chief executive officer, Robbiati will succeed current CFO Tim Stonesifer, who is stepping down after playing an instrumental role in the HP turnaround and launching HPE as a new company.”

Hewlett Packard Enterprise further said: “Timothy C. Stonesifer, Executive Vice President and Chief Financial Officer of HPE, will step down from the role of Chief Financial Officer as of September 16, 2018.”

CEO: Antonio Neri

Antonio Neri serves as CEO of Hewlett Packard Enterprise Company. Antonio Fabio Neri has been President of Hewlett Packard Enterprise Company since June 21, 2017.

In the position of CFO since 2014

Stonesifer has been the Chief Financial Officer and Executive Vice President of Hewlett Packard Enterprise Company since February 2014.

Prior to HP’s separation into two companies – Hewlett Packard Enterprise and HP Inc. – Stonesifer served as Chief Financial Officer for HP’s Enterprise Group, where he was responsible for worldwide financial support for the business.

Previously, Stonesifer spent three years with General Motors where he served as the Chief Financial Officer of International Operations based in Shanghai, China.

He also spent a year as the Chief Financial Officer for Algeco Scottsman.

Before his career at General Motors, Stonesifer worked at General Electric for 18 years, holding several finance roles around the world.

Stonesifer’s last position at General Electric was as Chief Financial Officer of the company’s Plastics business.

While at General Electric, he also held other Finance leadership roles in Insurance, Equipment Leasing, Structured Finance and Corporate Audit.

Stonesifer started his career in the Financial Management Programme at General Electric.

Stonesifer holds a bachelor’s degree in economics from the University of Michigan.

He will remain with the company through the end of October 2018 to help ensure a smooth transition.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tim Stonesifer’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 36.2018 ($).