Potbelly CFO Mike Coyne leaves at short notice

  • Push-out Score suggests push-out forces
  • After less than three and a half years in the position
  • Praise, thanks and good wishes for Coyne
  • Search for a successor
  • Coyne said 54 words

(exechange) — Chicago, Illinois, August 31, 2018 — Mike Coyne, finance chief of Potbelly, leaves. It is a change at short notice. As announced by Potbelly Corporation in a news release and in a regulatory filing published on Friday, August 31, 2018, Michael W. (Mike) Coyne leaves his post as Chief Financial Officer at the restaurant chain after less than three and a half years in the role, effective September 21, 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.

Coyne’s move comes nine months after Alan Johnson took over as CEO of Potbelly Corporation.

Potbelly will undertake a search for a successor.

“To accept a senior leadership position with another company”

Coyne’s imminent departure from the CFO post is explained as follows. Potbelly said: “Potbelly Corporation … today announced the resignation of Michael Coyne, Chief Financial Officer, who is leaving Potbelly to accept a senior leadership position with another company.”

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

“Resign”

Potbelly said: “On August 28, 2018, Michael Coyne, the Chief Financial Officer … of Potbelly Corporation …, informed the Company of his intention to resign from his position as CFO to accept another opportunity.”

Chaired by Peter Bassi

Potbelly Corporation is chaired by Peter Bassi.

Bassi has served as the Company’s lead director since February 2016 and as a director since January 2009.

CEO: Alan Johnson

Alan Johnson serves as CEO of Potbelly Corporation. Alan Johnson has been President and Chief Executive Officer at Potbelly Corporation since December 2017.

In the position of CFO since 2015

Michael W. Coyne has been Chief Financial Officer and Senior Vice President of Potbelly Corporation since May 01, 2015 and February 2018 respectively.

Coyne is Senior Vice President and Chief Financial Officer at Potbelly Corporation. He assumed this role with nearly 30 years of experience in leadership positions across a variety of top tier companies.

Most recently, Coyne served as Senior Vice President, Small Business at CNA Financial Corporation, and prior to that served as divisional Chief Financial Officer of CNA’s Property & Casualty Operations business.

He also spent seven years at Sears Holdings Corporation, culminating as Vice President and Treasurer.

Coyne also held various financial roles at Schering-Plough Corporation.

Coyne, a Certified Public Accountant, began his career with Ernst & Young.

Coyne completed his undergraduate work at the University of Illinois, and received an MBA from the J. L. Kellogg Graduate School of Management at Northwestern University.

Coyne will continue in his current position as Chief Financial Officer until September 21, 2018.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Mike Coyne’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 ($).