Marlin CFO Taylor Kamp leaves post abruptly

  • Push-out Score suggests push-out forces
  • After about three years in the position
  • Praise, thanks and good wishes for Kamp
  • Search for a successor
  • Kamp said 67 words

(exechange) — Mount Laurel, New Jersey, September 4, 2018 — This news came the day after Labor Day. Taylor Kamp, finance chief of Marlin, leaves the position. It is an abrupt change. As announced by Marlin Business Services Corp. in a news release and in a regulatory filing published on Tuesday, September 4, 2018, William Taylor Kamp leaves his post as Chief Financial Officer at the bank holding company after about three years in the role, effective immediately.

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 6.7 years, according to data compiled by exechange.

Kamp leaves the company effective December 31, 2018.

Marlin will undertake a search for a successor.

“The time is right to progress to a new stage of my career”

Kamp’s sudden departure from the CFO post is explained as follows. Kamp said: “I feel the time is right to progress to a new stage of my career which my experience at Marlin has made possible.”

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

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.

“Left his position”

Marlin said: “W. Taylor Kamp has left his position as Senior Vice President and Chief Financial Officer, effective today.”

“Not related to any issues”

“Mr. Kamp’s departure was not related to any issues involving the Company’s business, strategy, operations, performance, financial reporting or internal controls,” Marlin 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 rise since February 2016

The change follows a rise in the share price of Marlin Business Services Corp. since February 2016.

Chaired by Lawrence J. DeAngelo

Marlin Business Services Corp. is chaired by Lawrence J. DeAngelo.

CEO: Jeffrey A. Hilzinger

Jeffrey A. Hilzinger serves as CEO of Marlin Business Services Corp. Hilzinger has been Marlin’s Chief Executive Officer and director since June 2016.

In the position of CFO since 2015

Kamp was appointed Marlin’s SVP and Chief Financial Officer in August of 2015 and managed all finance, accounting, treasury, investor relations and corporate development activities.

Kamp has 30 years of experience in diversified financial services.

Before joining Marlin, Kamp was MD and Global Head of Corporate Development for The CIT Group. In that position, he managed all business and portfolio acquisition and disposition activities.

Prior to that role, Kamp held several key positions at CIT including head of its Bank Holding Company Legal Entity Rationalization project, “Fresh Start” Accounting project, interim head of its Home Lending business following CIT’s announced exit, and SVP of Corporate Development and Strategy.

Prior to joining CIT in 2000, Kamp had a distinguished 13 year career at CitiBank (formerly The Associates) where he held several key financial positions including CFO of Transportation Finance, CFO of Mortgage Finance, and CFO of International Equipment Finance.

Kamp has a BBA from The University of Texas in Arlington and an MBA from Southern Methodist University.

Kamp will remain with Marlin as a consultant through the end of this year to assist in the transition of the Company’s finance and accounting functions.

Unexpected

Generally speaking, when a top leader announces to step aside with no successor available, it’s 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 Taylor Kamp’s sudden 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 37.2018 ($).