- Push-out Score suggests push-out forces
- After about six and a half years in the position
- Praise for Guttman
- Jim Cleary taking over
(exechange) — Valley Forge, Pennsylvania, September 10, 2018 — Tim Guttman, finance chief of AmerisourceBergen, leaves. As announced by AmerisourceBergen Corporation in a news release on Monday, September 10, 2018, Tim G. Guttman leaves his post as Chief Financial Officer at the drug wholesale company after about six and a half years in the role, effective November 9, 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 6.7 years, according to data compiled by exechange.
Guttman’s duties will be taken over by James F. (Jim) Cleary, currently Group President, Global Commercialization Services and Animal Health of AmerisourceBergen Corporation.
No reason given
In the announcement, AmerisourceBergen did not explicitly explain the reason for Guttman’s move, leaving room for speculation.
Precise information about Guttman’s future plans was not immediately available.
AmerisourceBergen said: “Tim G. Guttman, Executive Vice President and Chief Financial Officer, has decided to retire from the Company.”
AmerisourceBergen further said: “Guttman will step down as Chief Financial Officer on November 9, 2018 and continue in an advisory capacity further into fiscal year 2019 to ensure a smooth transition.”
Share price decline
The change follows a decline in the share price of AmerisourceBergen Corporation since April 2015.
Chaired by Steven H. Collis
AmerisourceBergen Corporation is chaired by Steven H. Collis.
In the position of CFO since 2012
Tim G. Guttman has been the Chief Financial Officer and Executive Vice President of AmerisourceBergen Corporation since May 2012 and November 2014 respectively.
Tim G. Guttman is Executive Vice President and Chief Financial Officer of AmerisourceBergen.
Prior to being named to his current role in 2012, he was Vice President and Corporate Controller since joining the Company in 2002.
Prior to joining AmerisourceBergen, Guttman was Vice President of Finance at Syncor International Corporation, and also previously held financial planning and managerial positions at Disney Consumer Products, Pizza Hut, Inc., and PepsiCo, Inc.
He also spent seven years with the accounting firm of Deloitte & Touche.
Guttman graduated from The Ohio State University and earned his Master of Business Administration degree from The University of Texas.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tim Guttman’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 39.2018 ($).