- Push-out Score suggests push-out forces
- After almost nine years in the position
- Accolades, praise and thanks for Garcia
- Search for a successor
(exechange) — Miami, Florida, September 25, 2018 — Art Garcia, finance chief of Ryder, leaves the position. As announced by Ryder System, Inc. in a news release and in a regulatory filing published on Tuesday, September 25, 2018, Art A. Garcia, Chief Financial Officer, leaves the truck leasing and fleet-management company after almost nine years in the role, effective April 30, 2019.
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.
Garcia will continue in his role until a successor is named, and thereafter, he will serve as a Special Advisor to the Chief Executive Officer until his retirement on April 30, 2019.
Ryder will undertake a search for a successor.
No reason given
In the announcement, Ryder did not explicitly explain the reason for Garcia’s move, leaving room for speculation.
Precise information about Garcia’s future plans was not immediately available.
Ryder said: “Art Garcia, Executive Vice President and Chief Financial Officer, will retire from the Company on April 30, 2019.”
Ryder further said: “Art A. Garcia, the Company’s Executive Vice President and Chief Financial Officer, after a 20-year career, will be retiring from the Company on April 30, 2019.”
“Not the result of any dispute or disagreement”
“Garcia’s departure is not the result of any dispute or disagreement with the Company or the Board of Directors on any matter relating to the Company’s operations, policies, practices or financial statements, including its controls or other financial related matters,” Ryder 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 Ryder System, Inc. since April 2015.
Chaired by Robert E. Sanchez
Ryder System, Inc. is chaired by Robert E. Sanchez.
Robert E. Sanchez is Chairman and Chief Executive Officer of Ryder System, Inc.
He was named Chief Executive Officer in January 2013 and Chairman of the Board in May 2013.
In the position of CFO since 2010
Garcia has been the Chief Financial Officer and Executive Vice President of Ryder System, Inc. since September 1, 2010.
Garcia has had a 20-year career with Ryder and has been in the role of CFO since 2010.
He is responsible for Ryder’s financial management functions, including the finance and audit, strategic sourcing, corporate strategy and investor relations functions.
He is a member of Ryder’s Executive Leadership Team.
Prior to this position, Garcia was Senior Vice President and Controller for Ryder.
In this role, he was responsible for corporate accounting and planning, internal and external financial reporting, vehicle administration, payroll and shared services and insurance accounting.
Before serving as Senior Vice President and Controller, he was Group Director of Accounting Services, where he supervised all of Ryder’s internal financial reporting activities, vehicle administration and payroll services.
Garcia joined Ryder in 1997 as Senior Manager of Corporate Accounting.
He later served as Director of Corporate Accounting and, subsequently, as Group Director of Accounting Services.
Prior to joining Ryder, he spent 14 years with the Miami office of the accounting firm Coopers & Lybrand LLP as Senior Manager of Business Assurance.
Garcia is a Florida Certified Public Accountant and holds a bachelor of science degree in Accounting from Florida State University.
Generally speaking, when a top manager announces to step down with no successor in place, it is a sign that the move was unplanned and too early.
Generally speaking, potential causes for an unexpected change may be, among others, health reasons, family reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Art Garcia’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 40.2018 ($).