Balchem CFO Terry Coelho leaves at short notice

  • Push-out Score suggests push-out forces
  • After about a year in the position
  • No successor named

(exechange) — New Hampton, New York, September 28, 2018 — Terry Coelho, finance chief of Balchem, leaves. It is a change at short notice. As announced by Balchem Corporation in a regulatory filing published on Friday, September 28, 2018, Mary Theresa (Terry) Coelho, Chief Financial Officer, leaves the chemical manufacturing company after about a year in the role, effective October 26, 2018.

No company wants a CFO to flame out in the first year.

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. Only 14 percent of the CFOs who departed over the past 12 months left the position within two years, and 25 percent left the position within three years.

Balchem did not name a replacement for the position of Chief Financial Officer.

No reason given

In the announcement, Balchem did not explicitly explain the reason for Coelho’s imminent move, leaving room for speculation.

Precise information about Coelho’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 at short notice and without a reasonable explanation.


Balchem said: “On September 26, 2018, Balchem Corporation … announced that Terry Coelho, Chief Financial Officer and Treasurer, has announced her intention to resign from the Company, effective October 26, 2018.”

Share price rise since February 2018

The change follows a rise in the share price of Balchem Corporation since February 2018.

Chaired by Theodore L. Harris

Balchem Corporation is chaired by Theodore L. Harris.

Ted Harris is Balchem’s Chairman of the Board, Chief Executive Officer, and President. He joined the company in May of 2015.

In the position of CFO since 2017

Mary Theresa Coelho has been Chief Financial Officer at Balchem Corporation since October 23, 2017.

Prior to that, Coelho was Chief Operating Officer of Diversey, Inc. since September 2017.

Prior to that role, Coelho was Vice President Finance and Global Commercial Excellence for Diversey Care, a division of Sealed Air Corporation, from February 2016 to September 2017 and Vice President Finance for Diversey Care from October 2014 to February 2016.

Prior to joining Diversey Care, Coelho was the Global Head of Oncology Development Finance for Novartis Pharmaceuticals Corporation, a multinational pharmaceutical company, from March 2010 to October 2014.

Coelho has also held numerous roles of increasing responsibility with Novartis from 2007 through 2014 and with Mars Inc., a global manufacturer of confectionery, pet food and other food products, from 1987 to 2007.

At the time of Coelho’s appointment as Chief Financial Officer at Balchem, Harris had stated: “Terry brings over 30 years of experience as a multinational finance leader for both established and start-up businesses in various industries including consumer goods, food, and pharmaceutical. We are confident in her ability to continue Balchems commitment to financial discipline and building value for our shareholders.”


Generally speaking, when a top manager announces to step down with no successor available, it’s a signal that the move was unexpected and too early.

Generally speaking, potential causes for an unplanned management change may be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Terry Coelho’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 40.2018 ($).