Diebold Nixdorf CFO Chris Chapman leaves abruptly

  • Push-out Score determined
  • After about four and a half years in the position
  • Thanks and good wishes for Chapman
  • Jeff Rutherford taking over in the interim
  • Search for a successor

(exechange) — North Canton, Ohio, October 1, 2018 — Chris Chapman, finance chief of Diebold Nixdorf, leaves. It is an abrupt change. As announced by Diebold Nixdorf, Incorporated in a news release and in a regulatory filing published on Monday, October 1, 2018, Christopher A. (Chris) Chapman leaves his post as chief financial officer at the security systems services company after about four and a half 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.

Chapman’s move comes seven months after Gerrard B. Schmid took over as CEO of Diebold Nixdorf, Incorporated.

Furthermore, Chapman’s move comes nine months after Gary G. Greenfield took over as Chairman of Diebold Nixdorf, Incorporated.

Diebold Nixdorf will undertake a search for a successor.

Chapman’s duties will be taken over in the interim by Jeffrey (Jeff) Rutherford, most recently Chairman, Interim President and Interim Chief Executive Officer of Edgewater Technology, as interim chief financial officer.

The fact that Chapman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To pursue other opportunities”

Chapman’s sudden departure from the CFO post is explained as follows. Diebold Nixdorf said that Rutherford “replaces Chris Chapman, who is leaving the company to pursue other opportunities.”

The phrase “to pursue other opportunities” opens the door to speculation.

Precise information about Chapman’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.

Share price decline

The change follows a decline in the share price of Diebold Nixdorf, Incorporated since June 2014.

Chaired by Gary G. Greenfield

Diebold Nixdorf, Incorporated is chaired by Gary G. Greenfield.

Gary G. Greenfield was elected to Diebold’s board of directors in 2014 and appointed Chairman of the Board for Diebold Nixdorf in January 2018.

CEO: Gerrard B. Schmid

Gerrard B. Schmid serves as CEO of Diebold Nixdorf, Incorporated. On February 21, 2018, Diebold Nixdorf announced that Gerrard Schmid will join the company as its president and chief executive officer, effective immediately. He also joined the Diebold Nixdorf Board of Directors.

In the position of CFO since 2014

Christopher A. Chapman has been Chief Financial Officer and Member of Management Board at Diebold Nixdorf Aktiengesellschaft since April 1, 2017.

Chapman has been Chief Financial Officer at Diebold Nixdorf, Incorporated (Diebold, Incorporated) since June 2014 and served as its Interim Chief Executive Officer and President from December 31, 2017 to February 2018 and served as its Principal Accounting Officer from April 10, 2015 to August 18, 2016.

Push-out Score determined

The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.

Read the full story in the exechange report 41.2018 ($).