- Push-out Score suggests push-out forces
- After less than three and a half years in the position
- Mark Chiplock taking over in the interim
- Search for a successor
(exechange) — Framingham, Massachusetts, October 3, 2018 — John Granara, finance chief of Ameresco, leaves. It is an abrupt change. As announced by Ameresco, Inc. in a news release and in a regulatory filing published on Wednesday, October 3, 2018, John R. Granara has left his post as Chief Financial Officer at the energy efficiency and renewable energy company after less than three and a half years in the role, effective October 1, 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.
Ameresco will undertake a search for a successor.
Granara’s duties were taken over in the interim by Mark Chiplock, most recently Vice President of Finance and Corporate Controller of Ameresco, Inc., as Interim Chief Financial Officer.
No reason given
In the announcement, Ameresco did not explicitly explain the obviously compelling reason for Granara’s sudden move, leaving room for speculation.
Precise information about Granara’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post abruptly and without comprehensible reasons being given.
Ameresco said: “This appointment follows the departure of its Chief Financial Officer, John Granara, effective October 1.”
Ameresco further said: “This follows the October 1, 2018 departure of John R. Granara, III as Executive Vice President, Chief Financial Officer, Treasurer and Chief Accounting Officer, effective immediately.”
“Not related to any issues or disagreements”
“The Company noted that Mr. Granara’s departure is not related to any issues or disagreements on the Company’s financial statement disclosures or accounting policies or practices,” Ameresco 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 April 2016
The change follows a rise in the share price of Ameresco, Inc. since April 2016.
Chaired by George P. Sakellaris
Ameresco, Inc. is chaired by George P. Sakellaris.
Sakellaris is the President and Chief Executive Officer, as well as the Chairman of the Board of Directors of Ameresco, Inc.
In the position of CFO since 2015
John R. Granara, III, has been Chief Financial Officer and Treasurer at Ameresco, Inc. since May 1, 2015 and has been its Executive Vice President since February 2017.
He joined Ameresco as Vice President and Chief Accounting Officer in September 2013; he also served as Corporate Controller from that time until June 2014.
His career has included more than 20 years of leadership roles with increasing responsibilities while building global financial expertise primarily with early stage and publicly-traded companies within the clean technology and technology sectors.
In his role as CFO, Granara oversaw all of Ameresco’s finance, accounting, financial analysis, planning, mergers and acquisitions, internal audit, and tax areas.
He was a member of the Executive Leadership Team, and worked closely with other Ameresco leaders and its operating divisions on a variety of organizational, development, and strategic initiatives.
Additional responsibilities included managing investor relations and structured finance. Since joining Ameresco, Granara has played a key role in the development and implementation of the Company’s worldwide financial systems, processes, and controls.
Prior to joining Ameresco, he served as Vice President Finance, Chief Accounting Officer and Corporate Controller for GT Advanced Technologies, Inc., a diversified technology company with innovative crystal growth equipment and solutions for the global solar LED and electronics industries.
Granara holds a Bachelor of Science degree in accountancy from Suffolk University.
He is also a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and Massachusetts Society of Certified Public Accountants.
Generally speaking, when a top leader announces to step aside with no permanent successor in place, it is a signal that the move was unexpected and too early.
Generally speaking, potential causes for an unplanned 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 John Granara’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 41.2018 ($).