Westwood CFO Tiffany Kice leaves at short notice

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Terry Forbes taking over

(exechange) — Dallas, Texas, October 4, 2018 — Tiffany Kice, finance chief of Westwood, leaves. It is a change at short notice. As announced by Westwood Holdings Group, Inc. in a news release and in a regulatory filing published on Thursday, October 4, 2018, Tiffany B. Kice, Chief Financial Officer, leaves the investment management company after about four years in the role, effective October 31, 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.

Kice’s duties will be taken over by Murray (Terry) Forbes, currently Vice President of Finance of Westwood Holdings Group, Inc.

“To pursue another business opportunity”

Kice’s imminent departure from the CFO post is explained as follows. Westwood said: “Terry takes over from Tiffany Kice, CPA who is resigning to pursue another business opportunity.”

The phrase “to pursue another business opportunity” opens the door to speculation.

Precise information about Kice’s future plans was not immediately available.


Westwood said: “On September 28, 2018, Tiffany B. Kice, Senior Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Westwood Holdings Group, Inc. …, notified the Company that she will resign from her position to pursue another business opportunity effective October 31, 2018.”

“Not related to any disagreement”

“Ms. Kice’s departure is not related to any disagreement with the Company regarding any financial, accounting or other matters,” Westwood 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 Westwood Holdings Group, Inc. since January 2018.

Chaired by Richard M. Frank

Westwood Holdings Group, Inc. is chaired by Richard M. Frank.

Richard M. Frank has served as a director of Westwood and Westwood Trust since February 2006, and as Chairman of the Board of Directors since May 1, 2015.

CEO: Brian O. Casey

Brian O. Casey serves as CEO of Westwood Holdings Group, Inc. Brian O. Casey has served as chief executive officer of Westwood since January 2006, as president and director of Westwood since its inception in December 2001, as secretary from 2001 to 2014 and as chief operating officer of Westwood from 2001 to 2005.

In the position of CFO since 2014

Tiffany B. Kice, CPA has been the Chief Financial Officer at Westwood Holdings Group Inc. since August 2014.

Kice joined Westwood in 2014 and currently serves as the Company’s Chief Financial Officer and Treasurer.

She is responsible for overseeing business management functions including accounting and financial reporting, investor relations, tax, financial planning and analysis, and treasury management.

With over 15 years of public accounting experience, Kice is highly experienced in dealing with accounting and reporting standards, auditing standards, SEC filings, internal controls, corporate governance, mergers and acquisitions and technology solutions.

Prior to joining Westwood, Kice served as Chief Financial Officer and Treasurer of CEC Entertainment, Inc.

From 1995 to 2010, she was with KPMG LLP where she became an Audit Partner in 2006.

Kice earned her BBA from The University of Texas at Austin and is a Certified Public Accountant.

She is also a member of the Accounting Institute of Certified Public Accountants.

Kice will oversee the filing of the Company’s third quarter Form 10-Q and will assist in the transitioning of her responsibilities until her October 31, 2018 departure date.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tiffany Kice’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 41.2018 ($).