Dominion Energy CFO Mark McGettrick leaves post at short notice

  • Push-out Score suggests push-out forces
  • After around nine years in the position
  • Accolades, praise and words of regret for McGettrick
  • Jim Chapman taking over

(exechange) — Richmond, Virginia, October 9, 2018 — This news came the day after Columbus Day. Mark McGettrick, finance chief of Dominion Energy, leaves the position. It is a change at short notice. As announced by Dominion Energy, Inc. in a news release and in a regulatory filing published on Tuesday, October 9, 2018, Mark F. McGettrick leaves his post as chief financial officer at the power and energy company after around nine years in the role, effective November 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 6.8 years, according to data compiled by exechange.

McGettrick leaves the company effective January 1, 2019.

McGettrick’s duties will be taken over by James R. (Jim) Chapman, currently senior vice president-Mergers & Acquisitions and treasurer of Dominion Energy, Inc.

“Longstanding succession plan”

McGettrick’s imminent departure from the CFO post is explained as follows. Thomas F. Farrell, II, chairman, president and chief executive officer, said: “His promotion is part of a longstanding succession plan to fill top jobs at Dominion Energy.”

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

“Step down/retire”

Dominion Energy said: “Effective Nov. 1, 2018, McGettrick will step down as chief financial officer.”

Dominion Energy further said: “Mark F. McGettrick, executive vice president and chief financial officer, will retire on Jan. 1, 2019, capping a 38-year career at the company.”

Share price rise since March 2009

The change follows a rise in the share price of Dominion Energy, Inc. since March 2009.

Chaired by Thomas F. Farrell

Dominion Energy, Inc. is chaired by Thomas F. Farrell.

In the position of CFO since 2009

McGettrick joined the company in 1980.

During his career, he held a variety of management positions in distribution design, accounting, financial planning, customer service and generation. He was named president of the services company in 2002 and chief executive officer of the generation operating unit in 2003.

In June 2009, he was promoted to chief financial officer, where his responsibilities have included treasury, accounting, tax, investor relations, risk management, business planning and financial analysis.

McGettrick will assist Chapman during the two-month transition.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Mark McGettrick’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 42.2018 ($).