- Push-out Score suggests push-out forces
- After less than three years in the position
- Accolades, praise, thanks and good wishes for Grismer
- Joan Bottarini taking over
- Grismer said 69 words
(exechange) — Chicago, Illinois, October 8, 2018 — This news came on Columbus Day. Pat Grismer, finance chief of Hyatt, leaves. It is a change at short notice. As announced by Hyatt Hotels Corporation in a news release and in a regulatory filing published on Monday, October 8, 2018, Patrick J. (Pat) Grismer leaves his post as chief financial officer at the hospitality company after less than three years in the role, effective November 2, 2018.
No company wants a CFO to flame out in the first years.
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 6.9 years, according to data compiled by exechange. Only 24 percent of the CFOs who departed over the past 12 months left the position within three years.
Grismer’s duties will be taken over by Joan Bottarini, currently senior vice president of finance for the Americas of Hyatt Hotels Corporation.
Grismer will be CFO at Starbucks
“Patrick Grismer has resigned as chief financial officer, effective November 2, 2018, in order to assume the CFO position at Starbucks Corporation,” Hyatt said.
Starbucks is a coffee company and coffeehouse chain.
“Not a result of any disagreement”
“Mr. Grismer’s resignation is not a result of any disagreement with the Company related to the Company’s business, operations, financial performance, financial reporting or internal controls,” Hyatt said.
Share price rise since January 2016
The change follows a rise in the share price of Hyatt Hotels Corporation since January 2016.
Chaired by Thomas J. Pritzker
Hyatt Hotels Corporation is chaired by Thomas J. Pritzker.
Thomas J. Pritzker has been a member of the Company’s board of directors since August 2004 and the Company’s Executive Chairman since August 2004.
CEO: Mark S. Hoplamazian
Mark S. Hoplamazian serves as CEO of Hyatt Hotels Corporation. Mark S. Hoplamazian was appointed to the Company’s board of directors in November 2006 and named President and Chief Executive Officer of Hyatt Hotels Corporation in December 2006.
In the position of CFO since 2016
Patrick Grismer was selected as Chief Financial Officer in March 2016.
In this role, Grismer is responsible for the global finance function, including financial reporting, planning, treasury, tax, investor relations, internal audit, and procurement.
Grismer joined Hyatt from his post as chief financial officer at Yum! Brands, where he previously held a number of roles including chief planning and control officer and chief financial officer for Yum! Restaurants International.
Prior to Yum!, he worked at The Walt Disney Company where he served in roles that included vice president, business planning and development for The Disneyland Resort and chief financial officer for the Disney Vacation Club.
Grismer began his career with Price Waterhouse.
He earned a B.S. in Business Administration from the University of Southern California, an MBA in Finance and Marketing from Northwestern University’s Kellogg Graduate School of Management and CPA certification in the State of California.
At the time of his appointment as chief financial officer at Hyatt, Grismer had said: “Hyatt’s portfolio of premier hotel brands and its commitment to quality and outstanding service truly differentiate it from the competition. I’m excited to be part of a global company poised for growth, and to join a team passionate about transforming the hospitality industry.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Pat Grismer’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 ($).