Jeld-Wen CFO Brooks Mallard leaves at short notice

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Praise, thanks and good wishes for Mallard
  • John Linker taking over

(exechange) — Charlotte, North Carolina, October 17, 2018 — Brooks Mallard, finance chief of Jeld-Wen, leaves. It is a change at short notice. As announced by Jeld-Wen Holding, Inc. in a news release published on Monday, October 15, 2018 and in a regulatory filing published on Wednesday, October 17, 2018, L.Brooks Mallard, chief financial officer, leaves the door and window manufacturer after about four years in the role, effective November 8, 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.

Mallard’s move comes four months after Gary S. Michel took over as CEO of Jeld-Wen Holding, Inc.

Mallard’s duties will be taken over by John Linker, currently senior vice president, corporate development and investor relations of Jeld-Wen Holding, Inc.

“To pursue other career interests”

Mallard’s imminent departure from the CFO post is explained as follows. Jeld-Wen said: “John Linker has been promoted to executive vice president and chief financial officer (CFO) effective November 8, 2018, replacing L. Brooks Mallard, who will leave the company the same day to pursue other career interests.”

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

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

Alarm signal

Generally speaking, it is often an alarm signal for shareholders when a CFO leaves the position at short notice and without a reasonable explanation.

“Departure”

Jeld-Wen said: “On October 15, 2018, the Company announced the departure of Executive Vice President and Chief Financial Officer (“CFO”), L. Brooks Mallard, effective November 8, 2018.”

“Not based on any disagreement”

“Mr. Mallard’s departure is not based on any disagreement with the company or based on any accounting or financial reporting matters,” Jeld-Wen 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 Jeld-Wen Holding, Inc. since January 2018.

Chaired by Kirk Hachigian

Jeld-Wen Holding, Inc. is chaired by Kirk Hachigian.

Hachigian has served as a director of the Company since September 2013, as Executive Chairman from November 2015 to December 2016 and as Chairman since December 2016.

CEO: Gary S. Michel

Gary S. Michel serves as CEO of Jeld-Wen Holding, Inc. Michel joined the Company as President and Chief Executive Officer and the Company’s Board of Directors on June 18, 2018.

In the position of CFO since 2014

Mallard has served as Executive Vice President and Chief Financial Officer of the Company since November 2014.

Prior to joining the Company, Mallard served as Finance Director of the Global Braking Business at TRW Automotive Holdings Corporation from March 2013 to October 2014.

From 2003 to February 2013 Mallard also worked at Cooper Industries, where he served in positions of increasing authority, including Vice President of Finance and Administration of Cooper Bussmann from 2007 to August 2011 and Vice President of Finance and Administration of Cooper Power Systems from August 2011 to February 2013.

Earlier in his career, Mallard served in executive financial positions at Thomas & Betts Corporation, Briggs and Stratton Corporation, and GAF Materials Corporation.

Mallard holds a B.B.A. and an M.B.A. from Georgia Southern University.

He has also earned both the Certified Management Accountant and Certified Financial Management designations from the Institute of Management Accountants.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Brooks Mallard’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 43.2018 ($).