- Push-out Score suggests push-out forces
- After around 12 years in the position
- Accolades, praise and thanks for Hull
- Tim Gustavson taking over in the interim
- Search for a successor
- Hull said 87 words
(exechange) — Madison, New Jersey, November 2, 2018 — Tony Hull, finance chief of Realogy, leaves. It is a change at short notice. As announced by Realogy Holdings Corp. in a news release and in a regulatory filing published on Friday, November 2, 2018, Anthony E. (Tony) Hull leaves his post as Chief Financial Officer at the real estate company after around 12 years in the role, effective November 5, 2018.
It is the end of an era.
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. Only 23 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Tony Hull’s move comes 10 months after Ryan Schneider took over as CEO of Realogy Holdings Corp.
Furthermore, Tony Hull’s move comes 10 months after Michael J. Williams took over as Chairman of Realogy Holdings Corp.
Realogy will undertake a search for a successor.
Tony Hull’s duties will be taken over in the interim by Timothy B. (Tim) Gustavson, currently Chief Accounting Officer and Controller of Realogy Holdings Corp., as Interim Chief Financial Officer.
“The time is right”
Tony Hull’s imminent departure from the CFO post is explained as follows. Hull said: “It has been a privilege to work with a standout team of leaders throughout my tenure at Realogy, and the decision to step away from my role during this time of exciting change at the company did not come without much thought and contemplation. However, I believe the time is right.”
Precise information about Tony Hull’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position at short notice and without comprehensible reasons being given.
Realogy said: “Anthony E. Hull, Executive Vice President, Chief Financial Officer and Treasurer, will retire from his position effective November 5, 2018.”
Realogy further said: “[F]ollowing a 15-year career with the Company (and a predecessor company), Anthony E. Hull, Executive Vice President, Chief Financial Officer and Treasurer, will retire from his position effective November 5, 2018.”
Share price decline
The change follows a decline in the share price of Realogy Holdings Corp. since July 2015.
Chaired by Michael J. Williams
Realogy Holdings Corp. is chaired by Michael J. Williams.
Michael J. Williams was appointed Chairman of Realogy’s Board of Directors effective December 31, 2017.
CEO: Ryan Schneider
Ryan Schneider serves as CEO of Realogy Holdings Corp. Ryan Schneider became Realogy’s Chief Executive Officer effective December 31, 2017. He joined the Company as President and Chief Operating Officer in October 2017 after nearly 15 years of senior leadership experience at Capital One Financial Corporation. He is a member of Realogy’s Board of Directors.
In the position of CFO since 2006
Hull has been the Chief Financial Officer, Executive Vice President and Treasurer of Realogy Holdings Corp. (also known as Domus Holdings Corp.) since August 2006.
Anthony E. Hull has served as executive vice president, chief financial officer and treasurer for Realogy since August 2006.
In this role, he has overall responsibility for all corporate finance functions along with mergers and acquisitions, business development, investor relations and corporate communications.
Hull played a pivotal role in helping take Realogy public on the New York Stock Exchange in October 2012, in what was the second-largest IPO of the year.
Hull received the 2013 NJBIZ CFO of the Year award in the large public company category.
Previously, Hull served as executive vice president, finance, for Cendant Corporation from October 2003 until August 2006.
In that role, he had oversight for key finance functions including annual budgeting, forecasting and strategic planning for the company’s businesses, analysis of performance variances and capital planning and development.
Prior to joining Cendant, Hull served seven years as chief financial officer for DreamWorks LLC, a diversified entertainment company.
At DreamWorks he managed the company’s finance, accounting and information technology functions.
Hull’s responsibilities included financial and strategic planning, negotiations of partner alliances, corporate budgeting and control, structuring and execution of financing transactions, including debt and equity issuances and securitizations, treasury and cash management, preparation of financial statements, reporting and compliance for debt and equity investors, and tax and risk management.
Prior to DreamWorks, Hull held senior financial executive positions at Paramount Communications, a diversified entertainment and publishing company.
Additionally, he worked as an investment banker at Morgan Stanley & Co., Inc. from 1984 to 1990.
Hull received his bachelor’s degree from Amherst College and his MBA in finance and accounting from Columbia University Graduate School of Business.
Hull, a 15-year veteran of Realogy and its former parent organization, will remain employed and serve as a senior advisor to Chief Executive Officer and President Ryan M. Schneider until March 31, 2019.
Generally speaking, when a top manager announces to step aside with no permanent successor available, it’s a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tony Hull’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 45.2018 ($).