- Push-out Score suggests push-out forces
- After less than a year and a half in the position
- Praise, thanks and good wishes for Weber
- Lance Loeffler taking over
(exechange) — Houston, Texas, November 12, 2018 — Chris Weber, finance chief of Halliburton, leaves. As announced by Halliburton Co. in a news release on Monday, November 12, 2018, Christopher T. (Chris) Weber leaves his post as Chief Financial Officer at the oil field service company after less than a year and a half in the role.
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 6.6 years, according to data compiled by exechange. Only 13 percent of the CFOs who departed over the past 12 months left the position within two years, and 24 percent left the position within three years.
Chris Weber’s move comes 17 months after Jeff Miller took over as CEO of Halliburton Company.
The exact date of Chris Weber’s departure from his post was not specified in the announcement. Obviously, it was an abrupt change.
Chris Weber’s duties will be taken over by Lance Loeffler, most recently vice president of Investor Relations of Halliburton Company.
Halliburton has already removed the name of Weber as Chief Financial Officer from the leadership page and lists Lance Loeffler as Vice President and Chief Financial Officer.
“To pursue other opportunities”
Chris Weber’s departure from the CFO post is explained as follows. Halliburton said: “Chris Weber is leaving the company to pursue other opportunities.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about Chris Weber’s future plans was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the post with no date given and without comprehensible reasons being given.
Share price decline
The change follows a decline in Halliburton Company’s share price of 41 percent since May 2018.
Chaired by David J. Lesar
Halliburton Company is chaired by David Lesar.
CEO: Jeff Miller
Jeff Miller serves as CEO of Halliburton Company. Jeffrey Allen Miller has been the President of Halliburton Company since August 1, 2014 and its Chief Executive Officer since June 1, 2017.
In the position of CFO since 2017
On June 12, 2017, Halliburton announced that Christopher T. Weber will become its Executive Vice President and Chief Financial Officer effective June 22, 2017.
Weber was senior vice president and chief financial officer of Parker Drilling Company from May 2013 to June 2017.
He was vice president and treasurer of Ensco plc from 2011 to May 2013.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chris Weber’s 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 47.2018 ($).