- Push-out Score suggests push-out forces
- After about five and a half years in the position
- Praise and thanks for Kapoor
- Search for a successor
(exechange) — Wichita, Kansas, November 21, 2018 — This news came the day before Thanksgiving Day. Sanjay Kapoor, finance chief of Spirit AeroSystems, leaves. It is a change at short notice. As announced by Spirit AeroSystems Holdings Inc. in a news release and in a regulatory filing published on Wednesday, November 21, 2018, Sanjay Kapoor leaves his post as Chief Financial Officer at the aircraft manufacturing company after about five and a half years in the role, effective January 7, 2019.
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.
Spirit AeroSystems will undertake a search for a successor.
No reason given
In the announcement, Spirit AeroSystems did not explicitly explain the reason for Sanjay Kapoor’s imminent move, leaving room for speculation.
Precise information about Sanjay Kapoor’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.
Spirit AeroSystems said: “Sanjay Kapoor, Executive Vice President and Chief Financial Officer, plans to retire in the first quarter of 2019.”
Spirit AeroSystems further said: “On November 20, 2018, Sanjay Kapoor announced his retirement as Executive Vice President and Chief Financial Officer of Spirit AeroSystems Holdings, Inc. …, effective on January 7, 2019, or such later date as may be mutually agreed by the Company and Mr. Kapoor.”
Chaired by Robert D. Johnson
Spirit AeroSystems Holdings, Inc. is chaired by Robert D. Johnson.
CEO: Tom Gentile
Tom Gentile serves as CEO of Spirit AeroSystems Holdings, Inc. Tom Gentile became president and chief executive officer of Spirit Holdings as of July 31, 2016. From April 2016 to July 2016, Gentile served as executive vice president and chief operating officer.
In the position of CFO since 2013
Kapoor has been in this role since he joined the company in August 2013.
Kapoor will continue in his role as chief financial officer and assist in the transition once a successor is named.
Kapoor became Executive Vice President and Chief Financial Officer in August 2016.
From September 2013 to July 2016, Kapoor served as Senior Vice President and Chief Financial Officer.
Kapoor joined Spirit from Raytheon where he most recently served as Vice President of Integrated Air & Missile Defense for Raytheon Integrated Defense Systems (IDS).
Prior to this role, Kapoor was IDS Vice President of Finance and Chief Financial Officer from 2004 to 2008. Kapoor also served as CFO at United Technologies’ Pratt and Whitney Power Systems Division.
His tenure at Pratt and Whitney also included roles as Director of Aftermarket Services for the Power Systems Business, controller for the Turbine Module Center and business manager for new commercial programs.
Kapoor received his bachelor’s degree in technology from the Indian Institute of Technology and a dual Masters of Business Administration degree in finance and entrepreneurial management from The Wharton School at the University of Pennsylvania.
On November 20, 2018, Sanjay Kapoor announced his retirement as Executive Vice President and Chief Financial Officer of Spirit AeroSystems Holdings, Inc., effective on January 7, 2019, or such later date as may be mutually agreed by the Company and Kapoor.
Subsequently, Kapoor will remain with the Company as Senior Financial Advisor until March 31, 2019, when he will formally retire from the Company. For one year following the Retirement Date, Kapoor will provide consulting services to the Company.
The Company will name a successor for Kapoor at a later date.
Generally speaking, when a top leader announces to step down with no successor in place, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Sanjay Kapoor’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 48.2018 ($).