- Push-out Score suggests push-out forces
- After almost 14 years in the position
- Accolades, praise and thanks for Boykin
- Search for a successor
- Boykin kept it short and said 37 words
(exechange) — Calhoun, Georgia, November 27, 2018 — Frank Boykin, finance chief of Mohawk, leaves. As announced by Mohawk Industries Inc. in a news release and in a regulatory filing published on Tuesday, November 27, 2018, Frank H. Boykin leaves his post as chief financial officer at the flooring manufacturer after almost 14 years in the role, effective in 2019.
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 6.6 years, according to data compiled by exechange. Only 22 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Mohawk will undertake a search for a successor.
No reason given
In the announcement, Mohawk did not explicitly explain the reason for Frank Boykin’s move, leaving room for speculation.
Precise information about Frank Boykin’s future plans was not immediately available.
Share price decline
The change follows a decline in Mohawk Industries, Inc.’s share price of 55 percent since January 2018.
Chaired by Jeffrey S. Lorberbaum
Mohawk Industries, Inc. is chaired by Jeffrey S. Lorberbaum.
Lorberbaum has been a director of the Company since the Company’s acquisition of Aladdin Mills Inc. in March 1994. He has served as Chairman of the Board since May 2004 and as the Company’s Chief Executive Officer since January 2001.
In the position of CFO since 2005
Boykin joined Mohawk in 1993, moving up through various finance roles prior to his appointment as CFO in January 2005.
Boykin was named Vice President – Finance and Chief Financial Officer of the Company in January 2005.
In August 2004, Boykin was appointed Vice President – Finance.
He previously served as Corporate Controller of the Company from April 1993 until May 1999, when he was appointed Vice President, Corporate Controller.
Before joining the Company, Boykin served as a Senior Manager at KPMG LLP, a worldwide audit, tax and advisory services firm.
Boykin plans to continue in his role as Chief Financial Officer until his successor is appointed, after which he will facilitate the transition in a senior consultant role.
As a general rule, when a top manager announces to step aside with no successor in place, 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 Frank Boykin’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 49.2018 ($).