- Push-out Score determined
- After almost 10 years in the position
- Praise, thanks and good wishes for Biese
- Search for a successor
- Biese said 62 words
(exechange) — Quincy, Massachusetts, November 28, 2018 — Dave Biese, finance chief of J.Jill, leaves. As announced by J.Jill Inc. in a news release and in a regulatory filing published on Wednesday, November 28, 2018, David (Dave) Biese, Chief Financial Officer, leaves the women’s clothing stores company after almost 10 years in the role, effective April 30, 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.
Dave Biese’s move comes eight months after Linda Heasley took over as CEO of J.Jill, Inc.
J.Jill will undertake a search for a successor.
No reason given
In the announcement, J.Jill did not explicitly explain the reason for Dave Biese’s move, leaving room for speculation.
Precise information about Dave Biese’s future plans was not immediately available.
“Leaving the company”
J.Jill said: “Executive Vice President, Chief Financial and Operating Officer Dave Biese will be leaving the company on April 30, 2019.”
J.Jill further said: “David Biese, the Company’s Executive Vice President, Chief Financial and Operating Officer will be leaving the Company, effective as of April 30, 2019.”
Share price decline
The change follows a decline in J.Jill, Inc.’s share price of 58 percent since April 2017.
Chaired by Michael Rahamim
J.Jill, Inc. is chaired by Michael Rahamim.
Michael Rahamim has served as Chairman of the board of directors of J.Jill since the Company’s conversion to a corporation in February 2017 and served as Chairman of the board of directors of the Company’s former parent company since May 2015.
CEO: Linda Heasley
Linda Heasley serves as CEO of J.Jill, Inc. Linda Heasley was appointed as Chief Executive Officer of J.Jill in April 2018 and has served as a director of J.Jill since March 2017. Heasley previously served as the Chief Executive Officer of The Honey Baked Ham Company, LLC from February 2017 to March 2018.
In the position of CFO since 2009
David Biese has served as J.Jill’s Executive Vice President, Chief Financial and Operating Officer since February 2018.
Biese joined J.Jill as Senior Vice President and Chief Financial Officer in August 2009.
In his current role, he is responsible for leading the Financial, Strategic Planning and Business Development, Real Estate and Distribution functions.
Before joining J.Jill, Biese was Senior Vice President of Merchandise Operations for Trans World Entertainment Corporation (“FYE”), a publicly held national specialty retailer.
He previously served as Vice President of Finance and Treasurer at FYE.
Earlier in his career, Biese was Vice President and Controller at Carson Pirie Scott & Co., a department store division of publicly held Saks Incorporated.
Biese is a Certified Public Accountant and started his career as a public accountant at KPMG.
He is a graduate of the University of Wisconsin at Oshkosh.
Biese will work closely with management to ensure a smooth transition to his successor.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 49.2018 ($).