- Push-out Score determined
- After less than four years in the position
- Responsibilities redistributed
- Search for a successor
- Clendening said 97 words
(exechange) — Irving, Texas, January 16, 2020 — John Clendening, chief executive of Blucora, leaves. As announced by Blucora Inc. in a news release and in a regulatory filing published on Thursday, January 16, 2020, John S. Clendening has left his post as chief executive officer at the provider of tax-smart financial solutions after less than four years in the role, effective January 10, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Blucora will undertake a search for a successor.
Following John Clendening’s departure, the position of Chief Executive Officer will not be filled for the time being. John Clendening’s responsibilities are being redistributed.
John Clendening’s departure from the CEO post is explained as follows. Blucora said: “The departure resulted from differences in views on the scope of Mr. Clendening’s authority as CEO. Blucora’s financial position and cash flows are strong, and the decision was unrelated to Blucora’s business performance, strategic vision, goals, financial reporting or internal controls.”
Precise information regarding John Clendening’s future plans was not immediately available.
Blucora said: “President and Chief Executive Officer John Clendening has departed his roles as executive and member of the Board of Directors.”
Blucora further said: “Effective January 10, 2020, John Clendening, who served as the President and Chief Executive Officer of Blucora, Inc. (the “Company”) and as a member of the Company’s board of directors (the “Board”), departed from his roles as an officer, employee and director of the Company.”
“Not the result of any disagreement”
“Mr. Clendening’s departure from the Board was not the result of any disagreement between Mr. Clendening and the Company, its management, the Board or any committee of the Board,” Blucora said.
Share price decline
The announcement follows a decline in Blucora Inc.’s share price of 14% since January 2019.
Chaired by Georganne Proctor
Blucora Inc. is chaired by Georganne Proctor.
Proctor is the former Chief Financial Officer of TIAA-CREF, serving in that position from 2006 to 2010. Prior to joining TIAA-CREF, Proctor served as Executive Vice President of Golden West Financial Corporation from 2003 to 2005.
In the position of CEO since 2016
John Clendening became CEO of the Company in 2016.
Clendening was appointed to serve as the Company’s President and CEO on April 4, 2016, and he was also appointed as a member of the Board on the same date.
Prior to being appointed President and Chief Executive Officer, Clendening served as Executive Vice President and Co-Head, Investor Services Division at The Charles Schwab Corporation in San Francisco from 2012 to 2015.
He served as Executive Vice President, Shared Strategic Services from 2007 to 2011 and as Chief Executive Officer and Executive Vice President of Charles Schwab Bank from 2007 to 2009.
From 2004 to 2007, Clendening served in executive roles with the Investor Services Division and Independent Investor Business Unit with The Charles Schwab Corporation.
Prior to joining The Charles Schwab Corporation, he served in various leadership roles at eMac Digital LLC and Living.Com.
He was also Chief Marketing Officer and Senior Vice President, Consumer Banking Group and Senior Vice President, Marketing and Strategy, Credit Card Division for First Union Corporation (now Wells Fargo & Company).
Earlier in his career, he served at The Coca-Cola Company, the Frito-Lay, Inc. Division of PepsiCo, SEARS Specialty Merchandising Group and Booz-Allen & Hamilton, Inc.
Clendening previously served on the board of directors of Betterment Holdings, Inc. and currently serves on the board of directors of SVB Financial Group.
He received a B.A. in Economics from Northwestern University and an M.B.A. from Harvard Graduate School of Business Administration.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Blucora and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2020 ($).