- Push-out Score determined
- After almost 12 years in the position
- Lynne Laube taking over
- Grimes will remain as Executive Chairman at Cardlytics
- Grimes said 128 words
(exechange) — Atlanta, Georgia, March 3, 2020 — Scott Grimes, chief executive of Cardlytics, leaves his position. As announced by Cardlytics Inc. in a news release and in a regulatory filing published on Tuesday, March 3, 2020, Scott D. Grimes leaves his post as chief executive officer at the purchase intelligence platform after almost 12 years in the role, effective May 15, 2020.
Scott Grimes’s duties as CEO will be taken over by Lynne M. Laube, currently Co-Founder and Chief Operating Officer of Cardlytics Inc.
Scott Grimes’s move forms part of a management shake-up also involving the positions of Chief Financial Officer; and Chief Administrative Officer.
Chief Financial Officer David Evans will become Chief Administrative Officer, reporting directly to Laube. Cardlytics SVP and Controller Andy Christiansen will become CFO.
Evans and Christiansen assume their new roles on March 4.
“Part of our long-term succession planning”
The management change is explained as follows. Grimes said: “I’m happy to announce these changes to our leadership team structure to prepare us for continued growth. Lynne has always been the clear choice as the next CEO, and is the right leader to further unlock the value of the unique platform we have built. David Evans will move into a broader and much-needed role as Chief Administrative Officer; and Andy Christiansen, who has served as our SVP and Controller for more than five years, is the clear choice to serve as our next Chief Financial Officer. These announcements formalize a transition that has been underway for some time as part of our long-term succession planning.”
Grimes will remain as Executive Chairman at Cardlytics
“Cardlytics Co-Founder and CEO Scott Grimes, 57, will become Executive Chairman of the Board in a newly-created role, and John Balen, Chairman of the Cardlytics Board, will retain a leadership position on the board as Lead Independent Director at that time,” Cardlytics said.
“Relinquishing”
Cardlytics said: “In connection with the appointment of Ms. Laube as Chief Executive Officer, on March 3, 2019, the Board also approved the appointment of Scott D. Grimes as Executive Chairman, effective May 15, 2020, relinquishing his roles and responsibilities of Chief Executive Officer to Ms. Laube.”
Share price increase since February 2018
The announcement follows an increase in Cardlytics Inc.’s share price of 541% since February 2018.
In the position of CEO since 2008
Scott Grimes became CEO of the Company in 2008.
Scott D. Grimes has served as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors since the Company’s founding in June 2008.
From 2005 to June 2008, Grimes was Senior Vice President and General Manager, Payments at Capital One Financial Corporation and, from 2003 to 2005, Grimes was Vice President, Strategy at Capital One Financial Corporation.
From 2001 to 2003, Grimes was a Principal at Canaan Partners, a venture capital firm. Earlier in his career, Grimes was a Senior Vice President at FreeMarkets Inc., an e-sourcing company, and a Principal at McKinsey & Company, a management consulting firm.
Grimes began his career at Schlumberger Limited as an electrical engineer.
Since August 2014, Grimes has served as a director of Evergy, Inc., a regulated electric utility, where he also serves on the audit, finance and nuclear, operations, and environmental oversight committees.
Grimes holds a B.S. in Electrical Engineering from Union College and an M.B.A. from Stanford University.
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 Cardlytics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2020 ($).
