- Push-out Score determined
- After less than two years in the position
- Accolades, praise and thanks for Sisko
- Responsibilities redistributed
- Sisko kept it short and said 20 words
(exechange) — Radnor, Pennsylvania, April 6, 2020 — Brian Sisko, chief executive of Safeguard Scientifics, leaves. As announced by Safeguard Scientifics Inc. in a news release and in a regulatory filing published on Monday, April 6, 2020, Brian J. Sisko has left his post as chief executive officer at the provider of capital to technology companies after less than two years in the role, effective April 1, 2020.
Following Brian Sisko’s departure, the position of Chief Executive Officer will not be filled for the time being. Brian Sisko’s responsibilities are being redistributed.
Brian Sisko’s move forms part of a management shake-up also involving the position of Chief Restructuring Officer.
“To drive total shareholder returns”
Safeguard Scientifics did not give an explicit reason for Brian Sisko’s departure from the CEO post. Safeguard Scientifics said: “Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or “the Company”) today announced several organizational changes to drive total shareholder returns.”
Precise information regarding Brian Sisko’s future plans was not immediately available.
“Stepping down”
Safeguard Scientifics said: “Brian Sisko is stepping down as CEO of Safeguard after 14 years of service.”
Safeguard Scientifics further said: “On March 31, 2020, Brian J. Sisko, the President and Chief Executive Officer of the Company, stepped down as CEO of the Company, effective April 1, 2020.”
Share price decline
The announcement follows a decline in Safeguard Scientifics Inc.’s share price of 61% since July 2018.
In the position of CEO since 2018
Brian Sisko became CEO of the Company in 2018.
Sisko joined Safeguard as Senior Vice President and General Counsel in August 2007 and served as Executive Vice President and Managing Director from November 2012 until his promotion to Chief Operating Officer, Executive Vice President and Managing Director in January 2014.
Sisko began serving as President and Chief Executive Officer July 1, 2018.
Prior to joining Safeguard, Sisko served as Chief Legal Officer, Senior Vice President and General Counsel of Traffic.com (at the time, a public company), a company formerly owned in part by Safeguard, from February 2006 until June 2007 (following its acquisition by NAVTEQ Corporation in March 2007); Chief Operating Officer from February 2005 to January 2006 of Halo Technology Holdings, Inc., a public holding company for enterprise software businesses (Halo Technology Holdings filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in August 2007); ran B/T Business and Technology, an advisor and strategic management consultant to a variety of public and private companies, from January 2002 to February 2005; and was a Managing Director from April 2000 to January 2002, of Katalyst, LLC, a venture capital and consulting firm.
Sisko also previously served as Senior Vice President-Corporate Development and General Counsel of National Media Corporation, at the time a New York Stock Exchange-listed multi-media marketing company with operations in 70 countries, and as a partner in the corporate finance, mergers and acquisitions practice group of the Philadelphia-based law firm, Klehr, Harrison, Harvey, Branzburg LLP.
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.
Read the full story in the exechange report 15.2020 ($).