- Significant signs for push-out forces
- After almost 18 years on the job
- Laud and praise for her
- Search for a successor
(management-change.com) — Palo Alto, California, October 26, 2016 — Elisha Finney, finance chief of Varian, leaves. As announced by Varian Medical Systems in a news release and in a regulatory filing published on Wednesday, October 26, 2016, Elisha W. Finney leaves the post as chief financial officer at the maker of medical devices and software for treating cancer in a surprising move after almost 18 years on the job.
It is the end of an era.
Finney will remain in her current role until a successor is named, which Varian expects will occur during the fiscal year 2017.
“More time with my family”
Finney’s departure is explained as follows. Finney said: “After nearly 29 years at Varian and nearly 18 years as CFO, I am excited about spending more time with my family and about the prospect of serving on boards of other companies.”
The phrase “spending more time with my family” is often used in corporate announcements and opens the door to speculation.
Varian said: Finney “has informed the company of her intention to retire as executive vice president and chief financial officer”.
Precise information about the future plans of Finney was not immediately available.
Chaired by Andy Eckert
Varian Medical Systems is chaired by R. Andrew Eckert.
Andy Eckert has held a number of senior executive positions during his career. Most recently, he was CEO of TriZetto, a leader in Payer IT.
Dow R. Wilson serves as CEO of Varian Medical Systems. Wilson has been the Chief Executive Officer and President of Varian Medical Systems, Inc. since September 29, 2012.
On the job as CFO since 1999
Finney was named vice president, finance and CFO of Varian Medical Systems in April, 1999.
In January, 2005, she was promoted to Senior Vice President and given the additional responsibility of managing the Corporate Information Systems group.
She was named Executive Vice President in February, 2012.
Today, Finney manages a staff of approximately 400 people worldwide. Her management responsibilities include corporate accounting; corporate communications and investor relations; internal audit; risk management; tax and treasury, and corporate information systems.
Finney joined Varian as risk manager in 1988 and has assumed a wide variety of finance functions over her last 25 years with the company.
Prior to joining Varian, Finney was with the Fox Group in Foster City, California and Beatrice Foods in Chicago, Illinois.
She holds a BA degree in risk management and insurance from the University of Georgia as well as an MBA degree from Golden Gate University in San Francisco where she received the 1992 “Outstanding Graduate Of The Masters Programs in Finance” award.
Finney served on the Board of Directors of Laserscope (NASDAQ: LSCP) based in San Jose, California from August, 2005 until July, 2006 when Laserscope was sold to American Medical Systems (NASDAQ: AMMD).
She served on the board of Thoratec (NASDAQ: THOR) based in Pleasanton, California from July, 2007 until May, 2013.
Finney was elected to the board of Altera Corporation (NASDAQ: ALTR) based in San Jose, California in September, 2011.
Finney will assist with an orderly transition and continue to manage the planned spin-off of Varian’s Imaging Components business.
Generally speaking, when a top leader announces to step aside with no successor available, it’s a sign that the change was unexpected and too early.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered Elisha W. Finney’s move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).