- Significant signs for push-out forces
- After 22 years on the job
- Laud and praise for Kirchheimer
- Dan Levin to take over
- Kirchheimer will remain as Advisory Partner
(management-change.com) — Los Angeles, California, October 28, 2016 — David Kirchheimer, finance chief of Oaktree, leaves. His departure is made public at an early stage. As announced by Oaktree Capital Group, LLC in a news release and in a regulatory filing published on Friday, October 28, 2016, David M. Kirchheimer leaves the post as Chief Financial Officer at the asset management firm after 22 years on the job, effective March 31, 2017.
It is the end of an era.
Kirchheimer’s duties are taken over by Dan Levin, currently Head of Corporate Finance and Chief Product Officer at Oaktree Capital Group, LLC.
No reason given
In the announcement, Oaktree did not explicitly explain the reason for Kirchheimer’s move, opening the door for speculation.
Kirchheimer “has decided to retire”
Oaktree said: Kirchheimer “has decided to retire as Oaktree’s Chief Financial Officer and member of its Board of Directors, effective March 31, 2017”.
Kirchheimer will remain as Advisory Partner at Oaktree
Effective March 31, 2017, Kirchheimer will transition to serving as an Advisory Partner for the firm.
Share price decline
The change follows a decline in the share price of Oaktree Capital Group, LLC since February 2015.
Chaired by Howard Marks
Oaktree Capital Group, LLC is chaired by Howard Marks.
Marks is CFA, Director and Co-Chairman. Since the formation of Oaktree in 1995, Marks has been responsible for ensuring the firm’s adherence to its core investment philosophy.
Jay Wintrob serves as CEO of Oaktree Capital Group, LLC. Wintrob has been Chief Executive Officer at Oaktree Capital Group, LLC since November 1, 2014.
On the job as CFO since 1995
Prior to joining Oaktree in 1995, Kirchheimer was a vice president and the Chief Administrative Officer of Ticketmaster Corporation, a leading ticket processing and distribution company.
Previously, he was Executive Vice President and Chief Financial Officer of Republic Pictures Corporation, a publicly held entertainment company.
From 1979 to 1986, Kirchheimer was with Price Waterhouse in Los Angeles, most recently serving as a senior audit manager.
Kirchheimer graduated Phi Beta Kappa and summa cum laude with a B.A. degree in economics from Colorado College and an M.B.A. in accounting and finance from the Booth School of Business of the University of Chicago.
He is a Certified Public Accountant (inactive).
Significant signs for push-out forces
It is not completely certain what forces eventually triggered David M. Kirchheimer’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 ($).