- After almost twelve years on the job
- Laud and thanks for Luce
- Matt LaVay to take over
(management-change.com) — Pleasanton, California, October 27, 2016 — Ed Luce, finance chief of Ellie Mae, leaves. His departure is made public at an early stage. As announced by Ellie Mae, Inc. in a news release and in a regulatory filing published on Thursday, October 27, 2016, Edgar A. (Ed) Luce leaves the post as Chief Financial Officer at the provider of software for the residential mortgage industry after almost twelve years on the job, effective April 01, 2017.
It is the end of an era.
Luce’s duties are taken over by Matt LaVay, currently senior vice president of finance at Ellie Mae, Inc.
No reason given
In the announcement, Ellie Mae did not explicitly explain the reason for Luce’s move.
“Intention to resign”
Ellie Mae said: “On October 27, 2016, Mr. Edgar Luce, Executive Vice President and Chief Financial Officer of Ellie Mae, Inc. …, notified the Company of his intention to resign from the position of Chief Financial Officer of the Company, effective as of April 1, 2017.”
Precise information about the future plans of Luce was not immediately available.
Share price rise since December 2015
The change follows a rise in the share price of Ellie Mae, Inc. since December 2015.
Primecap holds 11.12 percent stake
Primecap Management Company reported an 11.12 percent stake in Ellie Mae, Inc. as of June 30, 2016. Primecap is an employee owned investment manager.
Chaired by Sig Anderman
Ellie Mae, Inc. is chaired by Sig Anderman.
Sig Anderman, Ellie Mae’s founder, has served as executive chairman since February 2015 and as a member of the Board since Ellie Mae’s inception in August 1997.
Jonathan H. Corr serves as CEO of Ellie Mae, Inc. Corr has served as the Company’s chief executive officer (CEO) since February 2015 and president since February 2013.
On the job as CFO since 2005
In order to ensure a seamless transition, Ellie Mae intends to retain Luce in an advisory capacity through the first quarter of 2018.
Luce has served as chief financial officer (CFO) since July, 2005.
From November 2004 to July 2005, Luce served as acting CFO for the company.
Prior to joining Ellie Mae, Luce served as CFO for Sanarus Medical, Inc., a medical device company.
Before Sanarus, he was CFO, secretary and treasurer at ComView Corporation, a cardiology imaging software company.
Prior to ComView, Luce was CFO at Biex, Inc., a healthcare company, and VP of Finance and Administration and Corporate Secretary for Penederm Inc., a public dermatology products company. Luce holds a BA in Economics from Stanford University and an MBA in Finance from the UC Los Angeles.
No significant signs for push-out forces
The Push-out Score™ determined by management-change.com suggests no significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 41.2016 ($).