- Strong signs for push-out forces
- After only about a year on the job
- Laud, praise, thanks and good wishes for Andrews
- Diane Morefield to take over
(management-change.com) — Dallas, Texas, October 31, 2016 — Greg Andrews, finance chief of CyrusOne, leaves. It is a change at short notice. As announced by CyrusOne Inc. in a press release and in a regulatory filing published on Monday, October 31, 2016, Gregory R. (Greg) Andrews leaves the post as Chief Financial Officer at the internet company in a surprising move after only about a year on the job, effective November 14, 2016.
No company wants a CFO to flame out in the first year.
Andrews leaves the company effective November 30, 2016.
Andrews’ duties are taken over by Diane M. Morefield, most recently Chief Financial Officer at Strategic Hotels & Resorts.
The fact that Andrews’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To pursue other interests”
Andrews’ imminent departure is explained as follows. CyrusOne said: Andrews “will be leaving the Company effective November 30, 2016 to pursue other interests”.
The phrase “to pursue other interests” is often used in corporate announcements and opens the door to speculation.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.
“Departure did not result from any disagreement”
“Mr. Andrews’s departure did not result from any disagreement with the Company regarding any matter related to the Company’s operations, policies or practices,” CyrusOne said.
It is a phrase that may be intended to stop false rumors. It may also fuel further speculation and raise more questions than it answers.
Such a phrase should be read very carefully. The exact wording may be insightful.
Precise information about the future plans of Andrews was not immediately available.
Share price decline
The change follows a decline in the share price of CyrusOne Inc. since July 2016.
On the job as CFO since 2015
Andrews has been the Chief Financial Officer and Executive Vice President of Cyrusone Inc. since October 19, 2015.
Prior to joining CyrusOne, Andrews served as Chief Financial Officer of Ramco-Gershenson Properties Trust from 2010 to 2015 and as Chief Financial Officer of Equity One, Inc. from 2006 to 2009.
From 1997 to 2006, he was a Principal at Green Street Advisors Inc., an investment research and advisory firm focused on REITs.
Andrews also previously served as Vice President in the corporate and commercial real estate divisions of Bank of America in both Southern California and Hong Kong and as an analyst at First Interstate Bank.
Andrews serves on the Board of Directors of Spy, Inc. and is a member of its Audit Committee.
He received an M.B.A. from the Anderson School at UCLA and a B.A. from Princeton University.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Greg Andrews’ move.
The Push-out Score™ determined by management-change.com suggests strong 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 ($).