- Signs for push-out forces
- After about three years on the job
- Laud, praise, thanks and good wishes for Sheehan
- Search for a successor
(management-change.com) — Downers Grove, Illinois, November 29, 2016 — Becky Sheehan, finance chief of FTD, leaves. It is a change at short notice. As announced by FTD Companies, Inc. in a news release on Tuesday, November 29, 2016, Becky A. Sheehan, Chief Financial Officer, leaves the floral and gifting company in a surprising move after about three years on the job, effective December 31, 2016.
FTD will undertake a search for a successor.
“To pursue other opportunities”
Sheehan’s imminent departure is explained as follows. Sheehan, Executive Vice President and Chief Financial Officer, is leaving the Company on December 31, 2016 “to pursue other opportunities”.
The phrase “to pursue other opportunities” 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 post at short notice and without a reasonable explanation.
“In connection with today’s announcement the Company is not adjusting its guidance for fiscal year 2016, previously provided on November 7, 2016,” FTD said.
Precise information about the future plans of Sheehan was not immediately available.
Share price decline
The change follows a decline in the share price of FTD Companies, Inc. since March 2015.
Chaired by Robert Berglass
FTD Companies, Inc. is chaired by Robert Berglass.
Robert Berglass has served as the non-executive Chairman of FTD’s board of directors since November 2013.
Christopher W. Shean serves as CEO of FTD Companies, Inc. Shean was appointed Interim Chief Executive Officer in November 2016 and has served as one of FTD’s directors since December 2014.
On the job as CFO since 2013
Becky A. Sheehan has been FTD’s Executive Vice President and Chief Financial Officer since November 2013.
Sheehan is a member of the Office of the CEO.
Sheehan joined FTD Group, Inc. in July 2006 as Executive Vice President, Chief Financial Officer.
Prior to joining FTD Group, Inc., she was an Audit Partner with Deloitte and had 19 years of experience in public accounting with both Deloitte and Arthur Andersen.
At Deloitte, Sheehan served as the leader of the Consumer Business and Manufacturing Audit Practice for the Chicago office.
Prior to joining Deloitte, Sheehan was a partner with Arthur Andersen.
She is a certified public accountant and received her Bachelor’s degree in accounting from Illinois State University.
As a general rule, when a top manager announces to step aside with no successor in place, it is a signal that the change was unplanned and too early.
Generally speaking, potential causes for an unexpected change may be, among others, disagreement or surprising new career opportunities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Becky A. Sheehan’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 45.2016 ($).