- Signs for push-out forces
- After almost three years on the job
- Praise and thanks for Cassis
- Sherry Buck takes over
(management-change.com) — Milford, Massachusetts, December 08, 2016 — Gene Cassis, finance chief of Waters, leaves. It is a change at short notice. As announced by Waters Corporation in a news release and in a regulatory filing published on Thursday, December 08, 2016, Eugene G. (Gene) Cassis leaves the post as Chief Financial Officer at the analytical instrument manufacturer in a surprising move after almost three years on the job, effective January 09, 2017.
No company wants a CFO to flame out in the first years.
Cassis’ duties are taken over by Sherry Buck, most recently Chief Financial Officer at Libbey Inc.
The fact that Cassis’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading changes or making unpopular decisions.
“His intention to transition to a reduced workload”
The management change is explained as follows. Waters said: “On December 5, 2016, Eugene G. Cassis, Senior Vice President and Chief Financial Officer of Waters Corporation …, communicated his intention to transition to a reduced workload and resign as the Company’s Chief Financial Officer effective January 9, 2017.”
Cassis will continue to serve the Company in a senior advisory capacity.
Waters said: Buck “replaces Eugene G. Cassis”.
Share price decline
The change follows a decline in the share price of Waters Corporation since October 25, 2016.
Massachusetts Financial Services holds 9.64 percent stake
Massachusetts Financial Services Co. reported a 9.64 percent stake in Waters Corporation as of September 30, 2016. Massachusetts Financial Services is a global investment manager.
Chaired by Douglas Berthiaume
Waters Corporation is chaired by Douglas A. Berthiaume.
Berthiaume has served as Chairman of the Board since February 1996 and served as President, Chief Executive Officer from August 1994 to 2015.
Christopher J. O’Connell serves as CEO of Waters Corporation. O’Connell was appointed as President, Chief Executive Officer and a member the Board of Directors for Waters Corporation in September, 2015. Previously, O’Connell served at Medtronic plc for twenty-one years.
On the job as CFO since 2014
Eugene G. Cassis was appointed Senior Vice President and Chief Financial Officer in February 2016 and was Chief Financial Officer since February 2014.
Previously, he served as Corporate Vice President of Worldwide Business Development and Investor Relations.
Cassis joined the Company in 1980 and has held several senior positions with Waters, including President of Nihon Waters K.K., Tokyo, Japan and Liquid Chromatography – Mass Spectrometry (LC-MS) Business Unit Manager.
Signs for push-out forces
It is not completely certain what forces eventually triggered Gene Cassis’ 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 46.2016 ($).