- Signs for push-out forces
- Praise and thanks for Frank
- Alesia Haas takes over
(management-change.com) — New York, December 13, 2016 — Joel Frank, finance chief of Och-Ziff, leaves. It is an abrupt change. As announced by Och-Ziff Capital Management Group LLC in a news release and in a regulatory filing published on Tuesday, December 13, 2016, Joel Martin Frank leaves the post as Chief Financial Officer at the hedge fund company in a surprising move, effective immediately.
Frank’s duties are taken over by Alesia J. Haas, most recently CFO and Head of Strategy at OneWest Bank, NA.
The move is a generational change as well. Alesia J. Haas is about 21 years younger than Joel Martin Frank.
The fact that Frank’s 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 painful changes or making unpopular decisions.
The move is part of a management shake-up.
David Levine has been named Chief Legal Officer (CLO).
CLO David Becker has “decided to retire”.
No reason given
In the announcement, Och-Ziff did not explicitly explain the obviously compelling reason for Frank’s sudden move, leaving room for speculation.
Och-Ziff said: Frank has “decided to retire”.
Precise information about the future plans of Frank was not immediately available.
Share price decline
The change follows a decline in the share price of Och-Ziff Capital Management Group LLC since July 2015.
Chaired by Daniel Och
Och-Ziff Capital Management Group LLC is chaired by Daniel Och.
Daniel Och is the founder of the Och-Ziff Capital Management Group. Och serves as Och-Ziff’s Chief Executive Officer and Chairman of the Board of Directors and the Partner Management Committee. Prior to founding Och-Ziff in 1994, Och spent 11 years at Goldman, Sachs & Co.
Frank joined Och-Ziff at its inception
Joel Frank was Chief Financial Officer of Och-Ziff and a member of Och-Ziff’s Board of Directors and Partner Management Committee.
Prior to joining Och-Ziff at its inception, Frank was with Rho Management Company, Inc. as its Chief Financial Officer from 1988 to 1994.
He was previously with Manufacturers Hanover Investment Corporation from 1983 to 1988 as Vice President and Chief Financial Officer and with Manufacturers Hanover Trust from 1977 to 1983.
Frank holds a B.B.A. in Accounting from Hofstra University and an M.B.A. in Finance from Fordham University.
He is a C.P.A. certified in the state of New York.
In his role as CFO, Frank also performed the functions of principal operating officer and principal accounting officer, which were assumed by Wayne N. Cohen and Erez Elisha, respectively.
In order to assist with an orderly transition of his responsibilities, Frank will remain with the Company as a Senior Advisor until his retirement at the end of June 2017.
In connection with his retirement, Frank has also notified the Company of his resignation from the Board, effective immediately.
Upon Frank’s resignation and the recommendation of the Nominating, Corporate Governance and Conflicts Committee of the Board, the Board decreased the size of the Board from eight to seven directors.
Signs for push-out forces
It is not completely certain what forces eventually triggered Joel Martin Frank’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 47.2016 ($).