- Signs for push-out forces
- After almost four years on the job
- Praise, thanks and good wishes for Kimmins
- Jack Calandra takes over
(management-change.com) — Fremont, California, December 13, 2016 — Jon Kimmins, finance chief of Tailored Brands, leaves. It is a change at short notice. As announced by Tailored Brands, Inc. in a news release and in a regulatory filing published on Tuesday, December 13, 2016, Jon W. Kimmins leaves the post as chief financial officer at the specialty apparel retailer in a surprising move after almost four years on the job, effective January 03, 2017.
Kimmins’ duties are taken over by Jack Calandra, currently senior vice president, corporate finance and investor relations at The Gap, Inc.
The fact that Kimmins’ 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.
“To pursue other interests”
Kimmins’ move is explained as follows. Tailored Brands said: Kimmins “will be leaving 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 a danger signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.
Precise information about the future plans of Kimmins was not immediately available.
Eminence Capital, LP holds 12.62 percent stake
Eminence Capital, LP reported a 12.62 percent stake in Tailored Brands, Inc. as of September 30, 2016. Eminence is a New York based hedge fund that was founded by Ricky Sandler.
Chaired by William B. Sechrest
Tailored Brands, Inc. is chaired by William B. Sechrest.
Doug Ewert serves as CEO of Tailored Brands, Inc. On June 15, 2011, Ewert became President and Chief Executive Officer of the Company.
On the job as CFO since 2013
Jon W. Kimmins joined the Company in April 2013 as Executive Vice President, Chief Financial Officer, Treasurer and Principal Financial Officer.
Kimmins served as the Executive Vice President – Finance and Operations of LF-USA, Inc., a division of Li & Fung Limited, a wholesaler of apparel, footwear and fashion accessories, since April 2008.
Kimmins will remain with the Company through the end of this calendar year and will assist with Calandra’s transition through March 2017.
Signs for push-out forces
It is not completely certain what forces eventually triggered Jon W. Kimmins’ 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 ($).