- Signs for push-out forces
- After about a year and a half on the job
- Praise and thanks for Calderoni
- Eric Shander taking over in the interim
(management-change.com) — Raleigh, North Carolina, December 21, 2016 — Frank Calderoni, finance chief of Red Hat, leaves. It is a change at short notice. As announced by Red Hat, Inc. in a news release and in a regulatory filing published on Wednesday, December 21, 2016, Frank A. Calderoni leaves the post as Chief Financial Officer at the software company in a surprising move after about a year and a half on the job, effective January 20, 2017.
No company wants a CFO to flame out in the first years.
Calderoni’s duties are taken over in the interim by Eric R. Shander, currently Vice President, Finance and Accounting and principal accounting officer at Red Hat, Inc.
“Opportunity to become the chief executive officer of another company”
Calderoni’s move is explained as follows. Red Hat said: Calderoni “is leaving Red Hat to accept an opportunity to become the chief executive officer of another company”.
The name of the company was not immediately disclosed.
Red Hat said: Calderoni “has informed the Company of his intention to resign as Executive Vice President, Operations and Chief Financial Officer of the Company, effective January 20, 2017”.
“Being a CEO has been a personal goal of mine for some time now”
The letter of resignation sent by Calderoni to the Company reads as follows:
“Attn: Jim Whitehurst, CEO
As we discussed, I have been given the opportunity to serve as the CEO of another company. Being a CEO has been a personal goal of mine for some time now. Accordingly, with disappointment that I will not continue to help lead at Red Hat but with excitement about what lies ahead for Red Hat and for me, this letter serves as my resignation from Red Hat, effective as of the close of business on January 20, 2017.
Please know that I am grateful for the opportunities that Red Hat and you have afforded me. I leave confident that Red Hat is well-positioned for the future.
I look forward to working with you and the team to help ensure a smooth transition of my responsibilities and will make myself available to assist with the transition.
With warm regards,
/s/ Frank A. Calderoni
Frank A. Calderoni”
Share price rise since February 2016
The change follows a rise in the share price of Red Hat, Inc. since February 2016.
Chaired by General H. Hugh Shelton
Red Hat, Inc. is chaired by General H. Hugh Shelton.
James M. Whitehurst serves as CEO of Red Hat, Inc. Whitehurst has served as the President and CEO of Red Hat and as a member of the Board since January 2008.
On the job as CFO since 2015
Calderoni has been the Chief Financial Officer of Red Hat, Inc. since July 13, 2015 and has been its Executive Vice President of Operations since June 2015.
Calderoni is responsible for the leadership and management of Red Hat’s finance and IT organizations, including operations and investor relations.
He joined Red Hat in June 2015.
Calderoni has more than 30 years of financial expertise, business thought leadership, and operational excellence.
Before joining Red Hat, Calderoni served as executive vice president and chief financial officer at Cisco Systems for seven years and most recently served as an executive advisor.
Prior to that, he served as Cisco’s senior vice president, Customer Solutions Finance from June 2007 to February 2008, and vice president, Worldwide Sales Finance from May 2004 to June 2007.
Calderoni joined Cisco in 2004 from QLogic Corporation, where he was the senior vice president and chief financial officer.
Prior to that, he was the senior vice president, Finance and Administration and chief financial officer for SanDisk Corporation.
Earlier in his career, he spent 21 years at IBM Corporation and was promoted to vice president prior to taking on two chief financial officer roles.
While at IBM he held Controller responsibilities for several divisions, including Global Small Business, Storage Systems, and the IBM Server Group.
Calderoni has indicated that he would make himself available to Red Hat after the effective date of the resignation for transitional support, as needed.
Signs for push-out forces
It is not completely certain what forces eventually triggered Frank A. Calderoni’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 48.2016 ($).