- Signs for push-out forces
- After around five years on the job
- Laud, praise, thanks and good wishes for Meyers
- Search for a successor
(management-change.com) — Englewood, Colorado, January 05, 2017 — Mike Meyers, finance chief of Ascent, leaves. As announced by Ascent Capital Group Inc. in a news release on Thursday, January 05, 2017, Michael R. (Mike) Meyers leaves the post as Chief Financial Officer at the public holding company whose primary subsidiary is Monitronics in a surprising move after around five years on the job. Meyers will remain in his current role as CFO until a replacement has been named.
Ascent will undertake a search for a successor.
No reason given
In the announcement, Ascent did not explicitly explain the reason for Meyers’ move, opening the door for speculation.
Ascent said: Meyers, Chief Financial Officer of Ascent and its wholly owned subsidiary, MONI, “has announced his intention to retire from the Company by year end, 2017”.
Precise information about the future plans of Meyers was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Ascent Capital Group Inc. since December 2013.
Okumus holds 10.8 percent stake
Okumus Fund Management Ltd. reported a 10.8 percent stake in Ascent Capital Group Inc. as of September 30, 2016. Okumus is an employee owned hedge fund sponsor.
Chaired by William R. Fitzgerald
Ascent Capital Group Inc. is chaired by William R. Fitzgerald.
Fitzgerald is Chairman of the Board and Chief Executive Officer of the company. Fitzgerald has also served as a director of the principal operating subsidiary, Monitronics International, Inc. (Monitronics), since December 2010 and served as Chairman of Ascent Media Group, LLC (AMG) from July 2000 until the company sold AMG at the end of 2010.
On the job as CFO since 2011
Michael R. Meyers was named Chief Financial Officer of Ascent Capital Group, Inc. in August, 2011.
Meyers is also the Chief Financial Officer of Monitronics International, Inc. (“Monitronics”), Ascent Capital Group, Inc.’s primary operating company.
Meyers joined Monitronics in July 1996 and is one of the Company’s longest-term employees.
During his tenure, the Company has grown from 20,000 to over 1 million subscribers, making it one of the largest nationwide network of independent dealers in the country.
Prior to joining Monitronics, Meyers spent eight years with the Tyler Corporation, a diversified public holding company, where he served as treasurer and vice president, as well as senior vice president of Forest City Auto Parts, a 65-store auto parts retailer.
Prior to joining Tyler Corporation, Meyers directed the financial function of a large national paging operation known as PacTel Personal Communications, and spent five years in public accounting with Arthur Anderson and Touche Ross.
Meyers holds an MBA from the University of Texas at Austin, a BA from Southern Methodist University and is a Certified Public Accountant.
As a general rule, when a top manager announces to step down with no successor available, it’s a signal that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mike Meyers’ 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 02.2017 ($).