- After about a year on the job
- Timothy Cunningham taking over in the interim
(management-change.com) — Wood Dale, Illinois, February 03, 2017 — Michael Lewis, finance chief of Power Solutions, leaves. It is an abrupt change. As announced by Power Solutions International, Inc. in a regulatory filing published on Friday, February 03, 2017, Michael P. Lewis has already left the post as Chief Financial Officer at the maker of electrical power generation systems after about a year on the job, effective February 01, 2017.
No company wants a CFO to flame out in the first years.
Lewis’ duties are taken over in the interim by Timothy J. Cunningham, currently CFO engagement partner at Randstad Professionals US, LP.
The sudden management change is explained as follows. Power Solutions said: “On February 1, 2017, Michael P. Lewis, Chief Financial Officer of the Company, agreed to take a leave of absence and relinquish his duties until further notice. On February 1, 2017, Mr. Lewis also submitted a letter to the Company noticing his intent to resign his employment with the Company, effective March 4, 2017, citing good reasons for the resignation under the terms of his employment agreement with the Company. As of the date of this Report, the Company has not responded to Mr. Lewis’ letter.”
Precise information about the future plans of Lewis was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Power Solutions International, Inc. since April 2015.
Chaired by Gary Winemaster
Power Solutions International, Inc. is chaired by Gary Winemaster.
Gary S. Winemaster serves as the President of Power Great Lakes, Inc. Winemaster serves as the Chairman of Power Solutions International, Inc. and has been its Chief Executive Officer and President since 2001.
On the job as CFO since 2015
Michael P. Lewis has been Chief Financial Officer of Power Solutions International, Inc. since October 19, 2015.
He served most recently as Vice President, Finance and Chief Financial Officer, North American Operations for Benteler Automotive, the global automotive component supplier.
While there, Lewis oversaw a major restructuring of operational efforts including manufacturing footprint, supply chain and operational disposition, which improved EBITDA by over 20% from the prior run-rate.
Prior to his tenure at Benteler, Lewis served as Vice President, Treasurer and Director of Investor Relations from 2010 to 2012 at Visteon, the Van Buren, Michigan-based manufacturer of products for vehicle OEMs worldwide.
He began at Visteon in 2000, with increasing financial management responsibility, including Director of Mergers and Acquisitions and Assistant Treasurer.
Before joining Visteon, Lewis worked at Ford Motor Company from 1993 to 2000, serving as an analyst in several capacities before becoming a Forecasting Team and Corporate Finance Project Manager.
At the time of Lewis’ appointment as Chief Financial Officer at Power Solutions, Winemaster had said: “We’re thrilled to be bringing on an executive of Michael’s caliber. His combination of broad financial experience and deep automotive and manufacturing knowledge make him perfectly suited to take over the role of CFO at PSI.”
Read the full story in the management-change.com report 07.2017 ($).