- Signs for push-out forces
- After about ten years on the job
- Laud, praise and thanks for Goodemote
- Search for a successor
(management-change.com) — Glens Falls, N.Y., February 07, 2017 — Terry Goodemote, finance chief of Arrow, leaves. As announced by Arrow Financial Corporation in a news release and in a regulatory filing published on Tuesday, February 07, 2017, Terry R. Goodemote leaves the post as Chief Financial Officer at the multi-bank holding company in a surprising move after about ten years on the job, effective as of the date of hire of his successor.
It is the end of an era.
To ensure a smooth transition, Goodemote has indicated that he will continue in his current role until his successor is chosen and may remain employed with the Company after such date in an advisory capacity to support the transition to his successor.
No reason given
In the announcement, Arrow did not explicitly explain the reason for Goodemote’s move, leaving room for speculation.
Arrow said: “On February 1, 2017, Terry R. Goodemote, Executive Vice President, Treasurer and Chief Financial Officer of the Company and Senior Executive Vice President, Treasurer and Chief Financial Officer of GFNB, informed the Company of his intention to retire from all positions he holds as an officer of the Company, GFNB and their affiliates, effective as of the date of hire of his successor.”
Precise information about the future plans of Goodemote was not immediately available.
Share price decline
The change follows a decline in the share price of Arrow Financial Corporation since December 2016.
Chaired by Thomas L. Hoy
Arrow Financial Corporation is chaired by Thomas L. Hoy.
Thomas L. Hoy has been a Director of the Company since 1996, Chairman since 2004, and a Director of Arrow’s lead subsidiary, Glens Falls National Bank and Trust Company, since 1994.
CEO: Thomas J. Murphy
Thomas J. Murphy serves as CEO of Arrow Financial Corporation. He was named President of Glens Falls National Bank in July 2011, President of the Company in July 2012, and CEO of both the Bank and the Company in December 2012.
New three-year employment agreement with Thomas J. Murphy
On February 1, 2017, Arrow Financial Corporation executed a new three-year employment agreement with Thomas J. Murphy, President and Chief Executive Officer of the Company and President and Chief Executive Officer of the Company’s lead subsidiary bank, Glens Falls National Bank and Trust Company (“GFNB”). The new agreement, which became effective on February 1, 2017, replaced a similar three-year employment agreement entered into by the Company with Murphy in early 2016.
On the job as CFO since 2007
Goodemote has been the Chief Financial Officer and Treasurer at Arrow Financial Corporation since January 1, 2007.
Goodemote is Executive Vice President and CFO for Arrow Financial Corporation and Senior Executive Vice President and CFO for the Company’s lead subsidiary, Glens Falls National Bank and Trust Company.
Goodemote joined the Bank in 1992 as a Finance Officer.
He graduated cum laude from the State University of New York at Albany in 1985 and is also a graduate of the Adirondack Regional Chamber of Commerce’s Leadership Program and the Stonier Graduate School of Banking.
Generally speaking, when a top leader announces to step down with no successor in place, it is a signal that the change was unplanned and too early.
Generally speaking, possible causes for an unplanned change may be, among others, disagreement, family reasons, health reasons or surprising new career opportunities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Terry R. Goodemote’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 07.2017 ($).