- Signs for push-out forces
- After almost 18 years on the job
- Praise, thanks and good wishes for Cheatham
- Search for a successor
(management-change.com) — Aurora, Illinois, February 07, 2017 — Doug Cheatham, finance chief of Old Second Bancorp, leaves. It is a change at short notice. As announced by Old Second Bancorp, Inc. in a news release and in a regulatory filing published on Tuesday, February 07, 2017, J. Douglas (Doug) Cheatham, Chief Financial Officer, leaves the holding company for Old Second National Bank in a surprising move after almost 18 years on the job, effective March 15, 2017.
It is the end of an era.
Old Second Bancorp will undertake a search for a successor.
No reason given
In the announcement, Old Second Bancorp did not explicitly explain the reason for Cheatham’s imminent move, leaving room for speculation.
Old Second Bancorp said: “J. Douglas Cheatham will retire from his positions as Executive Vice President and Chief Financial Officer of Old Second Bancorp, Inc. … and as a director of the board of directors of the Company and Old Second National Bank, effective March 15, 2017.”
Precise information about the future plans of Cheatham was not immediately available.
Share price rise since January 2013
The change follows a rise in the share price of Old Second Bancorp, Inc. since January 2013.
Chaired by William B. Skoglund
Old Second Bancorp, Inc. is chaired by William B. Skoglund.
CEO: James L. Eccher
James L. Eccher serves as CEO of Old Second Bancorp, Inc.
On the job as CFO since 1999
Cheatham has been an Executive Vice President of Old Second BanCorp Inc. since 2007 and has been its Chief Financial Officer since May 1999, Secretary since 2010 and also served as its Principal Accounting Officer.
As a general rule, when a top manager announces to step aside with no successor in place, it’s a signal that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Doug Cheatham’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 ($).