- Signs for push-out forces
- After around two years on the job
- Laud, praise, thanks and good wishes for Bird
- Kyle McClure taking over in the interim
(management-change.com) — Houston, Texas, February 15, 2017 — Jeff Bird, finance chief of Frank’s, leaves. It is a change at short notice. As announced by Frank’s International N.V. in a news release and in a regulatory filing published on Wednesday, February 15, 2017, Jeffrey (Jeff) Bird, Chief Financial Officer, leaves the oil services company in a surprising move after around two years on the job, effective March 01, 2017.
No company wants a CFO to flame out in the first years.
Bird’s duties are taken over in the interim by Kyle McClure, most recently Senior Vice President of Finance and Treasurer at Frank’s International N.V.
“Role with another company”
The imminent management change is explained as follows. Frank’s said: “On February 9, 2017, Jeffrey J. Bird, Executive Vice President and Chief Financial Officer of Frank’s International N.V. …, informed the Company of his decision to resign from his position for a role with another company, effective March 1, 2017.”
“Not due to any disagreement”
“Mr. Bird has advised that his resignation is not due to any disagreement with the Company or any matter relating to the Company’s operations, policies or practices,” Frank’s said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Precise information about the future plans of Bird was not immediately available.
Share price decline
The change follows a decline in the share price of Frank’s International N.V. since October 2013.
Chaired by Michael C. Kearney
Frank’s International N.V. is chaired by Michael C. Kearney.
He was appointed Chairman of the Supervisory Board, effective as of December 31, 2015.
CEO: Douglas Stephens
Douglas Stephens serves as CEO of Frank’s International N.V. Stephens is the president and chief executive officer of Frank’s International, a position he has held since November 2016.
On the job as CFO since 2014
Bird has been Frank’s executive vice president and chief financial officer since December 2014.
Prior to joining Frank’s International, Bird served as vice president and chief financial officer for Ascend Performance Materials.
Bird’s past experience also includes vice president of finance and chief financial officer for Danaher’s Veeder-Root division; vice president of finance and chief financial officer for Oshkosh’s JLG Access Equipment segment; chief financial officer of Praxair’s Global Coating Services; and multiple financial leadership roles with AlliedSignal/Honeywell.
Bird served as managing director of Danaher’s Veeder Root ANZ business and managing director of Praxair’s North America Coatings Business.
Bird received his Bachelor of Arts degree in accounting from Cedarville University in Ohio.
Bird will remain the principal financial officer of the Company until March 1, 2017.
Signs for push-out forces
It is not completely certain what forces eventually triggered Jeff Bird’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 08.2017 ($).