- Signs for push-out forces
- After three years on the job
- Search for a successor
(management-change.com) — Bridgewater, New Jersey, February 14, 2017 — Karen Rosenberger, finance chief of Synchronoss, leaves. It is a change at short notice. As announced by Synchronoss Technologies, Inc. in a regulatory filing published on Tuesday, February 14, 2017, Karen L. Rosenberger leaves the post as Chief Financial Officer at the provider of cloud solutions and software-based activation for connected devices in a surprising move after three years on the job, effective April 01, 2017.
Synchronoss will undertake a search for a successor.
“To pursue other opportunities”
The imminent management change is explained as follows. Synchronoss said: “On February 8, 2017, Synchronoss Technologies, Inc. … announced that Karen L. Rosenberger was resigning as the Company’s Executive Vice President, Chief Financial Officer and Treasurer effective April 1, 2017 in order to pursue other opportunities.”
The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.
Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.
“Resignation does not result from any disagreement”
“Ms. Rosenberger’s resignation does not result from any disagreement with the Company on any matter relating to the Company’s accounting policies or practices,” Synchronoss 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 Rosenberger was not immediately available.
Share price decline
The change follows a decline in the share price of Synchronoss Technologies, Inc. since December 2016.
Chaired by Stephen G. Waldis
Synchronoss Technologies, Inc. is chaired by Stephen G. Waldis.
Stephen Waldis is currently Founder, Chairman and Chief Executive Officer of Synchronoss Technologies.
On the job as CFO since 2014
Karen L. Rosenberger has over 15 years of technology experience.
Rosenberger serves as CFO, Executive Vice President and Treasurer since April 1, 2014 and oversees all financial and business operations activities for the company.
Prior to this position, Rosenberger served as Senior Vice President and Chief Accounting Officer of Synchronoss since January 2012 and served as Controller from December 2000 until January 2014.
Before joining Synchronoss, Rosenberger held various management positions with Medical Broadcasting Company and CoreTech Consulting Group.
Rosenberger received a degree in accounting from Cedar Crest College and a Master of Business Administration from Saint Joseph’s University.
Rosenberger is a certified public accountant and a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants.
At the time of Rosenberger’s appointment as Chief Financial Officer at Synchronoss, Stephen Waldis, Founder, Chairman and Chief Executive Officer of Synchronoss, had said: “We are proud to have an outstanding leader such as Karen join our executive management team through this well deserved promotion. Karen possesses a solid understanding of our business and will be responsible for overseeing our financial performance as we execute against the company’s growth strategies.”
Generally speaking, when a top leader announces to step aside with no successor available, 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 Karen L. Rosenberger’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 ($).