Blackhawk CFO Jerry Ulrich leaves

  • Signs for push-out forces
  • After almost eleven years on the job
  • Praise and thanks for Ulrich
  • Search for a successor
  • Ulrich kept it short and said 25 words

(exechange) — Pleasanton, California, March 20, 2017 — Jerry Ulrich, finance chief of Blackhawk, leaves. As announced by Blackhawk Network Holdings, Inc. in a news release and in a regulatory filing published on Monday, March 20, 2017, Jerry N. Ulrich, Chief Financial Officer, leaves the seller of gift and other payment cards after almost eleven years on the job, effective by the end of 2017.

It is the end of an era.

Ulrich’s move comes 13 months after Talbott Roche took over as CEO of Blackhawk.

Blackhawk will undertake a search for a successor.

The move is part of a management shake-up also involving the position of Head of International.

No reason given

In the announcement, Blackhawk did not explicitly explain the reason for Ulrich’s move, leaving room for speculation.

Precise information about the future plans of Ulrich was not immediately available.


Blackhawk said: “On March 16, 2017, Jerry Ulrich, Chief Financial Officer of the Company, notified the Company of his intent to retire by the end of 2017 after eleven years of service to the Company.”

Share price decline

The change follows a decline in the share price of Blackhawk Network Holdings, Inc. since November 2015.

Jana holds 4.7 percent stake

Jana Partners LLC reported a 4.7 percent stake in Blackhawk Network Holdings, Inc. Jana is an activist investor.

Chaired by William Y. Tauscher

Blackhawk Network Holdings, Inc. is chaired by William Y. Tauscher.

Tauscher has served as Chairman of the Board since August 2009.

CEO: Talbott Roche

Talbott Roche serves as CEO of Blackhawk Network Holdings, Inc. On February 22, 2016, the Board appointed Talbott Roche as Chief Executive Officer and a director of the Board.

On the job as CFO since 2006

Jerry N. Ulrich has served as the Company’s Chief Financial Officer since June 2006.

Ulrich was appointed to the additional position of Chief Administrative Officer of Blackhawk in March 2007.

Prior to joining Blackhawk, Ulrich served as the Vice President Operations and Chief Financial Officer of Xign Corporation, an electronic payments service provider, from January 2001 through June 2006.

In addition, Ulrich served as interim President and Chief Executive Officer of Optimal Networks Corporation, an information technology solutions provider, from 1999 to 2000; as President of Netwave Technologies, Inc., a wireless network products company, from 1996 to 1999; and in various positions including Chief Financial Officer and Chief Operating Officer for Xircom, Inc., a computer networking company, from 1992 to 1996.

Ulrich received a B.S. in business administration with a major in accounting from The Ohio State University.


As a general rule, when a top manager announces to step down with no successor in place, it is a sign that the change was unexpected and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Jerry Ulrich’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 13.2017 ($).