- Signs for push-out forces
- After two years on the job
- Praise and thanks for Edwards
- Joe Taylor taking over in the interim
- Search for a successor
- Edwards said 48 words
(exechange) — Dallas, Texas, April 04, 2017 — Tom Edwards, finance chief of Brinker, leaves. It is a change at short notice. As announced by Brinker International, Inc. in a news release and in a regulatory filing published on Tuesday, April 04, 2017, Thomas J. (Tom) Edwards, Chief Financial Officer, leaves the casual dining restaurant company in a surprising move after two years on the job, effective April 07, 2017.
No company wants a CFO to flame out in the first years.
Brinker will undertake a search for a successor.
Edwards’ duties are taken over in the interim by Joe Taylor, currently Vice President Investor Relations and Treasurer at Brinker International, Inc.
“Relocating to accept a role outside the restaurant industry and move closer to his family”
The imminent management change is explained as follows. Brinker said: Edwards “is relocating to accept a role outside the restaurant industry and move closer to his family”.
Precise information about the future plans of Edwards was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.
Share price decline
The change follows a decline in the share price of Brinker International, Inc. since November 2016.
Chaired by Joseph M. DePinto
Brinker International, Inc. is chaired by Joseph M. DePinto.
CEO: Wyman Roberts
Wyman Roberts is Chief Executive Officer and President of Brinker International, Inc., serving in this capacity since January 2013.
On the job as CFO since 2015
Thomas J. Edwards has been Chief Financial Officer and Executive Vice President of Brinker International, Inc since March 16, 2015.
In this role, he oversees planning and analysis, mergers and acquisitions, investor relations, treasury, tax and accounting, internal audit and finance for Brinker and its brands.
Prior to joining Brinker in March 2015, Edwards served as Executive Vice President and Chief Financial Officer of the Wyndham Hotel Group where he was responsible for finance and information technology services for the world’s largest hotel group.
Prior to that, he served as Treasurer for Wyndham Worldwide with oversight for capital markets, bank and rating agency relations, risk management and treasury operations as well as Chief Financial Officer of the Wyndham Exchange and Rentals business unit.
He joined Wyndham from Kraft Foods, where he held a number of finance positions during his 14-year career with the company and predecessor company, Nabisco Foods.
His roles included Vice President of Finance for Consumer Innovation and Marketing Services and finance lead for several business units, including Kraft Cheese and Dairy, Kraft Pizza Company and Nabisco Foodservice.
Edwards holds a bachelor’s degree and MBA from The Wharton School of the University of Pennsylvania.
At the time of Edwards’ appointment as Chief Financial Officer at Brinker, Wyman Roberts, CEO and President of Brinker International and President of Chili’s Grill & Bar, had said: “Tom’s extensive background with global consumer brands and top-tier finance organizations will be instrumental in helping Brinker continue to deliver shareholder value. In addition, his strong track record working in a global, multi-unit environment will be an asset to our team as we implement growth and operational initiatives across our brands.”
Signs for push-out forces
It is not completely certain what forces eventually triggered Tom Edwards’ imminent 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 15.2017 ($).