- Signs for push-out forces
- After around three years on the job
- Laud, praise, thanks and good wishes for Wallin
- Search for a successor
- Wallin spoke briefly and said 38 words
(exechange) — San Jose, California, April 06, 2017 — Ray Wallin, finance chief of NeoPhotonics, leaves. It is a change at short notice. As announced by NeoPhotonics Corporation in a news release and in a regulatory filing published on Thursday, April 06, 2017, Clyde Raymond (Ray) Wallin leaves the post as Chief Financial Officer at the maker of optoelectronic modules in a surprising move after around three years on the job, effective May 15, 2017.
NeoPhotonics will undertake a search for a successor.
No reason given
In the announcement, NeoPhotonics did not explicitly explain the reason for Wallin’s imminent move, opening the door for speculation.
Precise information about the future plans of Wallin was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post at short notice and without a reasonable explanation.
NeoPhotonics said: “On March 31, 2017, Clyde R. Wallin, Senior Vice President and Chief Financial Officer … of NeoPhotonics Corporation …, gave notice to the Company that he intended to resign his position, effective on May 15, 2017.”
“Not the result of any disagreement”
“Mr. Wallin’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” NeoPhotonics 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.
Share price decline
The change follows a decline in the share price of NeoPhotonics Corporation since September 2016.
Oak Management holds 13.16 percent stake
Oak Management Corp reported a 13.16 percent stake in NeoPhotonics Corporation as of December 31, 2016. Oak Management is a private equity firm.
Chaired by Timothy S. Jenks
NeoPhotonics Corporation is chaired by Timothy S. Jenks.
Timothy S. Jenks has served as the Company’s President and Chief Executive Officer and as a member of the Company’s board of directors since April 1998.
On the job as CFO since 2013
Clyde Raymond Wallin has served as the Company’s Senior Vice President and Chief Financial Officer since December 2013.
Wallin served as Vice President Finance and Chief Financial Officer at Micrel, Inc. from January 2009 until October 2013, during which time he was responsible for both accounting and finance matters, and was additionally Vice President of Human Resources at Micrel from January 2010 until October 2013, during which time he was responsible for all human resource related matters.
Wallin has more than 30 years of experience in the high technology industry.
From 2000 to 2009 he served in several Chief Financial Officer roles including iWatt, Kendin Communications, and at Sipex Corporation where he also served as its Treasurer, Secretary and Principal Accounting Officer.
Wallin previously held senior financial management positions with Cirrus Logic.
He holds an M.B.A. in Finance from the University of Chicago and a Bachelors of Science in Economics with Honors from the University of Oregon.
Ray Wallin will resign from his position effective May 15, 2017 and will remain as a consultant to the Company for a three-month transition period.
Generally speaking, when a top leader announces to step down with no successor in place, it’s a sign that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ray Wallin’s 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 ($).