- Signs for push-out forces
- Laud, praise, thanks and good wishes for Parsons
- Tom Edwards, Jr. taking over
(exechange) — London, United Kingdom, April 17, 2017 — Joe Parsons, finance chief of Michael Kors, leaves. It is an abrupt change. As announced by Michael Kors Holdings Limited in a news release and in a regulatory filing published on Monday, April 17, 2017, Joseph B. (Joe) Parsons leaves the post as Chief Financial Officer at the luxury fashion brand, effective immediately.
Parsons leaves the company effective August 01, 2017.
Parsons’ duties are taken over by Tom Edwards, Jr., most recently Chief Financial Officer at Brinker International, Inc.
The fact that Parsons’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Michael Kors did not explicitly explain the obviously compelling reason for Parsons’ sudden move, opening the door for speculation.
Precise information about the future plans of Parsons was not immediately available.
Michael Kors said: “Mr. Edwards is succeeding Joseph B. Parsons, who is retiring after 13 years with the Company.”
Share price decline
The change follows a sharp decline in the share price of Michael Kors Holdings Limited since May 2014.
Chaired by John D. Idol
Michael Kors Holdings Limited is chaired by John D. Idol.
John D. Idol has been the Chairman of Michael Kors since September 2011 and the Chief Executive Officer and a director since December 2003.
With the Company since January 2004
Joseph B. Parsons is the Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer of Michael Kors and has been with the Company since January 2004.
Previously, from March 2002 until December 2003, Parsons served as Executive Vice President and Chief Financial Officer of Kasper ASL, Ltd.
Prior to that, until October 2001, Parsons served as Executive Vice President and Chief Financial Officer of Donna Karan International Inc., where he had been employed in various roles since 1993.
Prior thereto, Parsons served as Assistant Controller for Crystal Brands, Inc. from 1989 to 1993.
Previously, from 1979 to 1989, Parsons worked at KPMG, where he began his career.
Parsons will remain with the Company through August 1, 2017 as the principal financial and principal accounting officer for purposes of its filings with the U.S. Securities and Exchange Commission.
Signs for push-out forces
It is not completely certain what forces eventually triggered Joe Parsons’ sudden 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 17.2017 ($).