- Signs for push-out forces
- After almost 16 years on the job
- Search for a successor
- Santilli spoke at length and said 79 words
(exechange) — Brisbane, California, April 20, 2017 — Ron Santilli, finance chief of Cutera, leaves. As announced by Cutera, Inc. in a news release and in a regulatory filing published on Thursday, April 20, 2017, Ronald J. (Ron) Santilli leaves the post as Chief Financial Officer at the medical device company in a surprising move after almost 16 years on the job.
It is the end of an era.
Santilli’s move comes three months after James A. Reinstein took over as CEO of Cutera, Inc. and seven months after J. Daniel Plants took over as chairman of Cutera, Inc.
Santilli will remain in his current role and will assist with an orderly transition for up to three months following the appointment of a successor.
Cutera will undertake a search for a successor.
No reason given
In the announcement, Cutera did not explicitly explain the reason for Santilli’s move, opening the door for speculation.
Precise information about the future plans of Santilli was not immediately available.
“Transition out from his position”
Cutera said: “On April 17, 2017, Ronald J. Santilli, Executive Vice President and Chief Financial Officer, notified the Company that he intends to transition out from his position in the Company. It is expected that Mr. Santilli will remain an employee of the Company until the appointment of his successor, and that he will assist with transition matters thereafter.”
Share price rise since September 2016
The change follows a rise in the share price of Cutera, Inc. since September 2016.
Chaired by J. Daniel Plants
Cutera, Inc. is chaired by J. Daniel Plants.
Plants was appointed Chairman of the Company’s Board of Directors in October 2016 and has been a member of the Board since January 2015.
CEO: James A. Reinstein
James A. Reinstein serves as CEO of Cutera, Inc. Reinstein was appointed as President, CEO and a member of the Board of Directors in January 2017. Prior to joining Cutera, he served as the CEO of Drawbridge Health Inc., a joint venture of GE Ventures and GE Healthcare.
On the job as CFO since 2001
Santilli has been Chief Financial Officer and Executive Vice President of Cutera, Inc. since September 2001.
Santilli is the EVP and Chief Financial Officer.
From August 2016 to January 2017, he served as the Interim Chief Executive Officer until the Board’s appointment of a permanent CEO.
Prior to that, he served as the Executive Vice President and Chief Financial Officer since September 2001.
From April 2001 to August 2001, Santilli served as Senior Director of Financial Planning and Accounting at Lumenis, a manufacturer of medical lasers.
From May 1993 to March 2001, Santilli held several management positions at Coherent, including Sales Operations Manager, Controller of the Medical Group and, most recently, Director of Finance and Administration.
Santilli holds a B.S. in Business Administration from San Jose State University and an M.B.A. in Finance from Golden Gate University.
As a general rule, when a top manager announces to step aside with no successor in place, it’s a signal that the change was unexpected and too early.
Generally speaking, potential causes for an unexpected change may be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ron Santilli’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 17.2017 ($).