- Signs for push-out forces
- After less than four months on the job
- Thanks and good wishes for Hovsepian
- Steve Waldis taking over
(exechange) — Bridgewater, New Jersey, April 27, 2017 — Ron Hovsepian, chief executive of Synchronoss, leaves. It is an abrupt change. As announced by Synchronoss Technologies, Inc. in a news release on Thursday, April 27, 2017, Ronald W. (Ron) Hovsepian leaves the post as Chief Executive Officer at the software company in a surprising move after less than four months on the job, effective immediately.
No company wants a CEO to flame out in the first months.
Hovsepian’s duties are taken over by Steve Waldis, currently Chairman of the Board of Directors at Synchronoss Technologies, Inc.
Hovsepian’s move is part of a management shake-up also involving the position of Chief Financial Officer.
“To pursue other interests”
The sudden management change is explained as follows. Synchronoss said: “Ronald Hovsepian, who previously served as Chief Executive Officer, will be leaving to pursue other interests.”
The phrase “to pursue other interests” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Hovsepian was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CEO leaves the position abruptly and without an understandable explanation.
Share price decline
The change follows a sharp decline in the share price of Synchronoss Technologies, Inc. since December 2016.
Chaired by Stephen G. Waldis
Synchronoss Technologies, Inc. is chaired by Stephen G. Waldis.
Waldis has served as the Company’s Chairman, Founder and CEO and a Director since founding Synchronoss in 2000.
On the job as CEO since 2017
Hovsepian has been the Chief Executive Officer of Synchronoss Technologies, Inc. since January 19, 2017.
Hovsepian was Chief Executive Officer and a member of the Board of Directors of Synchronoss Technologies.
Previously, from December 2011 until its sale to Synchronoss in January 2017, Hovsepian served as President, Chief Executive Officer and Director of Intralinks.
Prior to that, Hovsepian served as President and Chief Executive Officer of Novell, Inc. from 2006 until Novell’s acquisition by the Attachmate Group in April 2011.
He joined Novell in 2003 as President, North America, and next served as Executive Vice President and President, worldwide field operations, and as President and Chief Operating Officer from 2005 until his appointment as Chief Executive Officer in 2006.
Prior to his time at Novell, Hovsepian held a series of management and executive positions at IBM Corporation over a 17-year period, including worldwide general manager of IBM’s distribution industries, manager of global hardware and software development, sales, marketing and services.
Hovsepian currently serves as a member of the board of directors of ANSYS, Inc., an engineering simulation software publicly-held company, a role he has held since 2012, and, from November 2014 to December 2016, he also held the position of non-executive chairman.
From 1998 to 2015, Hovsepian served as a member of the board of directors of ANN Inc., a women’s fashion retailer.
He also held the position of non-executive chairman of ANN’s board of directors from 2005 to 2015. Hovsepian received a Bachelor of Science degree from Boston College.
“Hovsepian will serve as a consultant to the company to ensure a seamless transition,” Synchronoss said.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ron Hovsepian’s 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 18.2017 ($).