- Signs for push-out forces
- After less than a year and a half on the job
- Praise and thanks for Goodman
- No successor named
(exechange) — Greensboro, North Carolina, May 04, 2017 — Sean Goodman, finance chief of Unifi, leaves. It is a change at short notice. As announced by Unifi, Inc. in a news release on Thursday, May 04, 2017, Sean D. Goodman leaves the post as Chief Financial Officer at the producer of multi-filament polyester and nylon textured yarns in a surprising move after less than a year and a half on the job, effective June 24, 2017.
No company wants a CFO to flame out in the first years.
Unifi did not name a replacement for the position of Chief Financial Officer.
“To accept employment with another company”
The imminent management change is explained as follows. Unifi said: “Unifi’s Chief Financial Officer, Sean Goodman, has resigned his position effective June 24 to accept employment with another company.”
Precise information about the future plans of Goodman was not immediately available.
Unifi also announced the appointment of Kevin D. Hall as Chief Executive Officer and Member of the Board of Directors, effective June 1. Thomas Caudle will continue to serve as Unifi’s President, a position he has held since 2016.
Share price decline
The change follows a decline in the share price of Unifi, Inc. since December 2016.
Impala Asset Management, LLC holds 6.53 percent stake
Impala Asset Management, LLC reported a 6.53 percent stake in Unifi, Inc. as of December 30, 2016. Impala is a hedge fund.
Chaired by James D. Mead
Unifi, Inc. is chaired by James D. Mead.
Effective December 2, 2015, the Board of Directors of Unifi, Inc. elected James D. Mead as a director.
On the job as CFO since 2016
Goodman has been the Chief Financial Officer at Unifi Inc. since January 06, 2016 and its Vice President since January 06, 2016.
Goodman joined Unifi as Chief Financial Officer in January 2016.
His previous experience includes positions as a Senior Manager at Deloitte, Vice President of Investment Banking at Morgan Stanley, Head of Strategy & Corporate Development at GUS Plc, and Strategic Business Development and Finance Director at Home Depot.
Most recently, Goodman was the Senior Vice President and Chief Financial Officer of Landis +Gyr Americas.
His experience includes public accounting, mergers and acquisitions, strategy, and financial management.
Goodman is a Certified Public accountant and earned a Master of Business Administration from Harvard University’s Graduate School of Business Administration.
As a general rule, when a top leader announces to step aside with no successor available, it is a signal that the change was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Sean Goodman’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 19.2017 ($).