- Signs for push-out forces
- After almost twelve years on the job
- Laud, praise, thanks and good wishes for Rice
- Search for a successor
- Rice spoke briefly and said 36 words
(exechange) — Indianapolis, Indiana, June 01, 2017 — Derica Rice, finance chief of Eli Lilly, leaves. His departure is made public at an early stage. As announced by Eli Lilly and Company in a news release and in a regulatory filing published on Thursday, June 01, 2017, Derica W. Rice, chief financial officer, leaves the pharmaceutical company in a surprising move after almost twelve years on the job, effective December 31, 2017.
It is the end of an era.
Rice’s move comes five months after David A. Ricks took over as CEO of Eli Lilly and Company.
Furthermore, Rice’s move comes shortly after David A. Ricks took over as chairman of Eli Lilly and Company.
Eli Lilly will undertake a search for a successor.
No reason given
In the announcement, Eli Lilly did not explicitly explain the reason for Rice’s move, opening the door for speculation.
Precise information about the future plans of Rice was not immediately available.
Eli Lilly said: “On June 1, 2017, the company announced that Derica W. Rice, executive vice president and chief financial officer, informed the board of directors of his intent to retire from the company, effective December 31, 2017.”
Share price rise since February 2009
The change follows a rise in the share price of Eli Lilly and Company since February 2009.
Lilly Endowment holds 11.29 percent stake
Lilly Endowment, Inc. reported an 11.29 percent stake in Eli Lilly and Company as of March 30, 2017. Lilly Endowment is an Indianapolis-based, private philanthropic foundation created in 1937.
Chaired by David A. Ricks
Eli Lilly and Company is chaired by David A. Ricks.
Dave Ricks has served as president and chief executive officer of Eli Lilly and Company since January 1, 2017. He became chairman of the board of directors on June 1, 2017.
A 20-year Lilly veteran, Ricks served as president of Lilly Bio-Medicines from 2012 to 2016.
On the job as CFO since 2006
Derica W. Rice has been the Chief Financial Officer of Eli Lilly & Co., since May 1, 2006 and its Executive Vice President of Global Services since January 1, 2010.
After joining Lilly in 1990 as an international treasury associate, Rice served in a variety of roles, including sales representative, manager of global financial planning and analysis for the medical devices division, and global planning manager for pharmaceuticals.
He then became finance director and chief financial officer for Lilly Canada, after which he was named vice president and chief financial officer for European operations based in London.
Rice next served as general manager of Lilly’s U.K. affiliate and then as Lilly’s vice president and controller until he was promoted to CFO in 2006.
Rice earned a bachelor’s degree in electrical engineering from Kettering University and a master’s degree in business administration from Indiana University.
He serves as a member of the board of directors for Target Corporation and the Center for Leadership Development.
Rice was formerly on the Indiana University Board of Trustees, Indiana University Health North Hospital Board and the Indianapolis Museum of Art’s Board of Governors.
As a general rule, when a top manager announces to step down with no successor in place, it is a sign that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Derica Rice’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 23.2017 ($).