- Push-out Score suggests push-out forces
- After about three years on the job
- Search for a successor
(exechange) — Sylmar, California, June 26, 2017 — Tom Miller, finance chief of Second Sight, leaves. As announced by Second Sight Medical Products, Inc. in a regulatory filing published on Monday, June 26, 2017, Thomas B. (Tom) Miller leaves the post as Chief Financial Officer at the maker of camera-based retinal implants in a surprising move after about three years on the job.
Miller agreed to remain in his current role until the Company announces its second quarter results and files the Quarterly Report on Form 10-Q for the period which ends June 30, 2017.
Second Sight will undertake a search for a successor.
“To pursue other opportunities”
The management change is explained as follows. Second Sight said: “On June 20, 2017, Thomas B. Miller, Chief Financial Officer of Second Sight Medical Products, Inc. …, notified the Company that he was submitting his resignation as Chief Financial Officer to pursue other opportunities.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about the future plans of Miller was not immediately available.
“Departure did not result from a disagreement”
“Mr. Miller’s announced departure did not result from a disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Second Sight said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The change follows a sharp decline in the share price of Second Sight Medical Products, Inc. since July 2015.
Versant holds 7.97 percent stake
Versant Venture Management, LLC reported a 7.97 percent stake in Second Sight Medical Products, Inc. as of March 30, 2017. Versant is a venture capital firm.
Chaired by Robert Greenberg
Second Sight Medical Products, Inc. is chaired by Robert Greenberg.
Greenberg was appointed Chairman of the Board in August 2015.
CEO: Will McGuire
Will McGuire serves as CEO of Second Sight Medical Products, Inc. McGuire became a Board member in August 2015 when he joined Second Sight as President and CEO.
On the job as CFO since 2014
Miller has been the Company’s Chief Financial Officer since May 2014.
From 2000 to 2014 he was Chief Financial Officer of Ixia, a public company engaged in the design and manufacture of test and monitoring products for the telecommunications industry.
From 1997 to 1999, Miller was the Director of Finance and Controller of CoCensys, a public biotechnology company engaged in the discovery and development of drugs to treat neurological and psychiatric disorders.
He received a Master of Business Administration from the University of Southern California and a Bachelor of Arts, Economics from the University of California, Berkeley.
Generally speaking, when a top manager announces to step down with no successor available, it’s a signal that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tom Miller’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 27.2017 ($).