- Push-out Score suggests push-out forces
- After about a year on the job
- Tom Van Hall taking over in the interim
- Search for a successor
(exechange) — Grand Rapids, Michigan, June 27, 2017 — Chris Meyers, finance chief of SpartanNash, leaves. It is a change at short notice. As announced by SpartanNash Company in a regulatory filing published on Tuesday, June 27, 2017, Christopher P. (Chris) Meyers leaves the post as Chief Financial Officer at the grocery store company in a surprising move after about a year on the job, effective July 14, 2017.
No company wants a CFO to flame out in the first years.
Meyers’ move comes less than 40 days after Dave Staples took over as CEO of SpartanNash Company.
Furthermore, Meyers’ move comes 13 months after Dennis Eidson took over as chairman of SpartanNash Company.
SpartanNash will undertake a search for a successor.
Meyers’ duties are taken over in the interim by Tom Van Hall, a former Vice President Finance at SpartanNash Company.
The imminent management change is explained as follows. SpartanNash said: “On June 23, 2017, Christopher P. Meyers notified SpartanNash Company … that he is resigning as Executive Vice President and Chief Financial Officer for personal reasons, to be effective July 14, 2017.”
In the announcement, the company did not detail the personal reasons causing Meyers to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.
Precise information about the future plans of Meyers was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.
Share price decline
The change follows a decline in the share price of SpartanNash Company since May 2017.
Chaired by Dennis Eidson
SpartanNash Company is chaired by Dennis Eidson.
Dennis Eidson has served on the SpartanNash Board of Directors since 2007 and as Chairman of the Board since June 2016.
CEO: Dave Staples
Dave Staples serves as CEO of SpartanNash Company. David M. Staples has been the Chief Executive Officer at SpartanNash Company since May 23, 2017.
On the job as CFO since 2016
Christopher P. Meyers has been the Chief Financial Officer and Executive Vice President of SpartanNash Company since April 11, 2016.
Previously, Meyers was Chief Financial and Development Officer at KeHE Distributors, a leading distributor of natural and specialty products, since 2007.
At KeHE, Meyers was responsible for executive oversight of mergers and acquisitions, pricing, purchasing, supply chain, vendor management, and shared services.
From 2001 to 2007, Meyers served in positions of increasing responsibility for Navigant Capital Advisors, the corporate finance and restructuring practice of Navigant Consulting, a global consulting and professional services firm.
Meyers is a Certified Public Accountant.
Generally speaking, when a top leader announces to step aside with no permanent successor available, it is a signal that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chris Meyers’ 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 27.2017 ($).