- Push-out Score suggests push-out forces
- After almost seven years on the job
- Praise and good wishes for Shiba
- Nadeem Moiz taking over
(exechange) — Southfield, Michigan, June 30, 2017 — Kerry Shiba, finance chief of Superior Industries, leaves. It is an abrupt change. As announced by Superior Industries International, Inc. in a news release on Friday, June 30, 2017, Kerry A. Shiba leaves the post as Chief Financial Officer at the maker of aluminum wheels in a surprising move after almost seven years on the job, effective July 01, 2017.
Shiba’s duties are taken over by Nadeem Moiz, most recently Chief Financial Officer at Direct ChassisLink Inc.
The fact that Shiba’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Superior Industries did not explicitly explain the obviously compelling reason for Shiba’s sudden move, opening the door for speculation.
Precise information about the future plans of Shiba was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.
Superior Industries said: “In connection with Mr. Moiz’s appointment, Mr. Shiba announced his departure from Superior.”
Share price decline
The change follows a decline in the share price of Superior Industries International, Inc. since July 2016.
Chaired by Timothy C. McQuay
Superior Industries International, Inc. is chaired by Timothy C. McQuay.
CEO: Donald J. Stebbins
Donald J. Stebbins serves as CEO of Superior Industries International, Inc. Donald J. Stebbins has been the Chief Executive Officer and President of Superior Industries International, Inc. since May 5, 2014.
On the job as CFO since 2010
Kerry A. Shiba has been the Chief Financial Officer of Superior Industries International, Inc. since October 2010 and has been its Executive Vice President since 2010 and also serves as its Secretary and Treasurer.
Shiba served as an Interim Co-Chief Executive Officer of Superior Industries International Inc. from March 31, 2014 to May 5, 2014.
He served as Senior Vice President of Superior Industries International since October 2010 to March 1, 2012.
Prior to joining Superior in 2010 as senior vice president and chief financial officer, he was senior vice president/chief financial & restructuring officer and president of the original equipment business unit of Remy International, Inc., a supplier of components to automobile and truck manufacturers.
Shiba previously held senior management positions with Kaiser Aluminum Corporation, including vice president and chief financial officer, and served in senior financial management roles with The BF Goodrich Company.
He is a Certified Public Accountant.
He holds a B.A in accounting and political science from Baldwin Wallace College in Berea, Ohio.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Kerry Shiba’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 27.2017 ($).