- Push-out Score suggests push-out forces
- After three years on the job
- Search for a successor
(exechange) — San Diego, California, July 27, 2017 — Quentin Blackford, finance chief of NuVasive, leaves. It is a change at short notice. As announced by NuVasive, Inc. in a news release and in a regulatory filing published on Thursday, July 27, 2017, Quentin S. Blackford leaves the post as chief financial officer at the medical device company in a surprising move after three years on the job, effective August 25, 2017.
NuVasive will undertake a search for a successor.
Blackford’s move is part of a management shake-up also involving the position of chief operating officer.
“Pursuing another opportunity”
The imminent management change is explained as follows. NuVasive said: “Mr. Blackford indicated that he is pursuing another opportunity outside the spine industry and has agreed to remain with the Company during this transition period.”
The phrase “pursuing another opportunity” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Blackford was not immediately available.
NuVasive said: “Unrelated to the organizational updates announced today, the Company has accepted the resignation of its chief financial officer, Quentin Blackford, effective August 25, 2017.”
“Not the result of any dispute or disagreement”
“Mr. Blackford’s resignation is not the result of any dispute or disagreement with NuVasive, including any matters relating to the Company’s accounting practices or financial reporting,” NuVasive 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 decline in the share price of NuVasive, Inc. since July 25, 2017.
Chaired by Gregory T. Lucier
NuVasive, Inc. is chaired by Gregory T. Lucier.
Gregory T. Lucier has served as the Company’s Chairman of the Board and Chief Executive Officer since May 2015.
On the job as CFO since 2014
Quentin S. Blackford has served as the Company’s Executive Vice President, Chief Financial Officer since August 2014.
In August 2016, Blackford was promoted to the role of Executive Vice President, Chief Financial Officer, Head of Strategy and Corporate Integrity.
In this role, Blackford is responsible for leading Finance, Strategy and Corporate Development, Compliance and Regulatory.
From July 2012 to August 2014, Blackford served as Executive Vice President of Finance and Investor Relations, and from January 2011 to June 2012, he served as Vice President, Finance.
Blackford joined NuVasive in 2009 as the Company’s Corporate Controller and has more than 17 years of experience in the healthcare industry, including his time at Zimmer Holdings, Inc. where he held various roles and responsibilities, including the Director of Finance and Controller for Zimmer’s Dental Division where he was responsible for all finance, accounting and IT activities for the worldwide division.
Prior to that he had responsibility for the global corporate financial planning and analysis function at Zimmer.
He obtained his Certified Public Accounting license following the achievement of dual Bachelor of Science degrees in Accounting and Business Administration, with an emphasis in Accounting, from Grace College.
As a general rule, when a top leader announces to step down with no successor in place, it is a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Quentin Blackford’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 31.2017 ($).