- Push-out Score suggests push-out forces
- After almost five years on the job
- Praise, thanks and good wishes for Secor
- Jeff Boyer taking over
(exechange) — Richardson, Texas, August 08, 2017 — Dennis Secor, finance chief of Fossil, leaves. As announced by Fossil Group, Inc. in a news release on Tuesday, August 08, 2017, Dennis R. Secor leaves the post as Chief Financial Officer at the fashion designer and manufacturer in a surprising move after almost five years on the job, effective October 16, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.
Secor’s duties are taken over by Jeff Boyer, currently Chief Financial Officer at Pier 1 Imports, Inc.
Already a director
Boyer is already a director of Fossil. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Boyer understands the expectations and dynamics of the board and has knowledge of Fossil’s organization, risk-management practices and strategy.
“For personal reasons”
The management change is explained as follows. Fossil said: “Dennis R. Secor, the Company’s current Executive Vice President, Chief Financial Officer and Treasurer, has decided to relocate back to California for personal reasons.”
In the announcement, the company did not detail the personal reasons causing Secor 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 Secor was not immediately available.
Fossil said: “Effective with the appointment of Mr. Boyer on October 16, 2017, Mr. Secor will resign as Chief Financial Officer and Treasurer and assist Mr. Boyer as he transitions into his new role with the Company. Mr. Boyer will resign from the Company’s Board of Directors effective October 15, 2017.”
Share price decline
The change follows a sharp decline in the share price of Fossil Group, Inc. since November 2013.
Chaired by Kosta N. Kartsotis
Fossil Group, Inc. is chaired by Kosta N. Kartsotis.
Kosta N. Kartsotis has been the Chairman of the Board at Fossil Group, Inc. since May 2010 and its Chief Executive Officer since October 2000.
On the job as CFO since 2012
Dennis R. Secor has served as Executive Vice President, Chief Financial Officer and Treasurer since December 2012.
From July 2006 until December 2012, Secor served as Senior Vice President and Chief Financial Officer for Guess?, Inc., a national retailer of contemporary apparel, denim, handbags, watches, footwear and other fashion accessories.
From August 2004 until July 2006, Secor served as Vice President and Chief Financial Officer for Electronic Arts (Canada), Inc., a Canadian video game developer.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dennis Secor’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 33.2017 ($).