- Push-out Score suggests push-out forces
- After almost five years on the job
- Accolades, praise, thanks and good wishes for Moriarty
- Ken Jacobson taking over in the interim
- Search for a successor
- Moriarty made a lengthy statement and said 73 words
(exechange) — Phoenix, Arizona, August 09, 2017 — Kevin Moriarty, finance chief of Avnet, leaves. It is a change at short notice. As announced by Avnet, Inc. in a news release on Wednesday, August 09, 2017, Kevin Moriarty leaves the post as Chief Financial Officer at the distributors of electronic components in a surprising move after almost five years on the job, effective August 18, 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.
Moriarty’s move comes eleven months after William J. Amelio took over as CEO of Avnet, Inc.
Avnet will undertake a search for a successor.
Moriarty’s duties are taken over in the interim by Ken Jacobson, currently controller at Avnet, Inc.
The imminent management change is explained as follows. Avnet said: “Kevin Moriarty, the Company’s Chief Financial Officer (CFO) for the past 4.5 years, has notified the Company of his decision to step down from the position due to personal reasons, effective August 18, 2017.”
In the announcement, the company did not detail the personal reasons causing Moriarty 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 Moriarty 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 a reasonable explanation.
Share price decline
The change follows a decline in the share price of Avnet, Inc. since April 2017.
Chaired by William H. Schumann
Avnet, Inc. is chaired by William H. Schumann.
William H. Schumann, III, was elected to the Avnet board in 2010. In November 2012, Schumann was elected as Avnet’s chairman of the board.
CEO: William J. Amelio
William J. Amelio serves as CEO of Avnet, Inc. William (Bill) J. Amelio was named Chief Executive Officer of Avnet in September, 2016, where he has been a member of Avnet’s Board of Directors since 2014.
On the job as CFO since 2013
Kevin Moriarty has been the Chief Financial Officer and Senior Vice President of Avnet, Inc., since January 2, 2013.
Kevin Moriarty is senior vice president and chief financial officer for Avnet.
Reporting to Avnet CEO William Amelio, he is a member of the Avnet Executive Board and a corporate officer.
In his role, he leads a global finance group responsible for more than 50 separate functions including financial operations, administrative services, business advisory services and corporate administration.
Moriarty has a strong background as the leader of a global finance organization and possesses deep financial and accounting expertise. Prior to joining Avnet in January 2013, he worked at Honeywell International, Inc. as CFO for the company’s $12 billion global aerospace business.
While at Honeywell, Moriarty led a global team of more than 1,000 finance professionals, supporting 95 sites around the world.
He was heavily involved in several large Honeywell acquisitions and divestitures, and also worked with Honeywell’s Investor Relations team in engaging with the external investment community.
Over the course of 10 years at Honeywell, Moriarty took on a series of progressively responsible positions.
He joined the company in 2002 as controller for the Automation and Control Solutions Division.
In 2004, he was promoted to vice president of Finance overseeing Corporate Audit, where he led the internal audit team and interacted directly with the Audit Committee and Board of Directors.
Prior to joining Honeywell, Moriarty was with Bristol-Myers Squibb where he served as vice president of Accounting and Reporting and assistant Controller, and then became vice president of Corporate Development.
He also spent more than 12 years in public accounting with PricewaterhouseCoopers where he was an audit partner.
Moriarty is a Certified Public Accountant and holds a Bachelor’s of Science degree in Accounting from Rutgers.
As a general rule, when a top leader announces to step down with no permanent successor in place, it is a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Kevin Moriarty’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 33.2017 ($).