FCB Financial CFO Jennifer Simons leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about a year and a half on the job
  • Praise and thanks for Simons
  • Jack Partagas taking over
  • Simons will remain as Operations Director at FCB Financial

(exechange) — Weston, Florida, August 11, 2017 — Jennifer Simons, finance chief of FCB Financial, leaves the position. It is a change at short notice. As announced by FCB Financial Holdings, Inc. in a news release and in a regulatory filing published on Friday, August 11, 2017, Jennifer L. Simons leaves the post as Chief Financial Officer at the bank holding company in a surprising move after about a year and a half on the job, effective August 31, 2017.

No company wants a CFO to flame out in the first years.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 23 percent of the CFOs who departed over the past twelve months left within two years, and 37 percent left within three years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.

Simons’ duties are taken over by Jack Partagas, currently Chief Financial Officer at Consumer Banking for Capital Bank Financial Corp.

The fact that Simons’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

No reason given

In the announcement, FCB Financial did not explicitly explain the reason for Simons’ imminent move, leaving room for speculation.

Simons will remain as Operations Director at FCB Financial

Simons will remain with the company and transition into the role of Operations Director.

Simons will work closely with Partagas to assist with the transition of the CFO responsibilities and thereafter lead a number of operational disciplines within the company, FCB Financial said.

“Not due to any disagreement”

“Ms. Simons resignation from the CFO role is not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices,” FCB Financial 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.

Chaired by Vincent S. Tese

FCB Financial Holdings, Inc. is chaired by Vincent S. Tese.

Vincent S. Tese has served as Executive Chairman of the Company since November 3, 2009, and as a director of the Company since October 1, 2010.

CEO: Kent S. Ellert

Kent S. Ellert serves as CEO of FCB Financial Holdings, Inc. Kent S. Ellert has served as President and Chief Executive Officer of the Company since March 22, 2013.

On the job as CFO since 2016

Jennifer L. Simons has served as Senior Vice President and Chief Financial Officer of the Bank since March 1, 2016.

Simons joined the Bank in December 2014 as Chief Accounting Officer.

Prior to joining the Bank, Simons was a Vice President and Senior Finance Manager at PNC Bank – Pittsburgh, Pennsylvania from March 2010 through December 2014. In that capacity, she was responsible for accounting, regulatory, and finance matters. Prior to joining PNC Bank, Simons worked for U.S. Bancorp as a Vice President, Senior Manager, where she was responsible for accounting and finance matters related to acquired portfolios, mortgage banking, investments and treasury activities.

Simons is a graduate of University of Wisconsin Madison, where she received her Bachelor of Science degree in accounting.

At the time of Simons’ appointment as Chief Financial Officer at FCB Financial, Kent Ellert had commented”: “Jennifer Simons has demonstrated strong leadership and deep experience in her role as Deputy CFO. I have every confidence that Jennifer will continue to excel as a business partner and continue to elevate the organization through her leadership in the role of CFO.”

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jennifer Simons’ 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 ($).