- Push-out Score suggests push-out forces
- After about two years on the job
- Praise, thanks and good wishes for Tomsicek
- Ian McLeod taking over in the interim
- Search for a successor
(exechange) — Danvers, Massachusetts, August 28, 2017 — Mike Tomsicek, finance chief of Abiomed, leaves. It is an abrupt change. As announced by Abiomed, Inc. in a news release and in a regulatory filing published on Monday, August 28, 2017, Michael John (Mike) Tomsicek has already left the post as Chief Financial Officer at the manufacturer of medical implant devices in a surprising move after about two years on the job, effective August 24, 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 36 percent of the CFOs who departed over the past twelve months left within three years. Overall, the average tenure of those who left was 5.7 years, according to data compiled by exechange.
Abiomed will undertake a search for a successor.
Tomsicek’s duties are taken over in the interim by Ian McLeod, currently Corporate Controller at Abiomed, Inc.
“To pursue other interests”
The sudden management change is explained as follows. Abiomed said: “After two years, Mr. Tomsicek is leaving the Company to pursue other interests.”
The phrase “to pursue other interests” opens the door to speculation.
Precise information about the future plans of Tomsicek was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.
“The Company is maintaining its fiscal year 2018 revenue guidance of $560 million to $575 million and its fiscal year guidance for GAAP operating margin in the range of 22% to 24%,” Abiomed said.
Abiomed announced that “it has accepted the resignation of its Chief Financial Officer, Michael Tomsicek, effective August 24, 2017”.
Abiomed further said: “On August 24, 2017, Michael J. Tomsicek resigned his position as Vice President, Chief Financial Officer and Treasurer of Abiomed, Inc. …. Effective immediately, Mr. Tomsicek ceased serving as the Company’s principal financial officer and principal accounting officer.”
Share price rise since October 2014
The change follows a rise in the share price of Abiomed, Inc. since October 2014.
Primecap holds 10.06 percent stake
Primecap Management Company reported a 10.06 percent stake in Abiomed, Inc. as of June 29, 2017.
Chaired by Michael R. Minogue
Abiomed, Inc. is chaired by Michael R. Minogue.
Michael R. Minogue is the Chief Executive Officer, President and Chairman of Abiomed Inc. He joined Abiomed in 2004.
On the job as CFO since 2015
Michael J. Tomsicek was appointed as the Company’s Vice President, Chief Financial Officer and Treasurer in May 2015, effective July 15, 2015.
From March 2013 until January 2015, Tomsicek served as Senior Vice President and Chief Financial Officer of Cubist Pharmaceuticals, Inc. (“Cubist”).
From July 2012 until March 2013, Tomsicek served as Senior Vice President and Deputy Financial Officer at Cubist and from August 2010 to July 2012, he was Vice-President of Corporate Finance and Treasurer at Cubist.
Before joining Cubist, Tomsicek served for eight years holding roles with increasing influence within GE’s Healthcare unit.
His service at GE culminated in his roles first as Chief Financial Officer of the Diagnostic Ultrasound business and finally as Chief Financial Officer of the Global Ultrasound product group.
Prior to that, Tomsicek was Manufacturing Finance Manager for the GE Healthcare Monitoring Systems business and was selected to and completed the GE Experienced Financial Leadership Program.
Tomsicek held various advancing roles in financial planning and channel management over seven years in the automotive division of Motorola, then a public global telecommunications company.
Following graduation from the University of Wisconsin with a Bachelor of Science in Industrial Engineering, Tomsicek began his career in manufacturing consulting for a Boston area start up after which he received his Master of Business Administration, also from the University of Wisconsin.
Generally speaking, when a top leader announces to step aside with no permanent successor available, it is a signal that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Tomsicek’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 36.2017 ($).