- Push-out Score suggests push-out forces
- After around ten years on the job
- Praise, thanks and good wishes for Peters
- John Neppl taking over
- Peters said 68 words
(exechange) — Omaha, Nebraska, September 05, 2017 — This news came the day after Labor Day. Jerry Peters, finance chief of Green Plains, leaves. It is a change at short notice. As announced by Green Plains Inc. in a news release and in a regulatory filing published on Tuesday, September 05, 2017, Jerry L. Peters leaves the post as chief financial officer at the ethanol fuel producer in a surprising move after around ten years on the job, effective September 11, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 17 percent of the CFOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.
Peters’ duties are taken over by John Neppl, most recently chief financial officer at The Gavilon Group, LLC.
The fact that Peters’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Green Plains did not explicitly explain the reason for Peters’ imminent move, leaving room for speculation.
Precise information about the future plans of Peters was not immediately available.
Green Plains said: “Jerry Peters will retire as chief financial officer from Green Plains and Green Plains Partners LP effective September 11, 2017.”
Share price decline
The change follows a decline in the share price of Green Plains Inc. since September 2014.
Tourbillon holds 8.86 percent stake
Tourbillon Capital Partners, LP reported an 8.86 percent stake in Green Plains Inc. as of June 29, 2017. Tourbillon is a hedge fund.
Chaired by Wayne Hoovestol
Green Plains Inc. is chaired by Wayne Hoovestol.
Wayne Hoovestol has served as a director since March 2006 and as Chairman of the Board since October 2008.
CEO: Todd Becker
Todd Becker serves as CEO of Green Plains Inc.
Todd Becker, who has served as President and Chief Executive Officer since January 2009, was appointed as a director in March 2009.
On the job as CFO since 2007
Jerry Peters has served as Chief Financial Officer since June 2007.
Peters served as Senior Vice President – Chief Accounting Officer for ONEOK Partners, L.P. from May 2006 to April 2007, as its Chief Financial Officer from July 1994 to May 2006, and in various senior management roles prior to that.
ONEOK Partners is a publicly traded partnership engaged in gathering, processing, storage, and transportation of natural gas and natural gas liquids.
Prior to joining ONEOK Partners in 1985, he was employed by KPMG LLP as a certified public accountant.
Since September 2012, Peters has served on the board of directors and as chairman of the audit committee of the general partner of Summit Midstream Partners, LP, a publicly traded natural gas gathering partnership.
Peters has a master’s degree in Business Administration from Creighton University with a Finance emphasis and a Bachelor of Science degree in Business Administration from the University of Nebraska – Lincoln.
Peters will continue to be a member of the board of directors of Green Plains Holdings LLC, the general partner of Green Plains Partners (NASDAQ:GPP).
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jerry Peters’ 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 37.2017 ($).