- Push-out Score suggests push-out forces
- After around nine years on the job
- Accolades, praise and thanks for Wilson
- Search for a successor
- Wilson said 54 words
(exechange) — Waltham, Massachusetts, September 15, 2017 — Andy Wilson, finance chief of PerkinElmer, leaves. As announced by PerkinElmer, Inc. in a news release and in a regulatory filing published on Friday, September 15, 2017, Frank A. (Andy) Wilson leaves the post as chief financial officer at the biotechnology company after around nine years on the job, effective in August 2018.
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.
PerkinElmer will undertake a search for a successor.
It is a long goodbye. The announcement of Wilson’s move comes up to eleven months prior to his planned departure from the post of CFO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
No reason given
In the announcement, PerkinElmer did not explicitly explain the reason for Wilson’s move, leaving room for speculation.
Precise information about the future plans of Wilson was not immediately available.
PerkinElmer said: “PerkinElmer, Inc. … today announced the upcoming retirement of Andy Wilson (age 59), senior vice president and chief financial officer.”
PerkinElmer further said: “On September 12, 2017, Frank A. Wilson, Senior Vice President and Chief Financial Officer of PerkinElmer, Inc. … notified the Company that he will retire in August 2018.”
Share price rise since February 2009
The change follows a rise in the share price of PerkinElmer, Inc. since February 2009.
Chaired by Robert F. Friel
PerkinElmer, Inc. is chaired by Robert F. Friel.
Friel currently serves as Chairman, Chief Executive Officer and President of PerkinElmer. Prior to being appointed President and Chief Executive Officer in February 2008 and Chairman in April 2009, he had served as President and Chief Operating Officer since August 2007.
On the job as CFO since 2009
Wilson joined PerkinElmer in May 2009 as Senior Vice President and Chief Financial Officer.
Prior to joining PerkinElmer, Wilson held key financial and business management roles over 12 years at the Danaher Corporation, including Corporate Vice President of Investor Relations; Group Vice President of Business Development; Group Vice President of Finance for Danaher Motion Group; President of Gems Sensors; and Group Vice President of Finance for the Industrial Controls Group. Wilson is currently a Board member of Sparton Corporation.
Previously, Wilson worked for several years at AlliedSignal Inc., now Honeywell International, where he last served as Vice President of Finance and Chief Financial Officer for Commercial Aviations Systems.
His earlier experience includes PepsiCo Inc. in financial and controllership positions of increasing responsibility, E.F. Hutton and Company, and KPMG Peat Marwick.
Wilson received a Bachelor’s degree in business administration from Baylor University and is also a Certified Public Accountant.
To provide appropriate time to identify a successor CFO and ensure a smooth integration, Wilson will retire in August 2018.
As a general rule, when a top leader announces to step down with no successor available, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Andy Wilson’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 38.2017 ($).