- Push-out Score suggests push-out forces
- After about six years on the job
- Accolades, praise and thanks for Olson
- Search for a successor
- Olson made a lengthy statement and said 67 words
(exechange) — Hickory, North Carolina, September 18, 2017 — Mark Olson, finance chief of CommScope, leaves. As announced by CommScope Holding Company, Inc. in a news release and in a regulatory filing published on Monday, September 18, 2017, Mark A. Olson, chief financial officer, leaves the network infrastructure provider company after about six years on the job, effective March 31, 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.
CommScope will undertake a search for a successor.
“Now is the right time”
The management change is explained as follows. Olson said: “With the solid progress being made on our three-year BNS integration process, I am confident now is the right time to begin this transition.”
Precise information about the future plans of Olson was not immediately available.
CommScope said: “Mark Olson, executive vice president and chief financial officer, intends to retire from the company, effective March 31, 2018.”
CommScope further said: “On September 18, 2017, Mark A. Olson, Executive Vice President and Chief Financial Officer of CommScope Holding Company, Inc. …, informed the Company that he intends to retire as an officer of the Company on March 31, 2018.”
Share price decline
The change follows a decline in the share price of CommScope Holding Company, Inc. since May 2017.
Chaired by Frank M. Drendel
CommScope Holding Company, Inc. is chaired by Frank M. Drendel.
Drendel has been the Company’s Chairman of the Board since 2011.
CEO: Marvin S. Edwards, Jr.
Marvin (Eddie) S. Edwards, Jr. serves as CEO of CommScope Holding Company, Inc. Edwards became the Company’s President and Chief Executive Officer and a member of the Company’s Board of Directors in 2011.
On the job as CFO since 2012
Mark A. Olson has been the Chief Financial Officer and Executive Vice President at CommScope Holding Company, Inc. and CommScope Inc. since February 01, 2012.
From 2009 to 2012, Olson served as the Company’s Senior Vice President and Corporate Controller.
Olson also served as Vice President and Controller for Andrew LLC from the closing of the Andrew acquisition through 2009.
Prior to that acquisition, he was Vice President, Corporate Controller and Chief Accounting Officer of Andrew.
Olson joined Andrew in 1993 as Group Controller, was named Corporate Controller in 1998, Vice President and Corporate Controller in 2000 and Chief Accounting Officer in 2003.
Prior to joining Andrew, he was employed by Nortel and Johnson & Johnson.
As a general rule, when a top manager announces to step down with no successor in place, it is a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mark Olson’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 39.2017 ($).