- Push-out Score suggests push-out forces
- After around two years on the job
- Thanks and good wishes for Hytinen
- Bhaskar Rao taking over
(exechange) — Lexington, Kentucky, September 25, 2017 — Barry Hytinen, finance chief of Tempur Sealy, leaves. It is a change at short notice. As announced by Tempur Sealy International, Inc. in a news release and in a regulatory filing published on Monday, September 25, 2017, Barry A. Hytinen, Chief Financial Officer, leaves the manufacturer of mattresses and bedding products after around two years on the job, effective October 13, 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 37 percent of the CFOs who departed over the past twelve months left within three years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.
Hytinen’s duties are taken over by Bhaskar Rao, currently Chief Accounting Officer at Tempur Sealy International, Inc.
The imminent management change is explained as follows. Tempur Sealy said: “Barry A. Hytinen will be stepping down as Executive Vice President and Chief Financial Officer to pursue an opportunity outside of the bedding industry.”
Hytinen will be CFO at Hanesbrands
HanesBrands announced the appointment of Barry A. Hytinen as chief financial officer effective Oct. 16, 2017.
HanesBrands announced the move on Monday, September 25, 2017.
Hanesbrands is a clothing company.
H Partners holds 15.75 percent stake
H Partners Management, LLC reported a 15.75 percent stake in Tempur Sealy International, Inc. as of June 29, 2017. H Partners is a hedge fund.
Chaired by Scott L. Thompson
Tempur Sealy International, Inc. is chaired by Scott L. Thompson.
Scott L. Thompson has served as Chairman of Tempur Sealy International’s Board of Directors and as its President and Chief Executive Officer since September 2015.
On the job as CFO since 2015
Barry A. Hytinen was appointed to serve as Executive Vice President and Chief Financial Officer of Tempur Sealy International in July 2015.
Since joining the Company in June 2005, Hytinen has served in a range of finance, corporate development, financial planning and investor relations roles, most recently as Executive Vice President, Corporate Development and Finance.
Prior to joining the Company, Hytinen served as Chief Financial Officer of a venture-backed software company.
Earlier in his career, he held finance and corporate development positions at Vignette and General Electric.
Hytinen earned an M.B.A. from Harvard Business School and holds a B.S. in Finance and Political Science from Syracuse University.
At the time of Hytinen’s appointment as Chief Financial Officer at Tempur Sealy, Tim Yaggi, then Interim CEO, had commented: “Since joining the company two years ago, I have worked closely with Barry and he has been an invaluable partner in successfully turning around our North America business performance. I look forward to his continued contributions to our organization.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Barry Hytinen’s 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 40.2017 ($).