- Push-out Score suggests push-out forces
- After around five years on the job
- Bill Stiehl taking over in the interim
(exechange) — Charlotte, North Carolina, October 20, 2017 — Carol Lowe, finance chief of Sealed Air, leaves. It is a change at short notice. As announced by Sealed Air Corporation in a news release and in a regulatory filing published on Friday, October 20, 2017, Carol P. Lowe, Chief Financial Officer, leaves the packaging company after around five years on the job, effective October 31, 2017.
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.
Lowe’s duties are taken over in the interim by Bill Stiehl, currently Chief Accounting Officer and Controller at Sealed Air Corporation.
“New financial disciplines and continuous improvement programs that will be reinforced under Bill’s leadership”
A reason for the imminent change was not explicitly given. Jerome A. Peribere, President and Chief Executive Officer, said: “Over the past five years, we have successfully implemented new financial disciplines and continuous improvement programs that will be reinforced under Bill’s leadership.”
Precise information about the future plans of Lowe was not immediately available.
Sealed Air said: “Mr. Stiehl will succeed current Senior Vice President and Chief Financial Officer Carol P. Lowe, who will depart the Company on October 31, 2017.”
Sealed Air further said: “On October 18, 2017, Ms. Carol P. Lowe informed Sealed Air Corporation … that she is resigning from her position as Senior Vice President and Chief Financial Officer, effective as of October 31, 2017.”
Share price decline
The change follows a decline in the share price of Sealed Air Corporation since February 2017.
Chaired by William J. Marino
Sealed Air Corporation is chaired by William J. Marino.
CEO: Jerome Peribere
Jerome Peribere serves as CEO of Sealed Air Corporation. Jerome Peribere joined Sealed Air as President and Chief Operating Officer in September of 2012 and became Chief Executive Officer effective March 1, 2013.
On the job as CFO since 2012
Carol P. Lowe has been the Chief Financial Officer and Senior Vice President at Sealed Air Corporation since June 18, 2012.
Lowe joined Sealed Air as Senior Vice President and Chief Financial Officer in June of 2012.
Previously, Lowe worked for Carlisle Companies Inc., a Fortune 1000 company, for more than 10 years in a number of leadership positions including President of two business units, Vice President and Chief Financial Officer, and Treasurer.
Prior to joining Carlisle, Lowe served in various accounting and treasury positions at National Gypsum Company and she began her career in public accounting at Ernst & Young.
Lowe has more than 20 years of experience as a senior financial executive with experience in all financial and internal control activities, including financial planning and reporting, accounting, internal audit, investor relations, tax, treasury and risk management.
Lowe is also a Certified Public Accountant and serves on the Board of Directors of Cytec Industries Incorporated.
Generally speaking, when a top manager announces to step down with no permanent successor available, it’s a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Carol Lowe’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 43.2017 ($).