- Push-out Score suggests push-out forces
- After almost eleven years in the position
- Praise, thanks and good wishes for Follo
- Search for a successor
- Follo made a lengthy statement and said 72 words
(exechange) — New York, October 25, 2017 — Jim Follo, finance chief of The New York Times, leaves. As announced by The New York Times Company in a news release and in a regulatory filing published on Wednesday, October 25, 2017, James M. (Jim) Follo, chief financial officer, leaves the media company after almost eleven years in the position, effective in early 2018.
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 5.5 years, according to data compiled by exechange.
The New York Times will undertake a search for a successor.
No reason given
In the announcement, The New York Times did not explicitly explain the reason for Follo’s move, leaving room for speculation.
Precise information about the future plans of Follo was not immediately available.
The New York Times said: “James M. Follo, executive vice president and chief financial officer, plans to retire in early 2018.”
Share price rise since January 2016
The change follows a rise in the share price of The New York Times Company since January 2016.
Chaired by Arthur O. Sulzberger, Jr.
The New York Times Company is chaired by Arthur O. Sulzberger, Jr.
Arthur O. Sulzberger, Jr. was named chairman of The New York Times Company in 1997.
CEO: Mark Thompson
Mark Thompson serves as CEO of The New York Times Company. Mark Thompson became president and chief executive officer of The New York Times Company on November 12, 2012.
In the position of CFO since 2007
James M. Follo has been the Chief Financial Officer of The New York Times Company since January 8, 2007 and as its Executive Vice President since April 2013.
Follo joined The Times in January 2007 as senior vice president and chief financial officer.
He was named an executive vice president in April 2013.
James M. Follo was named executive vice president and chief financial officer in April 2013.
Since January 2007, Follo had served as senior vice president and chief financial officer.
Before joining the Times Company, Follo served as chief financial and administrative officer of Martha Stewart Living Omnimedia, Inc. from 2001 to 2006, and as senior vice president, finance and controller from 1998 to 2001.
From 1994 to 1998, he was with General Media International, Inc., a diversified publishing company, first as vice president, finance and operations, and later becoming executive vice president, CFO and treasurer.
Before that Follo was with Grant Thornton, an independent public accounting firm, from 1984 to 1994, leaving as a senior audit manager.
Follo received a B.S. in accounting from the State University of New York at New Paltz in 1981.
He is a certified public accounant and a member of American Institute of Certified Public Accountants.
He is a member of the Board of Directors of HSN, Inc.
As a general rule, when a top leader announces to step aside with no successor available, it is a sign that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jim Follo’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 44.2017 ($).