- Push-out Score suggests push-out forces
- After less than a year and a half in the position
- Praise, words of regret and good wishes for Baddeley
- Robin Stewart taking over in the interim
- Search for a successor
(exechange) — London, United Kingdom, November 03, 2017 — Andrew Baddeley, finance chief of TP ICAP, leaves. It is an abrupt change. As announced by TP ICAP plc in a regulatory filing published on Friday, November 03, 2017, Andrew Baddeley leaves the post as Chief Financial Officer at the world’s largest generator of over-the-counter trade data after less than a year and a half in the position, effective immediately.
No company wants a CFO to flame out in the first years.
TP ICAP will undertake a search for a successor.
Baddeley’s duties are taken over in the interim by Robin Stewart, most recently Deputy CFO at TP ICAP plc.
No reason given
In the announcement, TP ICAP did not explicitly explain the obviously compelling reason for Baddeley’s sudden move, opening the door for speculation.
Precise information about the future plans of Baddeley was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post abruptly and without a reasonable explanation.
TP ICAP said: “Andrew Baddeley, Chief Financial Officer, is stepping down from the Board with immediate effect.”
Share price rise since July 2016
The change follows a rise in the share price of TP ICAP plc since July 2016.
Chaired by Rupert Robson
TP ICAP plc is chaired by Rupert Robson.
Rupert Robson was appointed to the Board in January 2007 and to Chairman in March 2013.
CEO: John Phizackerley
John Phizackerley serves as CEO of TP ICAP plc. John Phizackerley was appointed to the Board and as Chief Executive in September 2014.
In the position of CFO since 2016
Andrew Baddeley has been the Chief Financial Officer at TP ICAP plc since May 13, 2016.
Andrew Baddeley was appointed as Chief Financial Officer in May 2016.
He qualified as a Chartered Accountant in 1987 and as a Chartered Tax Adviser in 1990, specializing in the taxation of insurance business while working for Ernst & Young and then PwC.
In 1998 he joined General Re, where he served in a number of roles including, latterly, as Chief Financial Officer of its UK and Ireland operations.
In 2007 Baddeley was appointed Group Finance Director at Atrium, and in 2013, he joined Brit Insurance as Chief Financial Officer.
He has considerable experience in the implementation of new financial reporting processes and systems, and IT platform upgrades.
Baddeley is a Non-executive Director at Cobalt Insurance Holdings Limited, where he chairs the Audit Committee, and is also a governor at Walthamstow Hall School.
Generally speaking, when a top manager announces to step aside with no permanent successor available, it’s a signal that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Andrew Baddeley’s sudden 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 45.2017 ($).