- Push-out Score suggests push-out forces
- After ten years in the position
- Praise for Manny
- Mark Scucchi taking over
- Manny spoke at length and said 112 words
(exechange) — Fort Worth, Texas, November 09, 2017 — Roger Manny, finance chief of Range Resources, leaves. His departure is made public at an early stage. As announced by Range Resources Corporation in a news release and in a regulatory filing published on Thursday, November 09, 2017, Roger S. Manny leaves the post as Chief Financial Officer at the natural gas, NGLs and oil producer after ten years in the position, effective May 16, 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, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange. Only 18 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
Manny’s duties are taken over by Mark Scucchi, currently Vice President – Finance & Treasurer at Range Resources Corporation.
“That time is now”
Manny’s departure from the post of CFO is explained as follows. Manny said: “Proper succession planning culminates in the orderly passing of the baton to the next leader. Mark is that leader, and that time is now.”
Precise information about the future plans of Manny was not immediately available.
Range Resources said: “Roger S. Manny, the Company’s Chief Financial Officer, plans to retire on May 16, 2018 after the Company’s 2018 Annual Stockholder Meeting.”
Share price decline
The change follows a decline in the share price of Range Resources Corporation since July 2016.
Chaired by Jeff Ventura
Range Resources Corporation is chaired by Jeff Ventura.
Jeffrey L. Ventura, chairman, president & chief executive officer, joined Range in 2003 as chief operating officer and became a director in 2005. Ventura was named President effective May 2008, Chief Executive Officer effective January 2012 and named chairman of the board on January 1, 2015.
In the position of CFO since 2008
Manny joined Range in 2003 and was elected as Executive Vice President – Chief Financial Officer effective in May 2008.
Previously, Manny served as Executive Vice President and Chief Financial Officer of Matador Petroleum Corporation from 1998 until joining Range.
Before 1998, Manny spent 18 years at Bank of America and its predecessors where he served as Senior Vice President in the energy group.
Manny holds a Bachelor of Business Administration degree in Finance from the University of Houston and a Masters of Business Administration from Houston Baptist University.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Roger Manny’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 46.2017 ($).