Allergan CFO Tessa Hilado leaves

  • Push-out Score suggests push-out forces
  • After almost three years on the job
  • Accolades, praise and words of regret for Hilado
  • Search for a successor
  • Hilado spoke at length and said 110 words

(exechange) — Dublin, Ireland, September 25, 2017 — Tessa Hilado, finance chief of Allergan, leaves. As announced by Allergan plc in a news release on Monday, September 25, 2017, Maria Teresa (Tessa) Hilado leaves the post as Chief Financial Officer at the biopharmaceutical company after almost three years on the job.

No company wants a CFO to flame out in the first years.

Hilado’s move comes twelve months after Brenton L. Saunders took over as chairman of Allergan plc.

Hilado will continue in her current role until a successor is named to ensure a smooth transition.

Allergan will undertake a search for a successor.

“Now is a good time to announce my retirement”

The management change is explained as follows. Hilado said: “Now is a good time to announce my retirement from Allergan so that we have time to identify my successor and orchestrate a smooth hand-off to continue Allergan’s progress.”

Precise information about the future plans of Hilado was not immediately available.

“Retire”

Allergan said: “Tessa Hilado, Executive Vice President and Chief Financial Officer, has decided to retire from Allergan.”

Share price decline

The change follows a decline in the share price of Allergan plc since November 2015.

Chaired by Brenton L. Saunders

Allergan plc is chaired by Brenton L. Saunders.

Saunders joined the Board of Directors in July 2014 and began serving as the Company’s Chairman of the Board in October 2016.

Saunders is Chairman, President and Chief Executive Officer of Allergan plc. Saunders has served as a Director, CEO and President since July 2014.

On the job as CFO since 2014

Maria Teresa Hilado has been the Chief Financial Officer at Allergan plc since December 8, 2014.

Hilado has 30 years of global finance experience.

Prior to joining the company, Hilado served as Senior Vice President, Finance and Treasurer of PepsiCo, Inc. from 2009 to 2014.

Before joining PepsiCo, she served as Vice President and Treasurer for Schering-Plough Corporation from 2008 to 2009.

Before joining Schering-Plough, Hilado spent more than 17 years with General Motors Corporation in leadership roles of increasing responsibility, most notably Assistant Treasurer from 2006 to 2008 and CFO, GMAC Commercial Finance LLC from 2001 to 2005.

She began her career with Far East Bank and Trust Company, Manila, Philippines.

Hilado currently sits on the Board of Directors at H.B. Fuller, Co.

She earned her bachelor’s degree in Management Engineering from Ateneo de Manila University in the Philippines, and an MBA from the University of Virginia’s Darden School of Business Administration.

Unplanned

Generally speaking, when a top manager announces to step down with no successor in place, it’s a sign that the change was unplanned and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tessa Hilado’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 40.2017 ($).