B&G Foods CFO Tom Crimmins leaves at short notice

  • Signs for push-out forces
  • After two years on the job
  • Praise, thanks and good wishes for Crimmins
  • Amy Chiovari taking over in the interim
  • Search for a successor

(exechange) — Parsippany, New Jersey, March 15, 2017 — Tom Crimmins, finance chief of B&G Foods, leaves. It is a change at short notice. As announced by B&G Foods, Inc. in a news release and in a regulatory filing published on Wednesday, March 15, 2017, Thomas P. (Tom) Crimmins leaves the post as Chief Financial Officer at the food company in a surprising move after two years on the job, effective March 24, 2017.

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

B&G Foods will undertake a search for a successor.

Crimmins’ duties are taken over in the interim by Amy Chiovari, currently Corporate Controller at B&G Foods, Inc.

“To pursue other opportunities”

The imminent management change is explained as follows. B&G Foods said: “Thomas P. Crimmins, the Company’s Chief Financial Officer, has resigned effective March 24, 2017 to pursue other opportunities.”

The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.

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

Wake-up call

Generally speaking, it is often an alarm signal for investors when a CFO leaves the post at short notice and without a reasonable explanation.

“Resigned”

B&G Foods said: “On March 15, 2017, Thomas P. Crimmins, our Executive Vice President of Finance and Chief Financial Officer, resigned from our company to pursue other activities.”

“Not the result of any dispute or disagreement”

“Mr. Crimmins’ decision was not the result of any dispute or disagreement with the Company on any matter relating to the Company’s accounting practices or financial statements,” B&G Foods said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of B&G Foods, Inc. since February 24, 2017.

Chaired by Stephen Sherrill

B&G Foods, Inc. is chaired by Stephen Sherrill.

Sherrill has been a director since B&G Foods’ formation in 1996 and has been Chairman since 2005.

CEO: Robert Cantwell

Robert Cantwell serves as CEO of B&G Foods, Inc. Cantwell has been the Chief Executive Officer and President of B&G Foods Inc. since January 1, 2015 and served as its Chief Financial Officer until March 16, 2015.

On the job as CFO since 2015

Crimmins has been the Chief Financial Officer and Executive Vice President of Finance at B&G Foods Inc. since March 16, 2015.

Crimmins is Executive Vice President of Finance and Chief Financial Officer of B&G Foods.

He is responsible for all financial and accounting matters, treasury, tax and information technology.

Crimmins joined B&G Foods in 2015 from DRS Technologies, Inc., where he spent 16 years, the last three as that company’s Executive Vice President and Chief Financial Officer.

In that position, he was responsible for corporate and operational finance, corporate procurement, taxation, accounting, treasury and internal audit.

From 1992 to 1999, Crimmins worked in the audit and assurance services practice of PricewaterhouseCoopers.

Unplanned

As a general rule, when a top manager announces to step down with no permanent successor available, it’s a signal that the move was unexpected and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Tom Crimmins’ 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 12.2017 ($).