- Signs for push-out forces
- After almost 16 years on the job
- Laud, praise and thanks for Vitelle
- Search for a successor
(management-change.com) — Irvine, California, December 21, 2016 — Rick Vitelle, finance chief of CalAmp, leaves. As announced by CalAmp Corp. in a news release and in a regulatory filing published on Wednesday, December 21, 2016, Richard K. (Rick) Vitelle leaves the post as Chief Financial Officer at the provider of wireless communications solutions in a surprising move after almost 16 years on the job.
It is the end of an era.
Vitelle will remain as CFO until his successor is found, to ensure an orderly and seamless transition. Vitelle will remain with the company until his successor is recruited and fully on-boarded.
CalAmp will undertake a search for a successor.
No reason given
In the announcement, CalAmp did not explicitly explain the reason for Vitelle’s move, opening the door for speculation.
CalAmp announced that its Executive Vice President, Chief Financial Officer and Corporate Secretary, Rick Vitelle, “plans to retire from the company after sixteen years of service”.
Precise information about the future plans of Vitelle was not immediately available.
Share price decline
The change follows a decline in the share price of CalAmp Corp. since March 2014.
Chaired by Bert Moyer
CalAmp Corp. is chaired by Bert Moyer.
Moyer has been a director of the Company since 2004 and was appointed Chairman of the Board in July 2013.
Michael Burdiek serves as CEO of CalAmp Corp. Burdiek has been the Chief Executive Officer of CalAmp Corp. since June 1, 2011 and has been its President since June 2008.
On the job as CFO since 2001
Vitelle has been the Chief Financial Officer and Corporate Secretary at CalAmp Corp. since July 2001.
Vitelle joined CalAmp in 2001 and currently serves as executive vice president, chief financial officer and corporate secretary.
In this capacity, Vitelle manages the Company’s finance and accounting functions, human resources, corporate information technology, and legal affairs.
He is also responsible for corporate governance, SOX and other legal compliance programs, and corporate secretarial functions.
During his years with CalAmp, Vitelle has managed the SEC registration process for a successful $48 million public stock offering; led the financial due diligence and systems integration process for nine consummated acquisitions comprising 16 separate businesses; negotiated several credit facilities involving a total of five commercial banks; significantly enhanced the company’s financial consolidation, forecasting and reporting processes through a total redesign; reduced by 33 percent the time required to close the books and file the company’s quarterly results with the SEC; and closely managed working capital and banking relations during the global recession to help build the foundation for the company’s current financial stability and success.
Prior to joining CalAmp, Vitelle served as vice president of finance and administration and CFO of SMTEK International Inc. (formerly known as DDL Electronics Inc.).
In this role, Vitelle managed the SEC registration process for public securities offerings, was involved with a number of M&A transactions, worked closely with legal counsel and investment bankers on complex debt restructuring transactions, engineered a stock listing transfer from the NYSE to NASDAQ, designed and implemented an internal reporting framework for a diversified international technology company with 10 operating subsidiaries, and greatly simplified its financial consolidation and reporting process.
Earlier in his career, Vitelle served as a senior manager with Price Waterhouse where he managed financial statement audit engagements for publicly traded companies, privately held businesses and large, complex governmental entities.
Vitelle graduated summa cum laude with a bachelor’s degree in business administration from California State Polytechnic University, Pomona.
He also holds a master’s degree in business administration from the University of California, Los Angeles.
He has been licensed as a certified public accountant in the state of California since 1979.
As a general rule, when a top leader announces to step aside with no successor available, it’s a sign that the change was unexpected and too early.
Generally speaking, potential causes for an unexpected management change may be, among others, disagreement, urgent family reasons, health reasons or surprising new career opportunities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Rick Vitelle’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 48.2016 ($).