- Push-out Score suggests push-out forces
- After almost eight years on the job
- Accolades and praise for Rathgaber
- Ed West taking over
- Rathgaber spoke at length and said 117 words
(exechange) — Houston, Texas and London, United Kingdom, August 21, 2017 — Steve Rathgaber, chief executive of Cardtronics, leaves. His departure is made public at an early stage. As announced by Cardtronics plc in a news release and in a regulatory filing published on Monday, August 21, 2017, Steven A. (Steve) Rathgaber leaves the post as Chief Executive Officer at the ATM owner after almost eight years on the job, effective December 31, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.9 years, according to data compiled by exechange.
Rathgaber’s duties are taken over by Ed West, currently Chief Financial Officer and Chief Operations Officer at Cardtronics plc.
A search is underway for a new Chief Financial Officer to replace West, who will remain in his current position until a new CFO is appointed and will ensure an orderly transition of responsibilities.
“Long-term succession plan”
The management change is explained as follows. Cardtronics said: “Cardtronics plc …, the world’s largest ATM owner / operator, announced today that, as the culmination of its Board of Directors’ long-term succession plan, Chief Executive Officer Steven A. Rathgaber, 64, will retire from his CEO and Director roles effective December 31, 2017.”
Precise information about the future plans of Rathgaber was not immediately available.
Cardtronics said: “As the culmination of a long-term succession plan undertaken by the Board of Directors, on August 21, 2017, Cardtronics plc … announced that Steven A. Rathgaber will retire from his roles as Chief Executive Officer and a member of the Board of Directors … of the Company effective December 31, 2017.”
Share price decline
The change follows a sharp decline in the share price of Cardtronics plc since February 2017.
Chaired by Dennis Lynch
Cardtronics plc is chaired by Dennis Lynch.
Dennis Lynch was appointed as Chairman of the Board on November 10, 2010 and has served as a director since January 24, 2008.
On the job as CEO since 2010
Steven Rathgaber joined Cardtronics as the Company’s Chief Executive Officer on February 1, 2010.
From January 1991 to January 2010, Rathgaber was employed by NYCE Payments Network, LLC, a wholly-owned subsidiary of Fidelity National Information Services, Inc.
Immediately prior to joining Cardtronics, Rathgaber served as the President and Chief Operating Officer of NYCE, a role he assumed in September 2004.
From April 1989 to January 1991, Rathgaber served as a founding partner of Veritas Venture, a start-up software development company.
From May 1981 to March 1989, he served in a number of executive-level roles within Automatic Data Processing, Inc., and from January 1977 to April 1981, he held numerous positions within the Citibank organization.
Rathgaber also served on the board of Everlink Payment Services, a joint venture between the United States-based NYCE Payments Network and Celero, a Canadian credit union processing company, from the company’s inception in September 2003 until December 2009, serving as Chairman of the Everlink board from June 2004 until May 2006.
Rathgaber holds a Bachelor of Science degree in Accounting from St. John’s University.
Rathgaber will work through a transition of the CEO role to West at the end of 2017.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steve Rathgaber’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 35.2017 ($).