- Signs for push-out forces
- After around two years on the job
- Thanks for Hardt
- Jon Banas taking over
(exechange) — Novi, Michigan, June 06, 2017 — Matt Hardt, finance chief of Cooper-Standard, leaves. It is an abrupt change. As announced by Cooper-Standard Holdings Inc. in a news release on Tuesday, June 06, 2017, Matthew W. (Matt) Hardt leaves the post as chief financial officer at the automotive supplier in a surprising move after around two years on the job, effective June 07, 2017.
No company wants a CFO to flame out in the first years.
Hardt’s duties are taken over by Jon Banas, most recently vice president, corporate controller and chief accounting officer at Cooper-Standard Holdings Inc.
“To pursue another opportunity”
The sudden management change is explained as follows. Cooper-Standard said: “Banas replaces Matthew W. Hardt, age 49, who has resigned from his position as executive vice president and chief financial officer, effective June 7, 2017, to pursue another opportunity.”
The phrase “to pursue another opportunity” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Hardt was not immediately available.
Share price rise since September 2015
The change follows a rise in the share price of Cooper-Standard Holdings Inc. since September 2015.
Silver Point holds 8.89 percent stake
Silver Point Capital, L.P. reported an 8.89 percent stake in Cooper-Standard Holdings Inc. as of March 30, 2017. Silver Point is a hedge fund that focuses on credit and special situations investments.
Chaired by Jeffrey S. Edwards
Cooper-Standard Holdings Inc. is chaired by Jeffrey S. Edwards.
Jeffery S. Edwards serves as chairman and CEO of Cooper Standard, a position he has held since May 2013.
On the job as CFO since 2015
Matthew W. Hardt is the Company’s executive vice president and chief financial officer, a position he has held since March 2015.
Prior to joining the Company, Hardt served as senior vice president, finance, Industrial Solutions from 2012 to 2014 and Consumer and Industrial Solutions from 2010 to 2012 at TE Connectivity LTD (previously Tyco Electronics).
Hardt served as vice president, finance, for TE Connectivity LTD’s Specialty Products Group from 2009 to 2010.
He previously served in multiple finance and audit roles of increasing responsibility at General Electric Co., including chief financial officer for a number of the company’s global divisions.
Hardt earned a Bachelor of Science in Finance from Siena College.
Hardt will provide transition services through September 30, 2017.
Signs for push-out forces
It is not completely certain what forces eventually triggered Matt Hardt’s sudden 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 24.2017 ($).