Cotiviti CFO Steve Senneff leaves at short notice

  • Push-out Score suggests push-out forces
  • After around two years on the job
  • Accolades, praise, thanks and good wishes for Senneff
  • Adrienne Calderone taking over in the interim
  • Search for a successor
  • Senneff said 56 words

(exechange) — Atlanta, Georgia, August 01, 2017 — Steve Senneff, finance chief of Cotiviti, leaves. It is a change at short notice. As announced by Cotiviti Holdings, Inc. in a news release and in a regulatory filing published on Tuesday, August 01, 2017, Steve Senneff, Chief Financial Officer, leaves the provider of payment accuracy solutions in a surprising move after around two years on the job, effective August 31, 2017.

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

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 37 percent of the CFOs who departed over the past twelve months left within three years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.

Cotiviti will undertake a search for a successor.

Senneff’s duties are taken over in the interim by Adrienne Calderone, currently Controller at Cotiviti Holdings, Inc.

“To pursue a new opportunity outside of healthcare”

The imminent management change is explained as follows. Cotiviti announced “the resignation of Chief Financial Officer Steve Senneff to pursue a new opportunity outside of healthcare.”

The phrase “to pursue a new opportunity outside of healthcare” opens the door to speculation.

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

“Resign”

Cotiviti said: “On July 26, 2017, Steve Senneff, Senior Vice President and Chief Financial Officer of Cotiviti Holdings, Inc. …, notified the Company of his decision to resign from his position.”

Share price rise since May 2016

The change follows a rise in the share price of Cotiviti Holdings, Inc. since May 2016.

Chaired by David Swift

Cotiviti Holdings, Inc. is chaired by David Swift.

Swift has served as Chairman of the Board since joining it in November 2014.

CEO: Doug Williams

Doug Williams serves as CEO of Cotiviti Holdings, Inc. Williams has served as Chief Executive Officer and Board member since the merger of Connolly and iHealth Technologies in May 2014.

On the job as CFO since 2015

Senneff is the Company’s Senior Vice President and Chief Financial Officer, a position he has held since April 2015.

Senneff previously served as the Company’s Chief Operations Officer from May 2014 to April 2015.

Prior to the Connolly iHealth Merger, Senneff served as Chief Financial Officer of Connolly Superholdings, Inc. from October 2012 to May 2014.

Senneff previously held various leadership positions at the Nielsen Company, most recently as Senior Vice President, Global Financial Planning & Analysis from January 2011 to October 2012.

Senneff holds a B.B.A. in Accounting from the University of Iowa and a Master’s degree in Finance from the Krannert School of Management at Purdue University.

Senneff will remain with the company through the end of August to ensure an orderly transition.

Unplanned

As a general rule, when a top manager announces to step aside with no permanent successor in place, it is a sign that the move was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Senneff’s imminent 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 32.2017 ($).