CPI Card CEO Steve Montross leaves

  • Signs for push-out forces
  • After around eight years on the job
  • Laud, praise, thanks and good wishes for Montross
  • Search for a successor
  • Montross spoke at length and said 127 words

(exechange) — Littleton, Colorado, April 20, 2017 — Steve Montross, chief executive of CPI Card, leaves. As announced by CPI Card Group Inc. in a news release and in a regulatory filing published on Thursday, April 20, 2017, Steven (Steve) Montross leaves the post as Chief Executive Officer at the chip-card maker after around eight years on the job.

Montross will continue to serve as President and CEO through the earlier of the date on which the Company appoints a successor or December 31, 2017.

CPI Card will undertake a search for a successor.

“Close to the age of 64, … it’s now time for me to begin transitioning to the next phase of my life”

The management change is explained as follows. Montross said: “Now at close to the age of 64, I have enjoyed a gratifying career of almost 40 years, and I believe it’s now time for me to begin transitioning to the next phase of my life.”

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

“Retiring”

CPI Card said: “On April 20, 2017, Steven Montross, President and Chief Executive Officer of CPI Card Group Inc. …, announced his intention to retire from employment with the Company.”

Montross will be retiring from his position as President and Chief Executive Officer and as a member of CPI’s Board of Directors.

Chaired by Bradley Seaman

CPI Card Group Inc. is chaired by Bradley Seaman.

Seaman has served on the Company’s board of directors since 2007.

On the job as CEO since 2009

Steven Montross has served as the Company’s President and Chief Executive Officer since January 2009.

Prior to joining CPI, Montross was a founding shareholder and Managing Director of FirstLight Financial Corporation, a business that invests senior debt capital in private-equity owned businesses, from 2007 to 2008.

Prior to forming FirstLight, Montross had a 17-year career at General Electric Company, where he held positions of increasing responsibility and leadership within GE’s financial service businesses, including a business that financed private equity-owned enterprises.

Montross holds a Bachelor of Business Administration degree from the University of Michigan and a Masters of Business Administration from the Kellogg School of Management at Northwestern University.

Montross will continue to serve as President and CEO through the earlier of the date on which the Company appoints a successor or December 31, 2017.

From that date through his June 30, 2018 retirement date, Montross has agreed to continue working with CPI serving in a non-executive capacity and will assist with the transition of the new CEO.

Unplanned

As a general rule, when a top leader announces to step aside with no successor in place, it’s a signal that the change was unexpected and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Steve Montross’ 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 17.2017 ($).