- Push-out Score suggests push-out forces
- After less than five weeks on the job
- Scott Jenkins taking over in the interim
- Search for a successor
(exechange) — Calgary, Alberta, Canada, July 03, 2017 — Clinton McNair, finance chief of DIRTT, leaves. As announced by DIRTT Environmental Solutions Ltd. in a news release on Monday, July 03, 2017, Clinton G. McNair leaves the post as Chief Financial Officer at the interior design services company in a surprising move after less than five weeks on the job.
No company wants a CFO to flame out in the first weeks.
The exact date of McNair’s departure was not given in the announcement. Obviously, it was an abrupt change.
DIRTT will undertake a search for a successor.
McNair’s duties are taken over in the interim by Scott Jenkins, currently President and former CFO at DIRTT Environmental Solutions Ltd.
No reason given
In the announcement, DIRTT did not explicitly explain the reason for McNair’s move, leaving room for speculation.
Precise information about the future plans of McNair was not immediately available.
“Is no longer with the Company”
DIRTT said: “Clinton G. McNair, who was appointed as DIRTT’s Chief Financial Officer on June 1, 2017, is no longer with the Company.”
Chaired by Steve Parry
DIRTT Environmental Solutions Ltd. is chaired by Steve Parry.
CEO: Mogens Smed
Mogens Smed serves as CEO of DIRTT Environmental Solutions Ltd. Mogens Falk Smed is a Co-Founder of DIRTT Environmental Solutions Ltd., and has been its Chief Executive Officer since May 2004.
On the job as CFO since 2017
On May 9, 2017, DIRTT announced Clinton G. McNair as the newest addition to its senior management team, in the role of Chief Financial Officer.
McNair’s official appointment to CFO was scheduled for June 1, 2017.
McNair joined DIRTT after an accomplished career with Deloitte LLP, where he was Partner in its assurance practice.
McNair was also the Deloitte Technology Leader for the Prairies and the CFO Transitions Leader for Western Canada.
His extensive experience with public companies and their Canadian, American and international operations includes two years in Deloitte’s New York office leading the development and deployment of the firm’s response to Sarbanes-Oxley Act Section 404 (or “SOX”), for the global organization of Deloitte member firms.
McNair is a Chartered Professional Accountant (Alberta, Canada), Certified Public Accountant (Colorado, United States) and Chartered Accountant (South Africa).
In addition to his corporate accomplishments and designations, he is also a Director and Audit Committee Chair of Junior Achievement of Southern Alberta.
At the time of McNair’s appointment as Chief Financial Officer at DIRTT, CEO Mogens Smed had said: “Clint’s track record of success with North American public companies is a valuable asset as we prepare for what’s next on DIRTT’s growth trajectory. I’m confident his leadership style will fit well with our talented team and I’m also confident he’s going to embody the innovative and driven culture that makes DIRTT the force it is.”
At the time of McNair’s appointment as Chief Financial Officer at DIRTT, President Scott Jenkins had said McNair was ready to hit the ground running. He attributed this to McNair’s familiarity with DIRTT and his work as DIRTT’s former audit partner, combined with his experience as an audit partner for multibillion-dollar companies in the construction and technology industries.
“Clint has the perfect foundation to support our goal of disrupting the construction industry with a more efficient and all-around better way to build,” Jenkins had said.
As a general rule, when a top leader announces to step aside with no permanent successor available, it is a signal that the change was unexpected and too early.
In general, possible causes for an unplanned change may be, among others, disagreement or dispute, health reasons, family reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Clinton McNair’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 28.2017 ($).