Energizer CFO Brian Hamm leaves abruptly

  • Signs for push-out forces
  • After less than two years on the job
  • Accolades, praise, thanks and good wishes for Hamm
  • Tim Gorman taking over in the interim
  • Search for a successor
  • Hamm said 58 words

(exechange) — St. Louis, Missouri, June 08, 2017 — Brian Hamm, finance chief of Energizer, leaves. It is an abrupt change. As announced by Energizer Holdings, Inc. in a news release and in a regulatory filing published on Thursday, June 08, 2017, Brian K. Hamm leaves the post as Chief Financial Officer at the manufacturer of batteries in a surprising move after less than two years on the job, effective immediately.

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

Energizer will undertake a search for a successor.

Hamm’s duties are taken over in the interim by Tim Gorman, currently Vice President and Controller, Chief Accounting Officer at Energizer Holdings, Inc.

“To pursue other opportunities”

The sudden management change is explained as follows. Energizer said: “Mr. Gorman will succeed Brian K. Hamm, Executive Vice President and Chief Financial Officer, who is leaving the company to pursue other opportunities.”

The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.

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

Wake-up call

Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position abruptly and without an understandable explanation.

“Stepping down”

Energizer said: “Brian K. Hamm, the Company’s Executive Vice President and Chief Financial Officer, will be stepping down.”

“Not related to any issues”

“Mr. Hamm’s decision to step down was not related to any issues regarding the integrity of Energizer’s financial statements or accounting policies and practices,” Energizer said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Energizer Holdings, Inc. since May 2017.

Chaired by J.Patrick Mulcahy

Energizer Holdings, Inc. is chaired by J.Patrick Mulcahy.

Mulcahy has served as Chairman of Energizer’s Board of Directors since July 2015 and served as Chairman of the Board of Edgewell, the Company’s former parent company, from 2007-2015.

CEO: Alan Hoskins

Alan Hoskins serves as CEO of Energizer Holdings, Inc. Hoskins has been President and Chief Executive Officer of Energizer Holdings, Inc. since July 2015.

On the job as CFO since 2015

Brian Hamm has been Chief Financial Officer of Energizer Holdings since July 2015.

He was responsible for navigating the business toward achieving short- and long-term financial goals.

Hamm is a seasoned finance executive with experience in forecasting, planning and analytics, finance and controllership, acquisition integration, revenue management and enterprise-wide transformation.

Previously, Hamm served in a variety of senior leadership roles including Vice President, Controller and Chief Accounting Officer; Vice President, Global Business Transformation; and Vice President, Global Finance for the Household Products division.

Prior to joining Energizer, Hamm was Vice President, Domestic Planning at PepsiAmericas.

Hamm holds a bachelor’s degree in accounting from the University of Illinois at Urbana-Champaign.

To help ensure a smooth transition, Hamm has agreed to assist the Company through the end of next month.

Unplanned

Generally speaking, when a top manager announces to step down with no permanent successor available, it is a signal that the move was unplanned and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Brian Hamm’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 ($).