Gemalto CFO Jacques Tierny leaves

  • Push-out Score suggests push-out forces
  • After around ten years on the job
  • Accolades, praise, thanks and good wishes for Tierny
  • Virginie Duperat-Vergne taking over
  • Tierny kept it short and said 24 words

(exechange) — Amsterdam, Netherlands, September 28, 2017 — Jacques Tierny, finance chief of Gemalto, leaves. As announced by Gemalto N.V. in a news release on Thursday, September 28, 2017, Jacques Tierny, Chief Financial Officer, leaves the digital security company after around ten years on the job, effective December 31, 2017.

It is the end of an era.

Tierny’s move comes 13 months after Philippe Vallée took over as CEO of Gemalto N.V.

Tierny’s duties are taken over by Virginie Duperat-Vergne, most recently Group Deputy Chief Financial Officer at TechnipFMC.

The move is a generational change as well. Virginie Duperat-Vergne is about 21 years younger than Jacques Tierny.

The fact that Tierny’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To pursue other activities”

The management change is explained as follows. Gemalto said: “[A]fter 10 years of dedicated and exemplary service, Jacques Tierny, the Chief Financial Officer (CFO) of the Company, has decided to leave on December 31, 2017 to pursue other activities.”

The phrase “to pursue other activities” opens the door to speculation.

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

Share price decline

The change follows a decline in the share price of Gemalto N.V. since June 2015.

Chaired by Alex Mandl

Gemalto N.V. is chaired by Alex Mandl.

CEO: Philippe Vallée

Philippe Vallée serves as CEO of Gemalto N.V. Philippe Vallée has been Chief Executive Officer of Gemalto NV since September 1, 2016.

On the job as CFO since 2007

Jacques Patrice Marie Joseph Tierny has been the Chief Financial Officer of Gemalto NV since September 2007.

Before that he was head of the Valuation and Strategic Finance practice for KPMG Corporate Finance in Paris.

Tierny was previously Group CFO and later Executive Deputy General Manager for the retail group Casino (2003–2006).

He had earlier spent 23 years in different finance positions at Michelin, later becoming Group Deputy CFO.

Tierny began his career as a commodity broker.

He graduated in 1977 from the HEC School of Management in Paris, and also from the International Management Program from the MBA of New York University and the Mestrado from Gétulio Vargas in São Paulo.

Tierny also taught Corporate Finance at the Conservatoire National des Arts et Métiers (CNAM) and other business schools, and is a member of the board of the French investment fund Sicav LCL Obligations Euro.

Tierny will remain an active member of the Management team until the end of 2017, ensuring a smooth and successful transition with his successor.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jacques Tierny’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 41.2017 ($).