- Push-out Score suggests push-out forces
- After less than two years on the job
- Thanks and good wishes for Conte
- James Langrock taking over
(exechange) — Lake Success, New York, June 22, 2017 — Pat Conte, finance chief of Hain Celestial, leaves. It is an abrupt change. As announced by The Hain Celestial Group, Inc. in a news release and in a regulatory filing published on Thursday, June 22, 2017, Pasquale (Pat) Conte leaves the post as Chief Financial Officer at the food company in a surprising move after less than two years on the job, effective June 23, 2017.
No company wants a CFO to flame out in the first years.
Conte leaves the company effective June 30, 2017.
Conte’s duties are taken over by James Langrock, currently Senior Vice President, Finance and Treasurer at The Hain Celestial Group, Inc.
“To pursue other opportunities”
The sudden management change is explained as follows. Hain Celestial said: “James succeeds Pasquale Conte (“Pat”) who is leaving to pursue other opportunities.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about the future plans of Conte was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position abruptly and without a reasonable explanation.
“Will no longer serve”
Hain Celestial said: “[E]ffective as of June 23, 2017, Pasquale Conte will no longer serve as the Company’s Executive Vice President and Chief Financial Officer and will leave the Company on June 30, 2017 to ensure an orderly transition.”
Share price decline
The change follows a decline in the share price of The Hain Celestial Group, Inc. since August 2015.
Chaired by Irwin D. Simon
The Hain Celestial Group, Inc. is chaired by Irwin D. Simon.
Irwin D. Simon is the Founder of The Hain Celestial Group, Inc. and has been the Company’s President and Chief Executive Officer and a director since the Company’s inception in 1993.
On the job as CFO since 2015
Pasquale Conte has been the Chief Financial Officer and Executive Vice President at The Hain Celestial Group, Inc. since September 8, 2015.
In October, 2014 Conte was named Senior Vice President, Finance and Treasurer, having joined Hain Celestial in July, 2009 after acting as a financial consultant to the Company previously.
In these roles, Conte has overseen the Company’s worldwide financial planning and analysis and worked strategically on mergers and acquisitions, quarterly reporting, taxes and Sarbanes-Oxley compliance as well as productivity and other initiatives.
Conte is a Certified Public Accountant, who previously worked at Colgate-Palmolive Company, NYNEX Corporation and Arthur Anderson, LLP.
Prior to joining Hain Celestial, he worked at Motorola, Inc. (formerly Symbol Technologies, Inc.) in a series of financial roles of increasing responsibilities including Tax Director, Vice President and Controller and ultimately, Chief Financial Officer.
At the time of Conte’s appointment as Chief Financial Officer at Hain Celestial, Irwin D. Simon had said: “Pat’s deep understanding of consumer goods, his forward thinking and tenure at the Company make him a natural candidate to help us to continue to growth both organically and through acquisitions on a global basis.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Pat Conte’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 26.2017 ($).