Kirby CFO Andy Smith leaves at short notice

  • Push-out Score suggests push-out forces
  • After around three years on the job
  • Praise and good wishes for Smith
  • Search for a successor

(exechange) — Houston, Texas, August 17, 2017 — Andy Smith, finance chief of Kirby, leaves. It is a change at short notice. As announced by Kirby Corporation in a news release and in a regulatory filing published on Thursday, August 17, 2017, C.Andrew (Andy) Smith leaves the post as Chief Financial Officer at the tank barge operator in a surprising move after around three years on the job, effective September 07, 2017.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.

Kirby will undertake a search for a successor.

“To accept another opportunity”

The imminent management change is explained as follows. Kirby said: “C. Andrew Smith, Executive Vice President and Chief Financial Officer of Kirby, has informed Kirby that he is resigning from his position effective September 7, 2017 to accept another opportunity.”

The phrase “to accept another opportunity” opens the door to speculation.

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

Wake-up call

Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the post at short notice and without a reasonable explanation.

“Resigning”

Kirby said: “On August 17, 2017, C. Andrew Smith, Executive Vice President and Chief Financial Officer of Kirby Corporation, informed the company that he is resigning from his position effective September 7, 2017.”

Share price decline

The change follows a decline in the share price of Kirby Corporation since September 2014.

Chaired by Joseph H. Pyne

Kirby Corporation is chaired by Joseph H. Pyne.

He served the Company as Chairman of the Board and Chief Executive Officer from January 2014 to April 2014.

CEO: David W. Grzebinski

David W. Grzebinski serves as CEO of Kirby Corporation. Grzebinski has served as President and Chief Executive Officer of the Company since April 2014.

On the job as CFO since 2014

C.Andrew Smith is a Certified Public Accountant and holds a degree in business administration from the University of Houston.

He has served as Executive Vice President and Chief Financial Officer since April 2014.

He served as Executive Vice President – Finance from January 2014 to April 2014.

Prior to joining the Company in January 2014, he served as Senior Vice President and Chief Financial Officer of Benthic Geotech and was previously Chief Financial Officer for both Global Industries, LTD and NATCO Group.

Unexpected

As a general rule, when a top manager announces to step down with no successor in place, it’s a sign that the move was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Andy Smith’s imminent 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 34.2017 ($).