Kirkland’s CFO Adam Holland leaves at short notice

  • Signs for push-out forces
  • After around two years on the job
  • Laud, praise, thanks, words of regret and good wishes for Holland
  • Nicole Strain taking over in the interim
  • Holland said 46 words

(exechange) — Nashville, Tennessee, May 23, 2017 — Adam Holland, finance chief of Kirkland’s, leaves. It is a change at short notice. As announced by Kirkland’s, Inc. in a news release and in a regulatory filing published on Tuesday, May 23, 2017, Adam C. Holland leaves the post as Chief Financial Officer at the specialty retailer of home décor in a surprising move after around two years on the job, effective June 14, 2017.

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

Holland’s duties are taken over in the interim by Nicole Strain, currently Controller at Kirkland’s, Inc.

“To assume a similar role with a company in the healthcare industry”

The imminent management change is explained as follows. Kirkland’s said: “Adam Holland, the Company’s Vice President and Chief Financial Officer, has resigned to assume a similar role with a company in the healthcare industry.”

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

“Resign”

Kirkland’s said: “On May 18, 2017, Adam C. Holland, Vice President and Chief Financial Officer of Kirkland’s, Inc. …, announced his intent to resign from the positions of Vice President and Chief Financial Officer of Kirkland’s, effective June 14, 2017.”

Share price decline

The change follows a sharp decline in the share price of Kirkland’s, Inc. since June 2015.

Chaired by R. Wilson Orr, III

Kirkland’s, Inc. is chaired by R. Wilson Orr, III.

CEO: Mike Madden

Mike Madden serves as CEO of Kirkland’s, Inc. Michael Madden has been the Chief Executive Officer and President of Kirkland’s Inc. since February 8, 2015 and August 2014 respectively.

On the job as CFO since 2015

Adam C. Holland has been Vice President and Chief Financial Officer since February 2015.

Prior to his appointment as Vice President and Chief Financial Officer, Holland served as Chief Accounting Officer from August 2014 to January 2015 and Vice President of Finance from August 2008 to July 2014.

He also served as Director of Finance from June 2006 to July 2008 and Manager of Financial Reporting from May 2005 to June 2006.

Prior to joining Kirkland’s, Holland served as Manager of Corporate Accounting with Walter Industries, Inc., a holding company that owned home building, natural resources development, and industrial manufacturing companies, and prior to that was a senior auditor with Ernst & Young LLP.

Holland will remain with Kirkland’s in his current capacity until June 14, 2017.

Unplanned

As a general rule, when a top manager announces to step aside with no permanent successor available, it is a sign that the change was unexpected and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Adam Holland’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 22.2017 ($).