- Push-out Score suggests push-out forces
- After almost twelve years on the job
- Accolades, praise, thanks and good wishes for Riccio
- Search for a successor
- Riccio made a lengthy statement and said 69 words
(exechange) — Monroe, Michigan, September 27, 2017 — Mike Riccio, finance chief of La-Z-Boy, leaves. As announced by La-Z-Boy Incorporated in a news release and in a regulatory filing published on Wednesday, September 27, 2017, Louis M. (Mike) Riccio, Chief Financial Officer, leaves the furniture manufacturer after almost twelve years on the job, effective in June of 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 17 percent of the CFOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 5.5 years, according to data compiled by exechange.
La-Z-Boy will undertake a search for a successor.
No reason given
In the announcement, La-Z-Boy did not explicitly explain the reason for Riccio’s move, leaving room for speculation.
Precise information about the future plans of Riccio was not immediately available.
La-Z-Boy said: “On September 27, 2017, Louis M. (“Mike”) Riccio Jr., Senior Vice President and Chief Financial Officer, announced his intention to retire after the company completes its fiscal 2018 year-end reporting in June of 2018.”
Chaired by Kurt L. Darrow
La-Z-Boy Incorporated is chaired by Kurt L. Darrow.
Kurt L. Darrow has been a director, and the Company’s president and chief executive officer, since 2003, and has served as the Company’s chairman since 2011.
On the job as CFO since 2006
Riccio, a 27-year veteran of the furniture industry, joined La-Z-Boy in early 2000 when the company acquired LADD Furniture, Inc., and held positions of increasing responsibility, including that of Corporate Controller, before his appointment to the CFO post in July 2006.
Generally speaking, when a top manager announces to step aside with no successor available, it is a sign that the move was unexpected and too early.
Generally speaking, potential causes for an unexpected change can be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Riccio’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 ($).