Libbey CFO Sherry Buck leaves at short notice

  • Signs for push-out forces
  • After around four years on the job
  • Laud, praise, thanks and good wishes for Buck
  • Ronni Smith takes over in the interim
  • Search for a successor

(management-change.com) — Toledo, Ohio, December 08, 2016 — Sherry Buck, finance chief of Libbey, leaves. It is a change at short notice. As announced by Libbey Inc. in a news release and in a regulatory filing published on Thursday, December 08, 2016, Sherry L. Buck, chief financial officer, leaves the glass tableware manufacturer in a surprising move after around four years on the job, effective December 31, 2016.

Libbey will undertake a search for a successor.

Buck’s duties are taken over in the interim by Ronni Smith, currently Vice President, Corporate Controller and Assistant Treasurer at Libbey Inc.

“To pursue another professional opportunity”

The management change is explained as follows. Libbey said: Buck, vice president, chief financial officer, “will be leaving the Company effective December 31, 2016, to pursue another professional opportunity”.

The phrase “to pursue another professional opportunity” is often used in corporate announcements and opens the door to speculation.

“Resigning”

Libbey said: “On December 5, 2016, Sherry Buck, Vice President and Chief Financial Officer of Libbey Inc. …, informed the Company that she is resigning to pursue another professional opportunity.”

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

Share price decline

The change follows a sharp decline in the share price of Libbey Inc. since June 2015.

Royal Bank of Canada holds 11.36 percent stake

Royal Bank of Canada reported an 11.36 percent stake in Libbey Inc. as of September 30, 2016.

Chaired by William Foley

Libbey Inc. is chaired by William A. Foley.

Foley has been Chairman and Chief Executive Officer of Libbey Inc. since January 2016.

As announced by Libbey in a news release on Tuesday, January 12, 2016, Stephanie Streeter left the post as chief executive officer at the glass tableware manufacturer in a surprising move after around four years on the job, effective immediately.

On the job as CFO since 2012

Buck has been the Chief Financial Officer and Vice President of Libbey Inc. since August 1, 2012.

Sherry Buck serves as Libbey’s chief financial officer, joining the senior management team from Whirlpool Corporation in August 2012.

Buck is responsible for the Company’s financial strategies, information technology and worldwide finance organization.

With extensive financial management experience during her nearly 20 years at Whirlpool, Buck served in a number of leadership roles, including chief financial officer, Global Product and Enterprise Cost Leadership, and vice president, U.S. Finance.

Buck earned her bachelor of science in Accountancy from the University of Missouri.

Unplanned

As a general rule, when a top leader announces to step aside with no permanent successor available, it’s a sign that the change was unplanned and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Sherry L. Buck’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 46.2016 ($).