- Signs for push-out forces
- After almost three years on the job
- Laud and praise for Chivavibul
- Chris Lown taking over
- Chivavibul will remain as chief decision management officer at Navient
(management-change.com) — Wilmington, Delaware, February 21, 2017 — This news came the day after Presidents Day. Somsak Chivavibul, finance chief of Navient, leaves the position. It is a change at short notice. As announced by Navient Corporation in a news release and in a regulatory filing published on Tuesday, February 21, 2017, Somsak Chivavibul leaves the post as chief financial officer at the asset management and business processing services firm in a surprising move after almost three years on the job, effective March 27, 2017.
Chivavibul’s duties are taken over by Chris Lown, most recently investment banker at Morgan Stanley.
The fact that Chivavibul’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Navient did not explicitly explain the reason for Chivavibul’s imminent move, leaving room for speculation.
Chivavibul will remain as chief decision management officer at Navient
“Chivavibul, current CFO, will spearhead the launch of a new enterprise-wide decision management center,” Navient said.
Chivavibul will assume his new role as the company’s executive vice president and chief decision management officer on March 27.
Reporting to the CEO, Chivavibul will focus on further leveraging the company’s data assets, infrastructure and talent to provide insights to enhance business strategy, performance, and value for customers and shareholders.
Chaired by William M. Diefenderfer III
Navient Corporation is chaired by William M. Diefenderfer III.
William M. Diefenderfer III is a partner of Diefenderfer, Hoover, Boyle & Wood in Pittsburgh, Pa., since 1991. He was previously a member of the Sallie Mae Board of Directors and played an integral role in the creation of Navient.
CEO: Jack Remondi
John (Jack) F. Remondi serves as CEO of Navient Corporation. Remondi has been the Chief Executive Officer and President of Navient Corporation since April 2014.
On the job as CFO since 2014
Somsak Chivavibul has been the Chief Financial Officer at Navient Corporation since April 2014.
After graduating in 1988, Somsak started working for Ernst & Young.
Sallie Mae was one of the firm’s audit clients, and a job at Sallie Mae in the financial planning and analysis group piqued his interest.
He started at Sallie Mae in 1992 and worked his way up from analyst to senior vice president of financial planning and analysis in 2007.
Change has been a constant theme at Sallie Mae and Somsak was involved with many of most important events at Sallie Mae from the privatization of Sallie Mae from its government sponsored enterprise status to the recent spin-off of Navient from Sallie Mae.
In the process, Somsak developed extensive experience in business and transaction modeling, corporate and portfolio acquisitions, financial analysis and management reporting.
Signs for push-out forces
It is not completely certain what forces eventually triggered Somsak Chivavibul’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 09.2017 ($).