- Signs for push-out forces
- After around eight years on the job
- Laud, praise, thanks, words of regret and good wishes for Berryman
- Search for a successor
(management-change.com) — Houston, Texas, February 10, 2017 — Allen Berryman, finance chief of Stewart, leaves. As announced by Stewart Information Services Corporation in a news release and in a regulatory filing published on Friday, February 10, 2017, Allen Berryman leaves the post as chief financial officer at the title insurance and real estate services company in a surprising move after around eight years on the job.
Berryman will remain with Stewart through the transition to his successor.
Stewart will undertake a search for a successor.
No reason given
In the announcement, Stewart did not explicitly explain the reason for Berryman’s move, leaving room for speculation.
Stewart said: “Chief financial officer (CFO) Allen Berryman has announced his plans to retire from the Company after serving in that position since 2008.”
Precise information about the future plans of Berryman was not immediately available.
Share price rise since September 2011
The change follows a rise in the share price of Stewart Information Services Corporation since September 2011.
Starboard Value holds 9.91 percent stake
Starboard Value LP reported a 9.91 percent stake in Stewart Information Services Corporation as of September 30, 2016. Starboard Value is an activist investor.
Chaired by Thomas G. Apel
Stewart Information Services Corporation is chaired by Thomas G. Apel.
Thomas G. Apel, Chairman of the Board, is Chief Executive Officer of VLN, Inc., a non-conforming mortgage lending operation in Edmond, Oklahoma.
CEO: Matt Morris
Matt Morris serves as CEO of Stewart Information Services Corporation. Morris has been the Chief Executive Officer of Stewart Information Services Corporation since November 2011.
On the job as CFO since 2008
Berryman has been the Chief Financial Officer, Executive Vice President, Treasurer and Secretary of Stewart Information Services Corporation since September 2, 2008.
With more than 30 years of financial and operational experience with organizations ranging from small, privately held entrepreneurial companies to large Fortune 500 organizations, Berryman is responsible for accounting, treasury and audit, as well as investor relations and property management.
Previously, he was head of finance for Cetero Research, one of the world’s largest providers of early clinical trial and bioanalytical laboratory services to pharmaceutical, biotechnology and generic drug companies.
Prior to joining Cetero, he spent nine years in the electronic payments industry, holding CFO and COO positions with Retriever Payment Systems and TeleCheck International, and serving as corporate controller and chief accounting officer of First Data Corporation.
Berryman also has 12 years’ experience with the public accounting firm of Deloitte & Touche.
Berryman graduated from the University of Georgia and is a Certified Public Accountant.
Generally speaking, when a top manager announces to step down with no successor in place, it is a signal that the change was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Allen Berryman’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 07.2017 ($).