- Signs for push-out forces
- After less than a year and a half on the job
- No successor named
(exechange) — Euless, Texas, March 24, 2017 — Jody Tusa, finance chief of U.S. Concrete, leaves. As announced by U.S. Concrete, Inc. in a regulatory filing published on Friday, March 24, 2017, Joseph C. (Jody) Tusa, Jr. leaves the post as Chief Financial Officer at the maker of ready-mixed concrete in a surprising move after less than a year and a half on the job, effective July 01, 2017.
No company wants a CFO to flame out in the first years.
Tusa’s role as principal accounting officer will cease on April 1, 2017.
U.S. Concrete did not name a replacement for the position of Chief Financial Officer.
The management change is explained as follows. U.S. Concrete said: “On March 24, 2017, the Company announced that Joseph C. “Jody” Tusa, Jr., the Company’s Senior Vice President and Chief Financial Officer, has resigned from his positions with the Company for personal reasons, effective as of July 1, 2017 (the “Separation Date”).”
In the announcement, the company did not detail the personal reasons causing Tusa, Jr. to leave the position, leaving room for speculation.
Precise information about the future plans of Tusa, Jr. was not immediately available.
“Not as a result of any disagreement”
“Mr. Tusa’s anticipated departure is not as a result of any disagreement with the Company,” U.S. Concrete said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The change follows a decline in the share price of U.S. Concrete, Inc. since March 17, 2017.
Chaired by Eugene I. Davis
U.S. Concrete, Inc. is chaired by Eugene I. Davis.
Eugene I. Davis has served as the Company’s Chairman of the Board since 2010.
CEO: William J. Sandbrook
William J. Sandbrook serves as CEO of U.S. Concrete, Inc.
Sandbrook has been Chief Executive Officer and President of U.S. Concrete, Inc. since August 22, 2011 and served as its Chief Operating Officer until October 26, 2015 and its Interim Principal Financial Officer from October 23, 2015 to February 1, 2016. Sandbrook is a 1979 graduate of the U.S. Military Academy at West Point.
On the job as CFO since 2016
Tusa joined U.S. Concrete as Senior Vice President and Chief Financial Officer in February of 2016.
During his career, he has developed a strong track record of financial leadership including building and leading finance teams, and successful execution of mergers and acquisitions, including post-closing integrations, and capital markets transactions.
With over 35 years of experience, he also brings expertise in corporate governance compliance and the enhancement of internal controls, along with a proven history of generating improved financial performance and growth.
Tusa was most recently the CFO of Emerge Energy Services LP.
His diverse financial experience also includes CFO roles at USA Compression Partners, COMSYS IT Partners, Inc., and DSM Copolymer, Inc., along with senior leadership positions at Metamor Worldwide, Inc. and TOTAL American Mining, Inc.
At the time of Tusa, Jr.’s appointment as Chief Financial Officer at U.S. Concrete, William J. Sandbrook, U.S. Concrete President and CEO, had said: “We are extremely pleased to welcome Jody to our Company. Jody is a seasoned addition to our team with over 35 years of financial experience, including 25 years in CFO and senior leadership positions. His financial acumen, combined with his operating experience, capital markets knowledge and successful mergers and acquisitions track record, provide the Company with the necessary support to maintain our growth in our targeted heavy construction materials segments. We look forward to his contributions to our financial performance, accretive growth and the execution of our long-term strategy.”
Generally speaking, when a top leader announces to step aside with no successor in place, it’s a signal that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Jody Tusa, Jr.’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 13.2017 ($).