- Signs for push-out forces
- After about two years on the job
- Accolades, praise, thanks and good wishes for Weller
- Search for a successor
(exechange) — Valencia, California, June 08, 2017 — Rick Weller, finance chief of Wesco, leaves. As announced by Wesco Aircraft Holdings, Inc. in a news release and in a regulatory filing published on Thursday, June 08, 2017, Richard J. (Rick) Weller leaves the post as chief financial officer at the provider of supply chain management services to the aerospace industry in a surprising move after about two years on the job.
No company wants a CFO to flame out in the first years.
Weller’s move comes less than two months after Todd Renehan took over as CEO of Wesco Aircraft Holdings, Inc.
Weller is expected to continue to serve as the company’s chief financial officer and remain an officer of the company until a successor is found to ensure an orderly transition.
Wesco will undertake a search for a successor.
No reason given
In the announcement, Wesco did not explicitly explain the reason for Weller’s move, leaving room for speculation.
Precise information about the future plans of Weller was not immediately available.
Wesco said: “On June 8, 2017, Richard J. Weller, Executive Vice President and Chief Financial Officer of Wesco Aircraft Holdings, Inc. …, informed the Company of his intention to retire from his position of Executive Vice President and Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of Wesco Aircraft Holdings, Inc. since February 2017.
Carlyle holds 23.21 percent stake
Carlyle Group L.P. reported a 23.21 percent stake in Wesco Aircraft Holdings, Inc. as of March 30, 2017. Carlyle is a private equity, alternative asset management and financial services corporation.
Chaired by Randy J. Snyder
Wesco Aircraft Holdings, Inc. is chaired by Randy J. Snyder.
Snyder has served as the Company’s President and Chief Executive Officer since 1977, and has been the Chairman of the Board since 2006.
CEO: Todd Renehan
Todd Renehan serves as CEO of Wesco Aircraft Holdings, Inc. Todd Renehan was named Chief Executive Officer in April 2017. As announced by Wesco Aircraft Holdings, Inc. in a news release and in a regulatory filing published on Friday, April 28, 2017, David J. (Dave) Castagnola had left the post as Chief Executive Officer at the provider of supply chain management solutions in a surprising move after less than two years on the job, effective April 26, 2017.
On the job as CFO since 2015
Rick Weller joined Wesco Aircraft as Executive Vice President and Chief Financial Officer in May 2015.
He has more than 36 years of experience in finance and accounting at large multi-national corporations, most recently serving as Vice President and Corporate Controller (Chief Accounting Officer) at Ingersoll-Rand plc (Ingersoll-Rand), a diversified global industrial company.
Prior to that, he served as Vice President, Finance and Chief Financial Officer of Ingersoll-Rand’s Security Technologies sector (now Allegion plc).
Prior to his experience at Ingersoll-Rand, Weller held senior-level financial and general management positions at Textron Inc., a diversified company with a global network of aircraft, defense and intelligence, and industrial and finance businesses.
His roles at Textron included having full profit and loss responsibility for the company’s North America Fastening Systems operations, as well as global oversight of finance, information technology, strategy, pricing, business development and operations.
Weller also held positions in finance and accounting at Litton Data Systems / Northrop Grumman Corporation and Aviall, Inc.
At the time of Weller’s appointment as chief financial officer at Wesco, Randy Snyder, chairman of the board, had said: “We are very excited to welcome Rick to Wesco Aircraft. He brings extensive corporate and division-level finance and accounting experience to Wesco, with long-standing tenure at major publicly traded companies. Rick’s background includes senior financial roles at Ingersoll-Rand, where he served as corporate controller and chief financial officer for a $2 billion revenue sector. Rick also held significant leadership positions at Textron, where he had experience working with some of Wesco’s largest customers and suppliers as the global finance leader and the general manager of North America for Textron Fastening Systems. Rick’s expertise in financial planning and analysis, information technology, and mergers and acquisitions integration will be particularly vital to Wesco.”
Generally speaking, when a top leader announces to step down with no successor available, it’s a signal that the change was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Rick Weller’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 24.2017 ($).