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Great find what is your evaluation of his leaving at this time.
January 31, 2013 By Samuel Dergel 13 Comments
Why do CFOs Leave?
What does it take for a CFO to move on in their career?
We asked this question to CFOs in January 2013 and had over 150 responses to this question.
Graph - Reasons for leaving
The responses shown in the graph give a good indication why CFOs leave.
What I found more interesting (and personal) was the detailed reasons given below.
Board decided they wanted a different profile CFO
Corporate consolidation/restructuring
Board forced new CFO, CEO resisted then succumbed, I was hired as new CFO, CEO made life tough for me, I offered resignation after 2 years.
No more personal growth potential
I resigned due to a desire to relocate to another state
I was with my former employer for twelve years as their CFO. Owner’s son got married and needed a job. The owner decided to give my job to his son.
Company changed direction in terms of exit strategy.
unsustainable business model
It was apparent that the foreign founders wanted to re-domicile the company to their country of residence, so I began evaluating other opportunities.
Disagreement over revenue recognition policy
moved management positions to a different city
After selling controlling interest to PE I did not adapt fast enough to PE requirements vs. family owned prior to sale.
Left to start a consulting practice.
Retired
Sold the Company
No opportunity for equity
Company moved HO to another country.
Internal restructuring, consolidation of back office functions
Lead the restructuring process with CEO, which transformed the company to service a specific market, eliminated all C-Level positions.
Get bored quickly
Was resigning regardless of another opportunity.
It’s complicated – but in essence, I was no longer effective as CFO there.
I did the restructuring and elected to leave due to lack of opportunity and company prospects.
Poor fit
Disagreement with CEOs strategy or lack of it…
New CEO (2 responses)
The wife of the president was involved in the company. she often disagreed with the president’s decision
Controlling interest taken by Venture Capital Firm who in turn brought in new BOD and New Executive Team
One of the partners was creating major issues as he wanted to significantly modify the business model. His disagreements were also with our lender, which was creating cash flow issues.
Various reasons not listed above. No longer felt like it was a fit for me professionally.
Under resourced
Interim CFO role
Interesting food for thought, isn’t it?
What do you think about the results of this survey?
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Also if there is a merger the company they are merging with or being bought out by will want there own CFO.
Cfo's role may have just been to bring the merger. Ralston should update on merger and should assure there will be no delay
That why we need the merger alone dirv cannot turn it around with a merger chance to be one of the biggest companies in U.S.
I agree good posts
Thanks for your evaluation. Yes, Ralston needs to rally us.
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We better get good news tomorrow or an update this sinking. Like it or not. A good contract would save us.
Glad your back on the board
They should delay the sale of securities if that's what it means until they are ready to release really great news otherwise it dilutes the status of shares we now have.
§ 230.473 Delaying amendments.
(a) An amendment in the following form filed with a registration statement, or as an amendment to a registration statement which has not become effective, shall be deemed, for the purpose of section 8(a) of the Act, to be filed on such date or dates as may be necessary to delay the effective date of such registration statement (1) until the registrant shall file a further amendment which specifically states as provided in paragraph (b) of this section that such registration statement shall thereafter become effective in accordance with section 8(a) of the Act, or (2) until the registration statement shall become effective on such date as the Commission, acting pursuant to section 8(a), may determine:
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said section 8(a), may determine.
(b) An amendment which for the purpose of paragraph (a)(1) of this section specifically states that a registration statement shall thereafter become effective in accordance with section 8(a) of the Act, shall be in the following form:
This registration statement shall hereafter become effective in accordance with the provisions of section 8(a) of the Securities Act of 1933.
(c) An amendment pursuant to paragraph (a) of this section which is filed with a registration statement shall be set forth on the facing page thereof following the calculation of the registration fee. Any such amendment filed after the filing of the registration statement, any amendment altering the proposed date of public sale of the securities being registered, or any amendment filed pursuant to paragraph (b) of this section may be made by telegram, letter or facsimile transmission. Each such telegraphic amendment shall be confirmed in writing within a reasonable time by the filing of a signed copy of the amendment. Such confirmation shall not be deemed an amendment.
(d) No amendments pursuant to paragraph (a) of this section may be filed with a registration statement on Form F-7, F-8 or F-80 (§ 239.37, § 239.38 or § 239.41 of this chapter); on F-10 (§ 239.40 of this chapter) relating to an offering being made contemporaneously in the United States and the issuer's home jurisdiction; on Form S-8 (§ 239.16b of this chapter); on Form S-3 or F-3 (§ 239.13 or § 239.33 of this chapter) relating to a dividend or interest reinvestment plan; on Form S-3 or Form F-3 relating to an automatic shelf registration statement; or on Form S-4 (§ 239.25 of this chapter) complying with General Instruction G of that Form.
[47 FR 11445, Mar. 16, 1982, as amended at 56 FR 30054, 30055, July 1, 1991; 61 FR 30402, June 14, 1996; 70 FR 44819, Aug. 3, 2005; 76 FR 46617, Aug. 3, 2011]
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Fiveshot you have any evaluation on the amendment to the security agreement?
Good post
Yes I will add Dirv better get the merger to get the contracts because summer is coming and other firms will get ahead of us.
Your right we do have to bear some very bad dips before the merger.
Easy to predict down price we need to get contract news or a merger within these two weeks. Summer is coming and we will lose business. Especially school districts.
No spike until merger or a great contract. The carrot of merger is holding everyone off.
I believe we will be down but we are waiting for the news. Meaning we will have stock in a different company. Keep up the good work.
Your right patience but we should see good news next week and maybe the merger next Monday. Just my opinion
May I add the stock that went up 13 times when I owned it had a reverse split that's when I got out.
The last time I sold when a company lent money on a stock I owed it subsequently with in months went up 13 times your right. They also would have to know about the merger.
Your right in the sense Oasis was a company and a deal that was announced earlier. I have always felt this was a buyout/consolidation. No doubt we should hear something next week. However, we should be able to come up with critical views more views better analysis. Like I said yesterday this company is broke, it does however have contracts, Apex and it is know in the mj industry. That makes it a great purchase or merger. Thanks for the post
This assumes they are going to sell at a very low price. Why would they do that and not wait until the merger and a reverse split.
Who would want to merge with a company with a deal like that would you agree
Sadly I would agree do you think we will see a merger
kingman your a class act I appreciate your response.
So you still the merger going thru?
Let's hope we see the merger next week this can not keep going on
This is not knew with Oasis was I right there would be and additional 198 mil shares just checking kingman
Any opinions you would like to hear.
Not shocked looks like total 866 million anyone has any other view.
Does anyone have an opinion on the S1 registration?
Thanks very much for this post.
Just what makes you think there will be no merger?
I just do not think we will see a large contract until the merger or buyout.
Why nothing about the merger?
they are in the net and need a merger then they will fly.
Reason this is a company with great promise that is broke. Let's face it.
I think there will be a merger or buyout and the reverse split then will go up high. Until then flat.