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John P. Gavin, CFA, is the founder and CEO of Disclosure Insight®, an independent publisher of investment research. Mr. Gavin has spent his entire career of over 25 years in the financial services industry. Prior to starting “DI” in 2000, he worked as an equity analyst and portfolio manager... More
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  • Catalyst Health Solutions Loses Third General Counsel Amid Recent History Of Leadership Turnover

    On 25-Jan-12, Catalyst Health Solutions (NASDAQ: CHSI announced the resignation of General Counsel Bruce Metge, effective 1-Mar-12. He will be replaced by Benjamin Preston on that date. Preston will be the third individual to fulfill this role since 2008. Elsewhere in the executive suite, CHSI has seen two COOs and five CFOs (one of whom has served twice) in the past five years. Additionally, in Dec-11, Chairman Edward Civera resigned and was replaced as such by CEO David Blair, son of former Chairman Thomas Blair.

    Below is a detailed breakdown of the above activity in the executive suite:

    • In Mar-07, Michael Donovan (previously CFO from 1999 to 2006) resumed his role as CFO
    • Richard Hunt (CFO since 2006) subsequently remained in a transitional role.
    • In Jul-08, Donovan was succeeded as CFO by Hai Tran.
    • In Jul-11, Tran stepped down as CFO to pursue other business opportunities.
    • Deirdre Kramer, Corporate Controller and SVP - Finance, was appointed as interim CFO following Tran's departure.
    • In Aug-11, Timothy Pearson was appointed as permanent CFO.
    • In Jun-10, Nick Grujich (COO since 2005) was appointed EVP - Strategic Business Operations.
    • Richard Bates (EVP since 2009) was subsequently appointed COO.
    • In Jul-08, Thomas Farah (General Counsel since Mar-02) transitioned into an advisory role.
    • Farah was succeeded by Bruce Metge.
    • Metge resigns effective 1-Mar-12.
    • Benjamin Preston is named as Metge's replacement.
    • David Blair has been CEO since 1999.
    Tags: CHSI
    Jan 27 2:37 PM | Link | Comment!
  • In The Midst Of Beating The Street On 4Q11 Earnings, Janus Capital Group Discloses Upcoming Chairman Departure

    In conjunction with its earnings release filed this morning, Janus Capital Group (NYSE: JNS disclosed in an 8-K that Steven Scheid will retire as Chairman at the end of his term in Apr-12. This will be the company's sixth director departure since 2007.

    Scheid (age 58) has served as Chairman since Jan-04 and as a director since Dec-02. He also previously served as CEO from Apr-04 to Jan-06. In addition to being the sixth director to depart since 2007, Scheid will be the fourth person under the age of 60 to exit the board in that time. Glen Schafer (age 62) has been appointed to succeed Scheid as Chairman. He has been a director since Dec-07 as well as Chairman of the audit committee since May-08.

    Tags: JNS
    Jan 26 3:15 PM | Link | Comment!
  • Upcoming Director Departures At Schlumberger Will Bring Tally To Nine Departures Since 2007

    On 23-Jan-12, Schlumberger Limited (NYSE: SLB reported that Philippe Camus (director since 2007) decided not to stand for re-election at the 2012 annual meeting scheduled to be held this coming April. Once consummated, this departure, along with the previously announced departure of Chairman Andrew Gould at the annual meeting, will bring the total number of director departures to 9 since 2007.

    While the departures of Camus and Gould came with ample notification before the fact, the trend over the past five years shouldn't be ignored. With the exception of 2011, the company has witnessed at least one director departure every year since 2007. So far, there are already 2 planned for 2012. It should also be noted that 3 of the 9 departures were individuals under the age of 60. Camas and Gould will depart from the board at the ages of 63 and 65, respectively, years below the company's mandatory retirement age.

    Tags: SLB, energy
    Jan 26 3:14 PM | Link | Comment!
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