What Matters Is the Way CFOs Say Goodbye

Editor's Note: Jim Cramer's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com, click here. This article was published March 6 on RealMoney. In case you were wondering what a "bad chief financial officer leaving story" looks like vs. Amazon's(AMZN Quote) "good departure," look no further than Conseco(CNC Quote), which is truly ugly.

Today the Conseco chief financial officer, Chuck Chokel, announced he is leaving immediately "to pursue other interests."

He had been the chief financial officer for less than a year! This company is bleeding red ink from its eyeballs. It badly needs financing. It badly needs capital. I am surprised it is down only a dollar. But then again, it was a $4 stock.

Remember, it is not the CFO departure in itself that matters; that happens all the time. It is the way he departs. When he departs with a one-paragraph release and a shock, that's different from the old "transition."

That's why Amazon's up right now and Conseco is sure to be among the Big Board's largest decliners at the end of the day.