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For many, the big news is Mark Fields (ex-Ford CEO) taking over as interim CEO at Hertz (HTZZ). He will be making a base salary of $62,500 per week for his troubles. The stock jumped on the news, but many will remember his time at Ford as being underwhelming before they moved on to James Hackett.
Here are the notable moves from the week:
CPI Card Group Inc (PMTS)
Leaving: CFO - John Daniel Lowe ( 4.3 yrs; 24.8% TSR)
Replaced by: Amintore Schenkel
Prior to joining CPI, Mr. Schenkel, 54, served as Senior Vice President, Chief Accounting Officer and Controller of The Western Union Company from 2006 to March 2020. Prior to that, he held a variety of finance roles of increasing responsibility at First Data Corporation from 2001 to 2006. From November 2020 through September 2021, Mr. Schenkel has served as Managing Member and consultant of InterContinental Advisory and Accounting Services LLC, a firm focused in the areas of accounting, finance and operations. Mr. Schenkel holds a Bachelor of Science in Accounting degree and a Master of Accountancy degree from the University of Denver and is a Certified Public Accountant in the State of Colorado.
Enerpac Tool Group Corp (EPAC)
Leaving: CEO - Randal W Baker ( 5.6 yrs; .4% TSR)
Replaced by: Paul Sternlieb
Mr. Sternlieb, age 49, has served as Executive Vice President of John Bean Technologies Corporation and President of its Protein business since October 2017. Prior to that, Mr. Sternlieb served as Group President, Global Cooking of Illinois Tool Works Inc. since 2014, and from 2011 to 2014 he served as a Vice President and General Manager for Danaher Corporation. Prior to that, he held management roles with H.J. Heinz Company and was a consultant with McKinsey & Company, leading consulting engagements for global food and beverage clients. Mr. Sternlieb received an MBA from, and was a Palmer Scholar at, the Wharton School and received dual undergraduate degrees in Economics and Computer Science from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania.
Hertz Global Holdings Inc (HTZZ)
Leaving: CEO - Paul Stone ( 1.4 yrs)
Replaced by: Mark Fields
Mark Fields is a Senior Advisor at TPG Capital and former President and CEO of Ford Motor Company. He held senior leadership roles at the company, including Chief Operating Officer, Executive Vice President & President of the Americas, Executive Vice President and Chief Executive Officer of Premier Automotive Group and Ford Europe, Chairman and Chief Executive Officer of the Premier Automotive Group, and President and Chief Executive Officer of Mazda Motor Corporation. He is the Lead Independent Director of Tanium and serves on Qualcomm's Board of Directors. He has served on the Boards of Ford, IBM and Mazda, as well as four private companies on behalf of TPG Capital. Mr. Fields holds a bachelor’s degree in economics from Rutgers University and a Master of Business Administration from Harvard Business School.
iRhythm Technologies Inc (IRTC)
Leaving: CEO - Douglas Devine ( .3 yrs; )
Replaced by: Quentin S Blackford
Mr. Blackford most recently served as the Chief Operating Officer of Dexcom, Inc. In this role, Mr. Blackford was responsible for Dexcom’s global operations, strategic development and growth and entrance into new markets. He joined Dexcom as Chief Financial Officer in 2017. Prior to Dexcom, Mr. Blackford served as NuVasive’s Executive Vice President, Chief Financial Officer, Head of Strategy and Corporate Integrity, where he played a key role in navigating the company through phases of significant growth and profitability improvements since 2009. He was instrumental in several acquisitions to build upon NuVasive’s portfolio of products and entry into new product segments, as well as geographic expansion. Prior to his roles at NuVasive, Mr. Blackford led the organization’s Global Financial Planning & Analysis group at Zimmer Holdings, Inc., in addition to serving as Director of Finance and Controller of the Dental Division. Mr. Blackford is an independent member of the Board of Directors of Alphatec Holdings, Inc. and Axogen, Inc. Mr. Blackford is a Certified Public Accountant (inactive) and received dual Bachelor of Science degrees in Accounting and Business Administration from Grace College.
Sunworks Inc (SUNW)
Leaving: CFO - Paul Clayton McDonnel ( 2.7 yrs; 39.8% TSR)
Replaced by: Jason Lee Bonfigt
Mr. Bonfigt, age 43, joins the Company from Broadwind, Inc. (NASDAQ: BWEN), a manufacturer of structures, equipment, and components for clean tech and other specialized applications, where he served as Chief Financial Officer from August 2017 to October 2021. Prior to his role as Chief Financial Officer at Broadwind, he served as Vice President, Corporate Controller from August 2016 until his appointment as Chief Financial Officer. During his tenure at Broadwind, he performed various financial, accounting and operational functions. Prior to joining Broadwind, Mr. Bonfigt held a series of positions in finance at Schneider National, a provider of truckload, intermodal and logistics services. He is a Certified Public Accountant and holds a Bachelor's degree in Accounting and Finance from the University of Wisconsin - Green Bay, as well as Master of Business Administration degree - Finance and Economics from the Kellogg School of Business at Northwestern University.
Utz Brands Inc (UTZ)
Leaving: CFO - Cary Devore ( 2.3 yrs; 28.2% TSR)
Replaced by: Ajay Kataria
Ajay Kataria , 43, serves as Executive Vice President of Finance and Accounting at Utz Brands Holdings, having served in this role since July 2019. Mr. Kataria joined Utz Brands Holdings in July 2017 as Senior Vice President of Finance and Treasury to support our financial planning, analytics and business transformation efforts, and became Executive Vice President in July 2019. Prior to joining the Utz companies, from April 2016 until July 2017, Mr. Kataria served as Vice President of Global Finance and Strategy at Armstrong Flooring, Inc., a producer of residential and commercial flooring products. Prior to his time at Armstrong, from August 2014 until April 2016, Mr. Kataria served as Vice President of Supply Chain Finance at Chobani, Inc., a producer of Greek yogurt and dairy products. Prior to Chobani, Mr. Kataria worked for ten years at PepsiCo in various supply chain and finance roles of increasing responsibility. Mr. Kataria holds a Bachelor of Technology from the National Institute of Technology, India and earned his MBA from Southern Methodist University, Cox School of Business.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)Daily SPAC Analysis also available at BoardroomAlpha.com