Satya Nadella Becomes Chairman; Lordstown CEO/CFO Out; & other Director, CEO, CFO Moves

Satya Nadella bucked recent governance trends and became CEO and Chairman of MSFT this week. Steve Burns resigned as CEO of Lordstown (RIDE) amid controversy. Plus other director, CEO, and CFO moves from the week.
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MSFT Bucks Governance Trend and Makes Nadella CEO + Chairman
Microsoft (MSFT) announced this week that CEO Satya Nadella has been named Chairman of the Board of the company - unanimously voted to the role by the independent members of the board. Correspondingly former Chair John W. Thompson was named the Lead Independent Director. It comes as a significant vote of confidence for Nadella, who has held the CEO role since 2014 and overseen a remarkable resurgence at Microsoft.  

The separation of Board Chair and CEO role has long been a hot topic of debate in the governance community - with some believing that the CEO yields too much power if they hold both posts. In this case, it seems as if Satya is being rewarded for his strong performance at the helm. What this means for performance and governance long-term remains to be seen, but investors undoubtably have high confidence in Nadella.

Lordstown Motors in Disarray and both CEO and CFO are Out
Both CEO Steve Burns and CFO Julio Rodriguez stepped down from the EV truck maker this week. It's been a tumultuous several weeks for RIDE as they have warned that they are not capital sufficient to begin production of their vehicles and have also admitted that they don't actually have any pre-orders set for their trucks. Shares fell heavily on the news. 

Other notable moves from the week include:

General Motors Company (GM)
Exited -> Director - Theodore M Solso | 10.1 yrs | Tenure Rating: C+

Hanesbrands Inc. (HBI)
Started -> Director - William S Simon

KKR & Co. Inc. (KKR)
Started -> Director - Adriane M Brown

Restaurant Brands International Inc. (QSR)
Exited -> Director - Motta Roberto Moses Thompson | 6.6 yrs | Tenure Rating: B-

Teradata Corporation (TDC)
Exited -> CFO - Mark Culhane | 3.7 yrs | Tenure Rating: C-
Started -> CFO - Claire Bramley

Ms. Bramley, age 44, most recently served as the Global Controller of HP Inc. (“HP”) from December 2018 until June 2021. From June 2015 to December 2018, she served as HP’s Regional Head of Finance for its Europe, Middle East and Africa region. From January 2013 to May 2015, Ms. Fullard served as Vice President, Corporate Financial Planning and Analysis at HP.

The Gap, Inc. (GPS)
Exited -> Director - Elizabeth A Smith | 1.3 yrs | Tenure Rating: A+

Western Alliance Bancorporation (WAL)
Exited -> Director - Todd Marshall | 26.5 yrs | Tenure Rating: A-

AMC Networks Inc. (AMCX)
Exited -> Director - Marianne Dolan Weber | 10.1 yrs | Tenure Rating: C-
Started -> Director - Aidan J Dolan

Arena Pharmaceuticals, Inc. (ARNA)Started -> Director - Steven J Schoch

AtriCure, Inc. (ATRC)
Started -> Director - Deborah H Telman
Started -> Director - Maggie Yuen

Aurinia Pharmaceuticals Inc (AUPH)
Started -> Director - Brinda Balakrishnan

Balchem Corporation (BCPC)
Exited -> Director - Paul D Coombs | 11.5 yrs | Tenure Rating: C

B&G Foods, Inc. (BGS)
Started -> Director - Kenneth C Keller Jr
Started -> CEO - Kenneth C Keller Jr

BioAtla, Inc. (BCAB)
Started -> Director - Sylvia McBrinn

Biohaven Pharmaceutical Holding Company Ltd. (BHVN)
Started -> Director - Kishan Mehta

BRP Group, Inc. (BRP)
Started -> Director - Jay A Cohen

CarGurus, Inc. (CARG)
Started -> Director - Yvonne Hao
Exited -> Director - Anastasios Parafestas | 15.3 yrs | Tenure Rating: D

Casella Waste Systems, Inc. (CWST)
Started -> Director - Gary Sova
Exited -> James F Callahan Jr

Certara, Inc. (CERT)
Started -> Director - Carol Giltner Gallagher

Dave & Buster's Entertainment, Inc. (PLAY)
Exited -> Director - Jonathan S Halkyard | 9.8 yrs | Tenure Rating: BExited -> Stephen M King

ExlService Holdings, Inc. (EXLS)
Exited -> Director - Deborah Kerr | 6.5 yrs | Tenure Rating: A+

Four Corners Property Trust, Inc. (FCPT)
Exited -> Director - Paul E Szurek | 5.7 yrs | Tenure Rating: B-

Franklin Electric Co., Inc. (FELE)
Exited -> CFO - John J Haines | 13.3 yrs | Tenure Rating: B+
Started -> CFO - Jeffery L Taylor

Most recently, Mr. Taylor was the CFO of Blue Bird Corporation (NASDAQ: BLBD), a leading manufacturer of school buses, since 2020. He had previously been Senior Vice President and Chief Financial Officer of Wabash National Corporation (NYSE: WNC) from 2014 to 2020. Earlier in his career, Mr. Taylor worked at King Pharmaceuticals and Eastman Chemical Company, progressing through multiple finance positions that supported commercial and manufacturing business teams, Financial Planning and Analysis, Treasury, and Investor Relations.

JetBlue Airways Corporation (JBLU)
Started -> CFO - Ursula Hurley

Ms. Hurley, age 39, the Company’s Head of Treasury and Investor Relations and Treasurer since April 2021, first joined the Company’s finance team in 2004 and subsequently served in positions of increasing responsibility, including as Director, Assistant Treasurer & Fuel from June 2012 to July 2017 and Vice President Structural Programs from July 2017 to July 2018. From July 2018 to April 2021, Ms. Hurley was the Vice President Treasurer, responsible for debt and cash management, cash flow, fuel and interest rate hedging, strategic sourcing, and fleet strategy, including aircraft and engine sourcing.

Lordstown Motors Corp. (RIDE)
Exited -> Director - Stephen S Burns | .8 yrs | Tenure Rating: F
Exited -> CEO - Stephen S Burns | .8 yrs | Tenure Rating: F
Exited -> CFO - Julio C Rodriguez | .8 yrs | Tenure Rating: F
Started -> CFO - Rebecca A Roof

Ms. Roof, age 65, is employed by, and has been a Managing Director of AlixPartners LLP, a global consulting firm, since 2000. She has previously served as Interim Chief Financial Officer of the Eastman Kodak Company, Hudson’s Bay Company, Aceto Corp., Anchor Glass Corporation, and several other privately held entities. Ms. Roof also served as Interim Global Controller of LyondellBasell Industries, the third-largest chemical company globally. In addition, Ms. Roof currently serves on the advisory boards of Texas Wall Street Women and Peach Outreach and is a member of the United Way Women’s Initiative in Houston.

Morphic Holding, Inc. (MORF)
Exited -> Director - Vikas Goyal | 5.1 yrs | Tenure Rating: C

Pacific Biosciences of California, Inc. (PACB)
Exited -> Director - Michael Hunkapiller | 16.5 yrs | Tenure Rating: D

Puma Biotechnology, Inc. (PBYI)
Exited -> Director - Hugh O'Dowd | 1.8 yrs | Tenure Rating: C

Regis Corporation (RGS)
Started -> Director - Michael Joseph Mansbach

SailPoint Technologies Holdings, Inc. (SAIL)
Started -> Director - Sudhakar Ramakrishna

Schrodinger, Inc. (SDGR)
Exited -> Director - Timothy Michael Wright | 6.3 yrs | Tenure Rating: D

Silvergate Capital Corporation (SI)
Started -> Director - Aanchal Gupta

Sprout Social, Inc. (SPT)
Started -> Director - William Thomas Stanley

Syneos Health, Inc. (SYNH)
Exited -> Director - John L Maldonado | 3.9 yrs | Tenure Rating: B-
Started -> Director - David S Wilkes
Exited -> Director - Joshua M Nelson | 4.0 yrs | Tenure Rating: B-

Trupanion, Inc. (TRUP)
Exited -> Director - H Hays Lindsley | 8.4 yrs | Tenure Rating: B
Exited -> Director - Robin A Ferracone | 6.6 yrs | Tenure Rating: B+

Verint Systems Inc. (VRNT)
Exited -> Director - Penny Herscher | 4.3 yrs | Tenure Rating: C+
Exited -> Director - Howard Safir | 19.5 yrs | Tenure Rating: C

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)