High Profile CEO and CFO Changes Impact Major Corporations and Industries
CLEVELAND, OH – DECEMBER 23, 2015 ─ ON Partners, the results-driven retained executive search firm, today reported its ON the Move list of the biggest corporate executive moves in 2015. The Top Five list reflects two CEOs stepping down, one stepping up in a return to the company that fired him, one independent board member taking over after a CEO resignation and a high profile CFO named to one of the world’s most powerful companies.
The five biggest executive changes in 2015 include:
Jack Dorsey, CEO, Twitter. Fired from the company he co-founded, Dorsey as visionary made Twitter a disruptive force in society but now needs to prove the financial viability of the company’s business model. Said to have matured in terms of management style, this brilliant innovator needs to take the next step. Considered by some to be following Steve Jobs’ path (returning to the company that fired him), Dorsey brings caché, passion and leadership back to Twitter, but his decision to hold a dual-CEO role (Twitter and Square) is a worry to some investors.
Joe Tucci, CEO, EMC. Following strategic acquisitions and the blockbuster deal with Dell, Tucci bolstered the company’s portfolio and positioned himself to leave EMC with a secure legacy for his 14-year tenure as CEO. As Dell moves beyond the PC market to add data storage and security, and EMC bolsters its portfolio with Dell’s products and services, Tucci will walk away with a $27 million golden parachute when the deal is finalized.
Ruth Porat, CFO, Alphabet. Formed in 2015, Google’s parent company hired Porat, formerly CFO and executive Vice president of Morgan Stanley. Another disruptive force in technology and society, Google/Alphabet went to Wall Street to bring financial discipline to its huge push to continue innovating, particularly in moonshot investments such as self-driving cars, Internet balloons and robots. Google, like all enormously successful companies, is maturing and facing the challenges that big companies face when they move from can-do-no-wrong status to how-do-we-grow-it-from-here. Porat, known for a focus on transparency, will protect the bottom line as Google continues to innovate.
Chuck Robbins, CEO, Cisco. Robbins takes over from John Chambers, CEO of Cisco for 20 years. As a traditional large-cap IT leader, Cisco will need Robbins’ leadership to expand its position based on opportunities in cloud equipment, Internet-connected appliances and wearables for the Internet of Things/Internet of Everything – a market projected to reach $263 billion by 2020 – and the growing market for data security. With Cisco’s networking gear still dominant and multiple opportunities for expansion, Robbins is expected to be a steady hand with Chambers’ legacy looming large.
Ed Breen, Interim CEO, DuPont. With the announcement of the potential merger between DuPont and Dow Chemical not long after Breen was named CEO of DuPont, his experience as the architect of the breakup of Tyco International into five companies over ten years comes into play in a possible breakup of DuPont. Expected to be named CEO of the $130 merged firm, Breen’s role in 2016 will be significant whether or not the merger clears an antitrust review.
According to ON Partners co-founder and managing partner Tim Conti, “This year’s list of four CEOs and one CFO comes from hot social media companies as well as aging traditional firms replacing CEOs resigning after decades of service. A brilliant innovator needing to prove the commercial viability of Twitter’s business model, an EMC leader stepping down after a mega-merger with Dell, a high-powered CFO bringing Wall Street mentality to Internet giant Google, a new CEO succeeding the iconic John Chambers, and the architect of the breakup of Tyco International now CEO at DuPont are all about operational change and next-step evolution more than visionary impact. Even so, these industry leaders will have major influence on the future of their corporations for years to come.”
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