Advance Auto Parts CEO and Finance Chief Depart – C-Suite Transitions
In recent months, a notable trend of simultaneous CEO and CFO departures has emerged, drawing attention to turmoil in the top ranks of certain companies. We highlight three examples of this trend below.
- A few weeks ago, we wrote about the departure of GameStop’s (GME) CFO, coupled with the unexpected termination of Matthew Furlong’s role as President and CEO, a move that raised eyebrows. Since the time we covered these departures in an article titled Second Executive Departs in Two Months at GameStop, the stock went on to drop nearly 22% before rebounding a little in the last four days.
- RB Global (RBA) also saw the departure of both the CEO and CFO. This situation took an unexpected turn as not only did the CEO exit following disputes over her compensation package but the resignation part is also still in question.
- The trend continued with PayPal’s (PYPL) announcement earlier in the year, where the CFO departed the company following a leave of absence for health reasons. Furthermore, the CEO, Dan Schulman, is set to step down effective September 2023.
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