On Sept. 10, 2018, Nielsen Holdings welcomed a new Chief Financial Officer, following the departure of Jamere Jackson for similar duties at Southwest Florida-based Hertz Global Holdings.
Taking Jackson’s place at Nielsen: the ex-CFO of Alexion Pharmaceuticals, who previously worked as such companies as Honeywell International and RJR Nabisco.
Add Nielsen to the companies this individual has now previously worked for.
In a SEC filing made Monday (12/23), Nielsen confirmed that David J. Anderson, its COO and CFO, has resigned, effective Dec. 31.
The search for Anderson’s successor has commenced, with the assistance of an external search firm.
Anderson’s departure comes with the execution of a separation agreement, which will see Anderson receive $1.3 million over the course of two payments. The first one comes Jan. 9, 2020, with the second payment due July 1, 2020.
Additionally, Nielsen will accelerate the vesting on a pro-rated basis of the tranche of each outstanding restricted stock unit award next scheduled to vest.
Why is Anderson exiting Nielsen? The company noted in the SEC filing that his resignation “is not related to any issues involving the company’s business, strategy, operations, performance, financial reporting or internal controls.”
With that, Nielsen reaffirmed its FY2019 financial guidance — and the split of what had been known as its “Watch” and “Buy” segments until earlier this year.
“We are full steam ahead in preparing for the separation of our Global Media and Global Connect businesses,” said CEO David Kenny. “As independent, publicly traded companies, Media and Connect will enjoy added flexibility and further strengthen their paths towards a new phase of growth, productivity and industry leadership. Dave Anderson played an important role at Nielsen during a critical time for the company. We appreciate his many contributions. I’m confident in the quality and depth of our finance and accounting teams, which will ensure financial reporting continuity through the CFO transition.”
The departure of Anderson comes following the Dec. 19 naming, as of Jan. 13, 2020, of Laurie Lovett as Nielsen’s new Chief Human Resources Officer — with a base salary of $500,000, a target annual cash bonus of an additional $500,000, and $1 million in stock units.
With the release of its Q3 2019 results in November, Nielsen reiterated its 2019 Revenue, Adjusted EBITDA, and Free Cash Flow estimates while raising Adjusted EPS guidance as follows:
- Total revenue growth on a constant currency basis: Flat to +1.5%
- Adjusted EBITDA margin: 28 – 29%
- Adjusted EBITDA: $1,800 – $1,900 million
- Adjusted earnings per share: $1.77 – $1.83 (previously $1.70 – $1.80)
- Free cash flow: $525 – $575 million
NLSN shares were down 3% to $20.17 at 4pm Eastern. Volume was exceptionally heavy at 6.47 million shares; average volume is 3.44 million.
