CCMP Reorganizes in 2016February 25, 2016 - Author: steph - No Comments
Perhaps unknown to the rest of the world, but fearing that you could be fired regardless of your performance is something that occurs quite regularly in the world of finance. Depending on the needs of the firm at the end of the financial year, employees could be let go to make for a more strategically fit firm for the year to come. It’s expected to come at the close of December, giving the former employer a chance to enjoy some of their holiday break before seeking new work, but rarely does such a practice take place in January.
Early on last moth, CCMP Capital said goodbye to five high-ranking employees from various departments in their firm over the course of the same week. This resulted in changes in their human resources department as well as their management with the loss of a couple of vice presidents. For most firms, this irregular firings could be seen as an indicator of a firm in trouble, preparing for an oncoming tide of poor business. However, representatives of CCMP were quick to dissuade the public from succumbing to this notion by saying this is merely the first stages of a strategic restructuring to prioritize key personnel for predicted business in the coming year.
Restructuring is a common practice, as the world of finance sways in all directions and failing to have a staff poised to meet the challenges of the current market could mean the difference between the growth or death of a firm. But these are complications that come only months after CCMP lost their president and CEO Stephen Murray CCMP Capital, halting trading for a time, disrupting the normal operating functions of the firm. It’s well within reason to think that his loss is giving the firm some work to realign with its intended path.
Stephen Murray spent 26 years working at CCMP Capital, reaching the chief positions of CEO and President at the age of 52. Prior to this time, he’d touched nearly every position in the firm, covering its time as a partner of JP Morgan and Chase Manhattan prior to those two banks merging together, and was even present for when the firm achieved its independence.
Outside of his time working in finance, Murray devoted a portion of his life to philanthropic efforts. In his adopted home of New York, he supported the Make-A-Wish Foundation of Metro New York and Columbia Business School, where he completed his graduate studies. He also make charitable contributions to his other alma matter, Boston College.
In April of 2015, Murray announced his separation from CCMP Capital due to complications of his health that would eventually lead to his passing. Former CCMP Capital’s chairman, Greg Brenneman announced Murray’s passing before taking over his positions as both CEO and President of CCMP Capital.
Categories: Company Success