CFO Departures: Navigating Leadership Shifts in Alithya, Silvaco, and Arcutis

The departure of a chief financial officer (CFO) can send ripples through investor confidence, signaling potential risks or opportunities. In recent months, three companies—Alithya Group Inc. (TSX: ALYA), Silvaco Group, Inc. (Nasdaq: SVCO), and Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT)—have experienced CFO resignations, each with distinct implications for their financial trajectories and market standing. Let’s dissect these shifts and their investment relevance.

Alithya Group Inc.: Interim Leadership Meets Executive Search

Alithya’s CFO, Nicolas Lavoie, stepped down on April 23, 2025, citing personal reasons. The interim CFO, Debbie Di Gregorio, is no stranger to the role, having served from June to December 2024. Her deep institutional knowledge—she joined Alithya in 2018 as VP of Finance and has 25 years of experience at Richter, a Canadian accounting firm—bolsters confidence in her ability to manage the transition.

However, investors should monitor how Alithya’s financial performance aligns with its Q1 2025 results, expected in mid-June. A key question: Will the interim leadership sustain the company’s growth in IT services?

Silvaco Group, Inc.: Dual Interim Leadership and Geopolitical Risks

Silvaco’s CFO Ryan Benton resigned in April 2025 to pursue a new career outside the semiconductor industry. CEO Babak Taheri and Keith Tainsky (a semiconductor finance veteran) now share interim CFO duties. While Tainsky’s industry experience at Exar and Amkor is reassuring, Silvaco faces significant headwinds.

The semiconductor sector remains vulnerable to macroeconomic slowdowns, supply chain disruptions, and geopolitical tensions—Silvaco’s Q1 2025 guidance reaffirmed its commitment to these risks. Investors must weigh interim leadership stability against the broader semiconductor market’s volatility.

Arcutis Biotherapeutics: A Smooth Transition to Commercial Growth

Arcutis’ CFO David Topper retired in May 2025 after strengthening the company’s financial footing, including renegotiating debt and achieving Sarbanes-Oxley compliance. His successor, Latha Vairavan, brings 20+ years of biotech finance experience (Amgen, KPMG) and immediate credibility.

Arcutis’ FDA-approved psoriasis treatment ZORYVE® and its expanding pipeline (e.g., alopecia areata therapies) position it for sustained growth. Vairavan’s leadership could amplify this momentum. However, biotech’s high R&D costs and regulatory hurdles remain key risks.

Broader Implications for Investors

CFO departures are inherently risky, but these transitions highlight three critical factors for investors:
1. Interim Leadership Quality: All three companies opted for internal candidates with proven expertise, minimizing disruption.
2. Industry-Specific Risks: Silvaco’s semiconductor exposure and Arcutis’ reliance on FDA approvals underscore sector-specific vulnerabilities.
3. Financial Transparency: None of the resignations cited disagreements over financial practices, a positive sign.

Conclusion: Leadership Transitions as a Mixed Signal

While CFO departures can unsettle markets, the moves by Alithya, Silvaco, and Arcutis suggest strategic preparedness. For example:
- Alithya’s interim CFO has already weathered a similar transition, reducing uncertainty.
- Arcutis’ product pipeline (ZORYVE® sales grew 35% YoY in 2024) provides a financial cushion.
- Silvaco’s reaffirmed guidance signals confidence despite macro risks.

Investors should prioritize companies with strong interim leadership and diversified revenue streams. For instance, Arcutis’ biotech focus and ZORYVE®’s commercial success may outperform cyclical sectors like semiconductors in a downturn. Meanwhile, Alithya’s IT services—less tied to global economic cycles—could stabilize its stock.

In short, CFO departures are not inherently red flags. The devil lies in execution: interim leaders must deliver results, and companies must navigate industry-specific challenges. Monitor these metrics closely to separate the resilient from the vulnerable.