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Board member steps down to take finance helm at pump maker; Verizon CFO finalized.
By Denise Bedell
In a move that is indicative of pump maker Colfax’s continued focus on reducing costs and increasing financial strength, the company has appointed board member and Audit Committee Chairman Scott Brannan as CFO and treasurer--succeeding Scott Faison, who resigned.
The company has been restructuring to bring down working capital costs after a tough few quarters, and announced recently that it will move its headquarters from Richmond, Va. to Columbia, Md., to take advantage of the greater market opportunities for its products.
Colfax saw net sales drop by 8.5 percent in the second quarter this year over the same period last year, and net income fall 29 percent.
However, with an ongoing working capital restructuring program having an impact, it is not all bad news for Colfax. The firm reported that its restructuring efforts had reaped benefits to the tune of working-capital-to-sales reductions of 19 percent.
Plus, the company is finally looking forward to positive sales growth and increasing EPS in the second half of the year.
According to its second quarter results announcement, the company expects organic sales growth of up to 6 percent and adjusted second-half EPS guidance from $0.67 to $0.77 to between $0.70 and $0.77.
CFO-elect Brannan joined the company two years ago from accounting firm Aronson, where he was a partner for seven years. Before that he spent 12 years at Danaher in such positions as chief accounting officer, controller and VP Administration.
This is not the first time this year that a board member has stepped down to assume an executive position at Colfax. In January, then-CEO and President John Young announced his resignation, to be replaced by board member Clay Kiefaber. Both Kiefaber and Brannan joined Colfax at its IPO in 2008.
In another week of Verizon executive team news, the firm has finally announced who will take over the top finance job from John Killian, who is set to retire at year-end. Francis Shammo, now president of Verizon Telecom and Business, will step up to the EVP and CFO role on November 1. Shammo has been with Verizon--and its pre-merger incarnation of Bell Atlantic Mobile--since 1989.
Compressed air and gas firm Gardner Denver has announced that Michael Larsen will take over as vice president and chief financial officer, succeeding Helen Cornell, who is retiring. Cornell has been CFO since 2004. Larsen was previously CEO of GE Water & Process Technologies.
Software and services company Parametric Technology has hired Jeffrey Glidden as EVP and CFO—to replace current CFO Neil Moses, who announced his resignation in May. Glidden joins from Airvana, where he was VP and CFO.
Robert Curry will take over as COO and CFO at business intelligence software supplier OrcaEyes. Curry will handle growth plans and new financial initiatives, according to the company.
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