New President and CEO of Colfax (NYSE: CFX)
It comes a bit of a surprise!
Colfax Corporation (NYSE: CFX) a company we track regulary here on this blog announced yesterday that its President and CEO John A. Young will resign and will be replaced immediately by board member Clay Kiefaber.
We don’t know Mr. Kiefaber very well because on the board of Colfax he only served since the company’s IPO in 2008 but the stock market reacted favorably.
The stock price moved higher together with the overall market.
The press release states that Mr. Kiefhaber has ample industrial experience in increasingly senior executive positions for more than 20 years.
At the same time Colfax reaffirmed its earnings and sales guidance for FY 2009.
We will discuss the results when they will be released later this year.
Yesterday Colfax’ stock price closed at $ 12.27:
this translates into a 69 % increase from $ 7.27 on May 16th, 2009 when we first discussed Colfax on this blog!