Gardner Denver, Inc. (GDI: Quote), a manufacturer of highly engineered products, on Monday said that Barry Pennypacker has resigned as president, chief executive officer and director. The company appointed Vice President and Chief Financial Officer Michael Larsen as its interim CEO, effective immediately. Gardner Denver also backed its second-quarter earnings forecast.
Further, the company said Diane Schumacher will continue to serve as board chairperson and will actively assist Larsen during the transition period. Meanwhile, the nominating and corporate governance committee of the board of directors will oversee the search for the next CEO.
During the interim period, Larsen, who oversees all company financial matters, including mergers and acquisitions, will retain his CFO responsibilities.
Prior to joining Gardner Denver, Larsen served as chief financial officer for General Electric Water & Process Technologies. His previous experience includes more than 15 years with General Electric Co. (GE).
Schumacher said, "We thank Barry for his service to the company and wish him well in his new endeavors. Gardner Denver is a strong company and we have a strong transitional leadership plan, which includes the return of T. Duane Morgan to lead the Engineered Products Group. As we move forward, we are very pleased to have a leader with Michael M. Larsen's credentials as interim CEO."
Pennypacker said he is proud of the progress and results the company achieved during his years with the company, which is well positioned for a strong future.
The new CEO Larsen said he accepts the role with the clear goal of continuing to move the company forward by executing Gardner Denver's lean strategy for profitable growth.
In April, while reporting higher adjusted earnings and revenues in its first quarter, the company had said that it expects second-quarter earnings per share to be in the range of $1.35 to $1.45, and adjusted earnings per share to be in a range of $1.40 to $1.50.
On average, seven analysts polled by Thomson Reuters expect earnings of $1.43 per share for the quarter. Analysts' estimates typically exclude special items.
Gardner Denver plans to release second-quarter results on Thursday, July 19 after the market close.
The company also had trimmed its fiscal 2012 forecast earlier, and expects earnings per share in the range of $5.20 to $5.40 and adjusted earnings to be in a range of $5.60 to $5.80 per share. Analysts now expect full-year 2012 earnings of $5.52 per share.
Gardner Denver shares closed Friday's regular trading session at $52.78, up $1.78 or 3.49 percent.
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by RTT Staff Writer
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