Colfax Corp. (CFX) said that Clay Kiefaber was named president and chief executive officer or CEO effective today, succeeding John Young in these positions.
Young, who has been with Colfax since 1995 and has served as President and CEO since 2000, has resigned from the Colfax board and is expected to remain an advisor to the company.
The company stated that Kiefaber spent nearly 20 years in increasingly senior executive positions at Masco Corp. and has served on the Colfax board since the company's Initial Public Offer in 2008.
Additionally, Colfax reiterated its 2009 adjusted earnings per share view of $0.88 - $0.94 and organic sales decline of 8% - 10%. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimate typically excludes one-time items.
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