Colfax Corp. (CFX), a provider of fluid-handling solutions, Monday announced the resignation of John Young as President and Chief Executive Officer. Clay Kiefaber, a director of the company, will succeed Young. The Richmond, Virginia-based company also confirmed its outlook for fiscal 2009.
Young has been working with Colfax since 1995 and has served as President and Chief Executive since 2000. He has also resigned from the board and is expected to remain as an advisor to the company.
The newly appointed Kiefaber, has been serving on the Colfax Board of Directors since the company's IPO in 2008. He has also worked with home improvement and building products maker Masco Corp. (MAS) for 20 years in distinct roles.
Most recently, Kiefaber was Group President as Masco, having responsibility of a $2.8 billion group of architectural coatings, windows, and spa business units. Prior to that, he served Masco as Group Vice President of Masco Builder Cabinet Group and President of Merillat Industries subsidiary.
Mitchell Rales, chairman of the board of Colfax, said, "As a member of our Board, Clay already has a deep understanding of our businesses, and under his direction Colfax will continue to pursue both organic growth initiatives and strategic acquisitions."
For the full year 2009, Colfax reaffirmed its previous guidance of adjusted earnings per share in the range of $0.88 to $0.94. On average, six analysts polled by Thomson Reuters expect the company to earn $s0.92 per share. Analysts' estimates typically exclude special items.
The company currently expects sales for the full year in a range of $515 million to $525 million, with organic sales decline of 8% to 10%. Analysts are looking for revenue of $523.11 million.
CFX is currently trading at $12.29, up 0.05 or 0.41%, on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.