Emerson Electric Co. (EMR), Tuesday elected Frank Dellaquila as Senior Vice President and Chief Financial Officer. Dellaquila succeeds Walter Galvin, who will remain as Vice Chairman of the company. EMR shares are currently trading up more than 10% on the Nasdaq.
Dellaquila will join the office of the chief executive and report to David Farr, chairman, chief executive officer and president of the company.
Commenting on Dellaquila's appointment, Farr said, "Frank has had a wide range of financial responsibility, including accounting, tax, and treasury functions. His experience and leadership skills make him a vital part of our management team for the future."
Dellaquila joined Emerson in 1991 as vice president and treasurer. He became senior vice president of finance and CFO for Emerson's Motors and Appliance Components business in 2000.
In 2004, Dellaquila was named senior vice president of acquisitions and development for Emerson until his promotion to senior vice president of finance and controller in 2009.
Galvin, the previous CFO, joined Emerson in 1973 and served in a range of key financial positions within Emerson businesses and at the corporate level. He has served as CFO since 1993, as executive vice president and CFO since 2000 and as senior executive vice president and CFO since 2004.
Galvin has also been a management member of Emerson's board since 2000 and was named vice chairman in 2009. He will continue on in this role with responsibility for Government Relations, Financial Planning and Financial Services.
EMR is currently trading at $46.83, up 4.35 or 10.24%, on a volume of 12.55 million shares on the NYSE.
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