Brady President and CEO Jaehnert retires
- Associated Press
- October 7, 2013 - 11:20 AM
NEW YORK — Brady Corp. says President and CEO Frank Jaehnert is retiring from the identification and security products maker.
The Milwaukee company named Thomas J. Felmer, its senior vice president and chief financial officer, as interim president and CEO, effective immediately. The 51-year-old Felmer will continue performing his duties as CFO and senior vice president while the board looks for a new president and CEO.
Jaehnert, 56, will stay on as a consultant until year's end to help with the transition process.
Last month Brady reported a loss for its fiscal fourth quarter, dragged down by impairment charges and increased restructuring charges. Its adjusted results met Wall Street's view, but revenue missed expectations.
The stock rose 8 cents to $29.93 in afternoon trading on Monday. Its shares have fallen 17.9 percent since hitting a 52-week high of $36.45 in mid-February. They traded as low as $29.11 last October.
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