Beazer CFO steps down to head up Kaydon |
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Wed, 21 Mar 2007 22:55
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NEW YORK (AP) - Beazer Homes USA Inc. Chief Financial Officer James O'Leary is stepping down after four years with the homebuilder to become president and chief executive of Kaydon Corp., the companies said Wednesday.Beazer said O'Leary's resignation takes effect March 23, although he has agreed to serve on an advisory basis until May 1. Until a replacement is named, all corporate functions previously reporting to O'Leary will report to President and Chief Executive Ian J. McCarthy.Atlanta-based Beazer has recently suffered hefty losses amid a downturn in the housing market. Weak demand for new homes, sales at steep discounts and the need for inventory writedowns have taken a toll on the company's results.Ann Arbor, Mich.-based Kaydon, which makes bearings, filtration systems, shock absorbers and other industrial products, said O'Leary, 44, has served as a director since 2005. He is expected to join the company on March 26.O'Leary succeeds Kaydon President and Chief Executive Brian P. Campbell, who is scheduled to retire May 1.Shares of Beazer rose $1.29, or 3.9 percent, to close at $33.99 on the New York Stock Exchange. Kaydon shares rose 84 cents to close at $43.20.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Kaydon president, CEO to retire May 1 