Monday, July 16, 2012

Gardner Denver Trading Down 12% After CEO Resigns

Gardner Denver Trading Down 12% After CEO ResignsOrlando, FL 7/16/12 (StreetBeat) – Gardner Denver Inc, (NYSE: GDI) has announced that Barry L. Pennypacker has resigned as president, CEO, and director. Michael M. Larsen, VP and Chief Financial Officer, will be interim CEO effective immediately. Mr. Larsen will continue to oversee all company financial matters, including mergers and acquisitions, during this interim period. He has served as VP and CFO since 2010, playing a key role in driving the company’s growth strategy in transforming into a leading industrial company.

Mr. Larsen served as CFO for General Electric Water and Process Technologies prior to joining Gardner Denver. His resume includes more than 15 years with General Electric Company, serving in a variety of financial leadership roles in GE Plastics,GE Industrial, GE Energy Services, and GE Power & Water.

"I am proud of the progress and results we achieved in my years with the company, which is well positioned for a strong future. Gardner Denver has a talented leadership team supported by a dedicated and customer-focused workforce. I wish them only the best," said Barry L. Pennypacker.

Following his announcement as interim CEO, Michael Larsen states "It's an honor to be selected for this role and I accept with the clear goal of continuing to move the company forward by executing Gardner Denver's lean strategy for profitable growth."

Gardner Denver plans to release Q2 results on Thursday, July 19, 2012 after market close followed by a conference call on July 20, 2012 at 8:30 am.

Currently, GDI is sharply trading down 12% at $46.45 following this news.

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