Gardner Denver CEO Resigns, Board Appoints Michael M. Larsen Interim CEO
The board of directors of Gardner Denver, Inc. (NYSE: GDI) today announced that Barry L. Pennypacker has resigned as president, chief executive officer and director. Michael M. Larsen, vice president and chief financial officer, has been named interim CEO, effective immediately. Diane Schumacher, who served in a variety of senior management and legal roles during her career with Cooper Industries, will continue to serve as board chairperson and will actively assist Mr. Larsen during the transition period.
Mr. Larsen oversees all company financial matters, including mergers and acquisitions, and will retain his CFO responsibilities during the interim period. Having served as vice president and chief financial officer since 2010, Mr. Larsen has played a key role in defining and driving Gardner Denver's growth strategy, focused on a transformation into a leading industrial company. Under Mr. Larsen's leadership as CFO, the company delivered record financial results in 2011. Gardner Denver expects second quarter 2012 results to be in line with previously stated guidance.
"We thank Barry for his service to the company and wish him well in his new endeavors," said Diane Schumacher. "Gardner Denver is a strong company and we have a strong transitional leadership plan, which includes the return of T. Duane Morgan to lead the Engineered Products Group. As we move forward, we are very pleased to have a leader with Michael M. Larsen's credentials as interim CEO."
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