Thomas & Betts CFO To Retire

MEMPHIS (AP) — Electrical-components maker Thomas & Betts Corp. said Monday its chief financial officer Kenneth W. Fluke, will retire, effective Oct. 1.

He will be succeeded by William E. Weaver Jr., currently vice president and controller.

Fluke joined the company in 2000 as corporate controller and became CFO in 2004.

Weaver joined the company in November 2008. Before that he was CFO at First Horizon Home Loans/Met Life Home Loans.

The company has been facing weaker demand for electrical products used in construction, industrial maintenance and electrical power distribution. In addition, the stronger dollar has hurt results.

In April it said first-quarter profit fell 32 percent as sales slumped 23 percent to $459.8 million.