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Joy Global CFO To Retire, Replacement Named

MILWAUKEE (AP) â¿¿ Joy Global's Chief Financial Officer Michael Olsen is retiring next year, and the mining equipment supplier has hired a new executive that it expects will replace him.

The company said Friday that James Sullivan is coming on as an executive vice president, and Joy Global expects he will become CFO after the reporting process for fiscal 2012 is complete. The company's financial year ends in October.

Sullivan previously served as CFO of chemical company Solutia Inc.

Olsen's retirement is effective on Feb. 1. He joined the company in 1979 and became CFO in 2008.

The Milwaukee company last month cut its guidance for the year as demand slows in China. In its most recent quarter, net income rose 12 percent but was short of analysts' estimates.

Joy Global Inc.'s stock added 15 cents to $60.86 in premarket trading. Shares have dropped 19 percent this year.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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