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Patterson Companies Announces Planned Retirement Of Executive Vice President & CFO R. Stephen Armstrong And Appointment Of Ann B. Gugino As Successor

Stocks in this article: PDCO

Patterson Companies, Inc. (Nasdaq: PDCO) today announced that R. Stephen Armstrong (63), executive vice president and CFO, will step down at the end of October 2014, after more than 15 years with the company. Ann B. Gugino (42), Patterson’s vice president of strategy and planning, has been appointed vice president and CFO effective November 1, 2014, reporting to chairman and CEO Scott P. Anderson. Armstrong will serve as a senior advisor to the company through fiscal year 2016, ensuring a smooth transition of duties.

“Over the past 15 years, Steve has served as our CFO as our annual revenues have increased from less than $900 million to over $4 billion. We’ve grown from just one business line to three divisions and our global footprint has expanded dramatically,” said Anderson. “Steve has provided Patterson with exceptional counsel during his tenure and is highly respected by his colleagues at Patterson, our Board of Directors, the financial community and our shareholders. He has helped build our strong financial platform as well as strategically position the Company to take advantage of the growth opportunities ahead of us.”

Commented Armstrong, “Being part of Patterson the past decade and a half has been the highlight of my professional career; one I wish everyone could experience. Patterson’s focus on exceptional customer service, a spirit of innovation and a commitment to long-term value creation, all within a culture grounded in integrity and fairness, provided a terrific opportunity for me. This financial leadership transition has been well planned and now is an appropriate time to implement it. I look forward to continuing to work with Scott and Ann to complete the process over the coming months. It is with extreme gratitude that I thank the entire organization for affording me the chance to work with this wonderful company.”

Gugino has been with Patterson Companies since 2000, serving as the company’s vice president, strategy and planning since 2012. In that role, Gugino has teamed with executive management in creating and implementing strategic initiatives. She has also been responsible for leading Patterson’s corporate-wide planning, forecasting and budgeting activities as well as managing the investor relations function. In addition, Gugino has served in several financial and operational management leadership roles within Patterson Dental, including vice president, finance and operations and controller. Before joining Patterson, Gugino was an audit manager with Ernst & Young LLP. She currently serves on the board of directors of Oral Health America and Washburn Children’s Center. She is a candidate for an MBA degree from the Kellogg School of Management of Northwestern University in December 2014, and holds an undergraduate degree in accounting from the University of Wisconsin-Eau Claire.

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