Escala Names Finance Chief

Matt Walsh replaces Larry Crawford.
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Escala (ESCL) named Matthew M. Walsh chief financial officer, replacing Larry Crawford, who is leaving to pursue other interests after a transition period.

Walsh was previously financial officer at



. He left the Parsippany, N.J., chemical company last October to pursue other business opportunities.

"I am pleased to report such a positive move forward for the company during this challenging period for Escala," CEO Jose Miguel Herrero said. "Matt's appointment, after a lengthy search process since I came on board, further strengthens the executive management team at Escala. With his unique combination of experience covering treasury, operating finance, turnarounds, M&A, and integrating acquired businesses, he will assist Escala in achieving our corporate objectives."

Escala shares have lost 86% of their value this week in the wake of Spanish authorities' raids on the offices of the company and its majority shareholder. Escala, a New York-based collectibles company, is owned in part by Afinsa Bienes Tangibles. Prosecutors charge Alfinsa swindled hundreds of thousands of clients in one of Europe's largest-ever investment frauds,

The Wall Street Journal

reported, in part through steep markups on stamps.

Escala rose 31 cents Friday to $4.65.