Gregory P. Rustowicz, Vice President-Finance And CFO (Photo: Business Wire)
Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer,
manufacturer and marketer of material handling products, announced today
that in order to advance its strategic initiative to grow through
Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of material handling products, announced today that in order to advance its strategic initiative to grow through investments in new products, international markets and bolt-on acquisitions, it has appointed Karen L. Howard, currently Vice President-Finance and CFO, to Vice President, Strategic Initiatives. The Company has named Gregory P. Rustowicz to succeed Ms. Howard as CFO. The appointments will be effective August 8, 2011.
Karen L. Howard, Vice President, Strategic Initiatives (Photo: Business Wire)
Timothy T. Tevens, President and CEO of Columbus McKinnon, noted, “Since 2006, Karen has been leading the execution of our global financial strategy and developed a solid team to address the many complexities associated with corporate finance and accounting, while ensuring stringent control procedures. Her talents and capabilities fit well in our newly developed role to drive our strategic initiatives and help propel the Company to reach our goal of being a profitable, $1 billion revenue Company.” Mr. Rustowicz has 20 years experience with PPG Industries, Inc. where he held a variety of progressively challenging roles in finance and accounting, including Group Chief Financial Officer of PPG’s Glass, Fiber Glass and Chemicals businesses. After leaving PPG, he joined Momentive Performance Materials as Corporate Treasurer. Most recently, Mr. Rustowicz was the Vice President - Finance for Momentive Performance Materials. He began his career with KPMG Peat Marwick. He is a graduate of Canisius College with a B.S. in Accounting and he earned a M.S., Industrial Administration from Carnegie Mellon University. Mr. Tevens added, “We welcome Greg to the Columbus McKinnon team. Investing in our people and expanding our executive team are critical components of our growth strategy. We believe Greg’s extensive global and industrial company experience will prove valuable as we expand around the world and continue to work toward our vision of being the global leader in material handling.”
Shareholders of Columbus McKinnon Corp. looking to boost their income beyond the stock's 0.6% annualized dividend yield can sell the September covered call at the $30 strike and collect the premium based on the $1.20 bid, which annualizes to an additional 7.4% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 8% annualized rate in the scenario where the stock is not called away.
Shares of Columbus McKinnon Corporation (Nasdaq:CMCO) were gapping up Thursday morning with an open price 13.5% higher than Wednesday's closing price. The stock closed at $13.88 yesterday and opened today's trading at $15.75.