By Dow Jones Business News,
June 25, 2014, 06:27:00 PM EDT
By Maria Armental
AZZ Inc. ( AZZ ) said Wednesday it had terminated its chief operating officer effective immediately.
President and Chief Executive Officer Tom Ferguson will take on day-to-day operations of the energy segment for the
remainder of the fiscal year, when the company will decide whether to fill the post with a new appointment, the company
Ashok Kolady, a senior vice president, had been with the company for seven years, Mr. Ferguson said.
"We are making an executive leadership change in our Energy Segment," Mr. Ferguson said in a statement, saying that he
wanted to see more aggressive growth.
"Given the relevance of my past experience to this segment, I am excited about the opportunity to get more personally
involved in our Energy Segment platforms and to lead, coach and mentor this leadership team," he said, adding that he
would focus on building sales, accelerating international expansion, and emphasising innovation and development.
AZZ provides galvanizing services to steel makers and makes lighting fixtures and electrical-power centers for
manufacturers and power generators.
In its most recent quarter, the company reported higher revenues but said costs and "sluggish" market conditions
shrunk its profit.
Through Wednesday's closing, the company's stock was down nearly 10% for the year.
Write to Maria Armental at email@example.com
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