FARO FARO Technologies Inc

Faro Technologies Inc. said its financial chief will depart and won't be immediately replaced, months after its co-founder and chairman returned to the helm to reshape the computer-aided measurement company.

Chief Financial Officer Laura A. Murphy-Wolf will resign, effective immediately. Faro said the resignation was a "mutual decision" and not related to any disagreement between Ms. Murphy-Wolf and the company related to the company's financial reporting or condition.

In December, President and Chief Executive Jay Freeland resigned after its Chairman Simon Raab, a co-founder and longtime chief executive of Faro, was appointed interim chief executive. Faro said Friday that it wouldn't appoint a new financial chief until a permanent CEO is found.

Mr. Raab has told investors that he will stay as long as needed.

"Handing over a company in mid-reorganization to a new CEO is really not practical," Mr. Raab said during a call with investors last month, according to a FactSet transcript. "I will remain on as long as it takes to get this renewal done and find a great CEO who will lead Faro to its next growth chapter."

Until a CEO and then a financial chief are appointed, the company's finance team will be led by Robert Seidel, who will lead finance and investor relations, and corporate controller Janet D'Anjou. Mr. Seidel will serve as interim principal financial officer. Ms. D'Anjou will serve as interim principal accounting officer.

Faro makes 3-D scanners, land-surveying equipment and quality-checking devices. Mr. Raab has been Faro's chairman since its inception in 1982 and was chief executive until 2006.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

March 11, 2016 10:05 ET (15:05 GMT)

FARO Technologies (NASDAQ:FARO)
Historical Stock Chart
From Jun 2024 to Jul 2024

FARO Technologies (NASDAQ:FARO)
Historical Stock Chart
From Jul 2023 to Jul 2024