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 said.
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 maria.armental@wsj.com
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