ABM Industries Announces CFO Transition
ABM (NYSE: ABM) announces the resignation of CFO D. Anthony Scaglione, effective July 1, 2020. Scaglione, who has served in the role since 2015, will assist in the transition. Dean Chin, current Senior VP and Chief Accounting Officer, will take over as interim CFO. Scott Salmirs, CEO, praised Scaglione's contributions to ABM’s financial strategy and growth. ABM, with revenues around $6.5 billion and 140,000 employees, offers facility solutions including janitorial, energy solutions, and HVAC services, across various sectors.
- Dean Chin's appointment as interim CFO indicates continuity in financial leadership.
- ABM's revenues of approximately $6.5 billion suggest strong market presence.
- The resignation of a key executive like Scaglione may create uncertainty among investors.
NEW YORK, June 17, 2020 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM), a leading provider of facility solutions, announced today the resignation of Executive Vice President and Chief Financial Officer, D. Anthony Scaglione. Mr. Scaglione has held this role since 2015 after serving in various senior executive positions at the Company from 2009. Dean Chin, ABM’s current Senior Vice President, Chief Accounting Officer and Corporate Controller, will be appointed interim Chief Financial Officer, effective July 1, 2020. Mr. Scaglione, who is leaving the Company to pursue another career opportunity, will remain for a period of time to ensure a smooth transition.
Scott Salmirs, President and Chief Executive Officer of ABM Industries, stated, “Anthony has been instrumental in ABM’s transformation by developing our strategy, executing our goals, supporting our culture, and building the strong global finance organization we have today. On behalf of the entire organization, I thank Anthony for his eleven years of service, and especially his contributions over the last five as CFO. We wish him the absolute best of luck as he pursues the next phase of his professional journey. Anthony will always be an indelible part of ABM’s past and future success.”
Mr. Salmirs added, “I am confident that Dean’s strong financial acumen and deep understanding of ABM will serve us well during this interim period. He has an impressive track record and I believe he will add to our momentum moving forward.”
Mr. Chin joined ABM in 2008 and has held the position of Senior Vice President, Chief Accounting Officer and Corporate Controller since 2010. In his current role, he has been responsible for the accounting, financial reporting, and corporate financial planning and analysis (FP&A) functions, as well as the Enterprise Shared Services Center. During his tenure at ABM, Mr. Chin has also led the operational FP&A and the Sarbanes-Oxley compliance teams.
D. Anthony Scaglione, Executive Vice President and Chief Financial Officer, commented, “It has been a privilege to be part of the ABM team over the past eleven years. We have the most passionate people across our corporate and field offices – many of whom are often the unsung heroes of some of the country’s most important facilities. I am confident this team will lead ABM into an even brighter future and continue to unlock great success, which I will always cheer on.”
ABOUT ABM
ABM (NYSE: ABM) is a leading provider of facility solutions with revenues of approximately
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
Statements in this release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. Particular risks and uncertainties that could cause our actual results to be materially different from those expressed in our forward-looking statements include, but are not limited to: the global COVID-19 pandemic has had and is expected to continue to have a negative effect on the global economy, and the United States economy, and has disrupted, and is expected to continue to disrupt, our operations and our clients’ operations, which has adversely affected and may continue to adversely affect our business, results of operations, cash flows, and financial condition; our success depends on our ability to gain profitable business despite competitive market pressures; our ability to preserve long-term client relationships is essential to our continued success; changes in general economic conditions, such as changes in energy prices, government regulations, or consumer preferences, could reduce the demand for facility services and, as a result, reduce our earnings and adversely affect our financial condition; future increases in the level of our borrowings or in interest rates could affect our results of operations; and our business may be negatively impacted by adverse weather conditions; catastrophic events, disasters, and terrorist attacks could disrupt our services; actions of activist investors could disrupt our business. For additional information on these and other risks and uncertainties we face, see our risk factors, as they may be amended from time to time, set forth in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contact:
Investor Relations & Treasury:
Susie A. Kim
(212) 297-9721
susie.kim@abm.com
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