Grainger Announces CFO Leadership Transition
Grainger (NYSE: GWW) announced the appointment of Robert O'Keef as interim CFO, effective January 1, 2021. This change follows Tom Okray's resignation to pursue another opportunity. O'Keef, who joined Grainger in 2018, holds extensive financial experience, previously overseeing areas like Treasury and Financial Planning. CEO DG Macpherson expressed confidence in O'Keef's leadership during the transition and highlighted his contributions to maintaining liquidity during the pandemic. Grainger reported $11.5 billion in sales for 2019, emphasizing its strong market position in MRO products.
- Robert O'Keef has extensive financial experience, expected to provide strong leadership as interim CFO.
- Macpherson's confidence in O'Keef may ensure stability during the transition.
- O'Keef's prior experience includes successful capital structure optimization, beneficial for Grainger.
- Tom Okray's departure may raise concerns about leadership continuity.
- Transitioning to an interim CFO could create temporary uncertainty among investors.
CHICAGO, Dec. 3, 2020 /PRNewswire/ -- Grainger (NYSE: GWW), the leading broad line supplier of maintenance, repair and operating (MRO) products serving businesses and institutions, today announced that Robert O'Keef, Vice President and Treasurer, has been appointed interim CFO, effective January 1, 2021. His appointment follows Tom Okray's decision to step down as Senior Vice President and Chief Financial Officer to pursue another opportunity at a publicly traded company. To ensure a smooth transition, Okray will continue in his current role until December 31, 2020.
O'Keef has been with Grainger since 2018 and brings nearly 30 years of financial and executive experience to his new role. As Vice President and Treasurer, he leads the company's Treasury, Financial Planning and Analysis (FP&A), Risk Management & Insurance, Corporate Development and Real Estate functions. Prior to Grainger, Rob served in senior finance roles at several other public companies, where his responsibilities included capital markets, treasury and FP&A.
"We are pleased that Rob has agreed to serve as CFO on an interim basis," said DG Macpherson, Chairman and Chief Executive Officer of Grainger. "Rob is a seasoned executive with a deep knowledge of Grainger's business and strong financial acumen. He led the efforts to reposition and optimize Grainger's capital structure and ensured the company could maintain strong liquidity throughout the pandemic. I look forward to continuing to collaborate with Rob and the world-class finance team we have at Grainger, and I'm confident this will be a smooth transition as we work to name a successor as soon as possible."
Macpherson continued, "I congratulate Tom on this new opportunity and thank him for his numerous contributions to the company. We appreciate his support in ensuring a smooth transition and wish him all the best in his new role."
About Grainger
W.W. Grainger, Inc., with 2019 sales of
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SOURCE W.W. Grainger, Inc.
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