MSA Safety Announces Chief Financial Officer Transition

Rhea-AI Summary

MSA Safety Incorporated (NYSE: MSA) announced the resignation of CFO Kenneth Krause, effective August 26, 2022. Krause, who served as CFO since December 2015, is moving to a CFO role at another public company outside Pennsylvania. MSA's Chief Accounting Officer, Jonathan Buck, will serve as interim CFO while the company conducts a nationwide search for a permanent replacement. Chairman and CEO Nish Vartanian acknowledged Krause's contributions, citing improvements in profitability and shareholder returns during his tenure. In 2021, MSA reported revenues of $1.4 billion.

Positive

• CFO Kenneth Krause contributed to profitability and cash flow improvements.
• MSA achieved top quartile performance in stock price and total shareholder return during Krause's tenure.

Negative

• The resignation of an experienced CFO may lead to uncertainty in financial strategy.

PITTSBURGH, Aug. 1, 2022 /PRNewswire/ -- MSA Safety Incorporated (NYSE: MSA) today announced it has accepted the resignation of its Chief Financial Officer, Kenneth Krause, effective August 26, 2022.  Mr. Krause, who was elected CFO in December 2015, is leaving to accept the position of CFO at another public company located outside of Pennsylvania.   

Nish Vartanian, MSA Safety Chairman, President and CEO, said the company has initiated a comprehensive external search for a new CFO.  In addition, MSA Chief Accounting Officer Jonathan Buck has been appointed interim CFO.

"On behalf of our Board of Directors and the entire MSA organization, we want to thank Ken for his many contributions to MSA during his 15 years with the company," Mr. Vartanian said.  "Ken helped MSA achieve meaningful improvements in profitability and cash flow, resulting in top quartile performance with regard to stock price and total shareholder return," he said.

About MSA Safety

Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2021 revenues of $1.4 billion, MSA employs approximately 4,800 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.

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SOURCE MSA Safety

FAQ

Who resigned as CFO of MSA Safety?

Kenneth Krause resigned as CFO of MSA Safety, effective August 26, 2022.

When did Kenneth Krause become CFO of MSA Safety?

Kenneth Krause was elected CFO of MSA Safety in December 2015.

Who is the interim CFO of MSA Safety after Kenneth Krause's resignation?

Jonathan Buck, the Chief Accounting Officer, has been appointed interim CFO.

What were MSA Safety's revenues in 2021?

MSA Safety reported revenues of $1.4 billion in 2021.

What is the ticker symbol for MSA Safety?

The ticker symbol for MSA Safety is MSA.