Woodward replaces CFO after tumultuous week
FORT COLLINS — Aerospace parts maker Woodward Inc. (Nasdaq: WWD) is tapping former chief financial officer Bob Weber Jr. to return to his role with the company after the economic effects of the novel coronavirus handed it one of the most difficult weeks in its history.
According to a filing with the U.S. Securities and Exchange Commission, Woodward asked Weber to return to his former job as a response to the “ongoing global economic challenges and uncertainties attributable to the coronavirus” pandemic.
Weber was CFO of the company from August 2005 until September 2019. He planned to retire in January, but delayed that indefinitely after Woodward announced its intentions to merge with Hexcel.
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Current CFO Jack Thayer will depart the company immediately after just under four years in various C-suite roles. He will receive a $575,000 cash payout for his departure, along with health-care benefits and a relocation stipend for him to move back to his native Baltimore, Maryland, according to the filing.
It’s unclear why Thayer abruptly left, or if there was a dispute between him and the board that resulted in the departure. A company spokeswoman declined to comment.
The broad economic damage from the COVID-19 virus has particularly affected commercial aerospace suppliers such as Woodward, as airlines cancel orders to plane makers and cut expenses.
Last week alone, Woodward cancelled its $6.3 billion merger with Connecticut-based Hexcel Corp. (NYSE: HXL) and laid off 11% of its U.S. workforce, with plans to lay off an additional 4% through the rest of the year. That figure includes 123 Coloradans.
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