iRobot Names New CFO

Roomba robotic-vacuum manufacturer iRobot (NASDAQ: IRBT  ) lost its chief financial officer Monday -- but it immediately named a replacement.

Current CFO John Leahy is stepping down from his post to join an unidentified "late-stage private company," iRobot advised in a statement. Taking his place will be newly promoted Executive Vice President, Treasurer, and CFO Alison Dean, an eight-year veteran of the company who served most recently in the capacity of principal accounting officer.

In an SEC filing describing the promotion, iRobot disclosed that it will pay Dean a salary of $325,000 in her new position, along with an annual "target bonus" of 60% of base compensation -- $195,000.

In the same statement announcing Dean's promotion, iRobot preannounced Q1 earnings that appear likely to exceed prior estimates. iRobot expects to report earning between $0.16 and $0.20 per share on $102 million to $104 million in revenue. Company CEO Colin Angle explained the overachievement thusly: "Strong sell through both domestically and overseas is driving sales of our home robots and our strong Q1 backlog in Defense & Security gives us confidence in achieving these expectations."

iRobot shares reacted positively to both news items, gaining 5.2% in Tuesday trading to close at $23.93.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2308880, ~/Articles/ArticleHandler.aspx, 7/30/2014 6:14:17 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.


Advertisement