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iRobot Names New CFO

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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.

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9/30/2016 4:00 PM
IRBT $43.98 Up +0.14 +0.32%
iRobot CAPS Rating: *****