JBT CEO and CFO Leaving

Chicago-based JBT Corp. (NYSE: JBT  ) plans to have a new CEO in place in about two weeks.

On Monday, JBT announced a management succession plan whereby:

  • Current Chairman and Chief Executive Officer Charlie Cannon will resign from the CEO's post, remaining executive chairman of the board.
  • Tom Giacomini, currently President and Chief Executive Officer of the Dover Engineered Systems subsidiary of Dover Corp., will become CEO, President, and a member of the Board of Directors of JBT Corp., effective Sept. 9.
  • Chief Financial Officer Ron Mambu will retire from JBT as soon as a replacement can be found.

In the company press release, Cannon said: "Ron and I have had the privilege of leading JBT Corporation and serving in leadership roles with its predecessor companies for over 30 years. We are proud of what we have accomplished over the years and are very optimistic about the Company's future prospects." However, 30 years later it's time for a change, and so JBT's "Board developed and implemented this succession plan in order to provide continuity and a seamless leadership transition for the future."

Cannon praised Giacomini as "an extremely talented executive with a proven track record across a range of global industrial business segments for Dover Corporation, where he achieved outstanding results." In its most recent quarter, Dover posted 54% earnings growth on a 9% increase in sales.

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