Pall (NYSE:PLL) has found another job for its CEO, Larry Kingsley. The company announced that its board has elected him its next chairman, effective immediately. He succeeds Ronald Hoffman, who will take the post of lead director.
Kingsley has been a director at the company, as well as its president and CEO, since October 2011. During that fairly limited time, he has held numerous briefs at the company, including a short term as interim CFO earlier this year.
In the press release announcing the news, Hoffman sounded a pragmatic note about the succession. Pall quoted him as saying that "the board felt the timing was ideal for a single voice from the offices of the CEO and Chairman."
Fool contributor Eric Volkman has no position in Pall. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.