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.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends iRobot. 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.