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Franklin Electric Co., Inc. (NASDAQ:FELE), a $4.75 billion market cap company, announced on Monday that Chief Financial Officer Jeffery Taylor will leave the company effective March 28, 2025. According to the company’s recent 8-K filing with the Securities and Exchange Commission, Taylor’s departure is a mutual decision and not due to any disagreements regarding operations, policies, or accounting practices. InvestingPro data shows the company maintains strong financial health with a GOOD overall rating.
Taylor will remain in his role until the end of March to help with the transition to a successor. The terms of his separation will be in accordance with Franklin Electric’s Executive Severance Policy, and the company is expected to finalize a separation agreement with him before his departure.
Franklin Electric, a manufacturer of electric motors and generators, has not yet named a replacement for Taylor. The company’s business address is in Fort Wayne, Indiana, and it is incorporated in the state of Indiana.
This development comes as part of the corporate governance process, which includes the management of executive transitions. The company’s filing did not disclose further details about the severance benefits or the process for selecting a new CFO.
Investors and stakeholders of Franklin Electric will be watching closely for the announcement of a new CFO, as financial leadership is crucial for the company’s strategic direction and financial health.
The information reported is based on the company’s statement in a press release.
In other recent news, Franklin Electric reported a strong performance in the fourth quarter of 2024, with earnings per share (EPS) of $0.72, surpassing the forecasted $0.67. The company also exceeded revenue expectations, reporting $485.7 million against a forecast of $469.88 million. This marks a 3% year-over-year increase in revenue. Notably, Franklin Electric’s strategic acquisitions in Australia and Latin America have contributed to its growth. The company has projected its 2025 sales to be between $2.090 billion and $2.150 billion, with an EPS range of $4.05 to $4.25. DA Davidson maintained a Neutral rating on Franklin Electric, noting that the company’s fourth-quarter sales outperformed their model by approximately $14 million. Additionally, Franklin Electric’s operating profit and EPS were higher than DA Davidson’s projections, despite challenges in the Water segment. The company’s balance sheet remains robust, and it plans to launch 30 new products while exploring larger acquisitions in 2025.
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