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Franklin Electric Co., Inc. (NASDAQ:FELE), a leading manufacturer in the motors and generators industry with a market capitalization of $4.2 billion, announced a leadership transition in its financial department. According to InvestingPro data, the company maintains strong financial health with a GOOD overall rating, supported by robust liquidity metrics. The company confirmed that Jeffery Taylor, the Vice President and Chief Financial Officer, concluded his tenure effective Friday, March 28, 2025.
Succeeding Taylor, Russell Fleeger, who is currently overseeing the financials of the company’s Water Systems Segment, has been appointed as the interim Chief Financial Officer. This transition comes after Taylor’s previously disclosed resignation on February 24, 2025. Fleeger will serve in this capacity until a permanent CFO is appointed. The company enters this transition period with strong fundamentals, including a healthy current ratio of 2.22 and a 32-year track record of consecutive dividend increases.
The company disclosed that Fleeger has no material interest in any transaction with Franklin Electric and is not related to any board member or executive officer. In recognition of his new role, Fleeger will receive a monthly stipend of $20,000 on top of his existing annual salary, starting in March 2025. Additionally, he was granted an equity award valued at $100,000 in the form of restricted stock on February 28, 2025. The terms of the equity grant include a vesting schedule as outlined in the grant agreement. InvestingPro analysis reveals the company is currently trading near its 52-week low, with analysts maintaining a positive outlook for profitability in the coming year.
Franklin Electric has made these announcements in compliance with the Securities and Exchange Commission (SEC) regulations through an 8-K filing. The company’s business address is 9255 Coverdale Road, Fort Wayne, Indiana, and it operates under the industrial classification of motors and generators.
This executive movement and compensatory arrangement come as part of the company’s ongoing efforts to ensure a seamless transition in its leadership structure. The information reported is based on the company’s SEC filing.
In other recent news, Franklin Electric Co., Inc. reported stronger-than-expected earnings for the fourth quarter of 2024, with earnings per share (EPS) of $0.72, surpassing the forecasted $0.67. The company also reported revenue of $485.7 million, exceeding the expected $469.88 million, marking a 3% year-over-year increase. DA Davidson maintained a Neutral rating on Franklin Electric, noting that the company’s fourth-quarter sales outperformed its model by approximately $14 million, primarily due to the Energy Systems and Distribution segments. Despite these positive results, Franklin Electric’s 2025 EPS guidance is slightly below DA Davidson’s expectations, with a $0.05 difference from their model’s midpoint.
Additionally, Franklin Electric announced that Chief Financial Officer Jeffery Taylor will step down in March 2025, a mutual decision according to the company’s SEC filing. Taylor will remain in his role until the end of March to assist with the transition to a successor. The company has not yet named a replacement for Taylor. Strategic acquisitions in Australia and Latin America have contributed to Franklin Electric’s growth, with the company expecting productivity improvements in 2025 despite challenges in the housing market. Franklin Electric’s robust balance sheet and strategic initiatives, such as launching new products and exploring acquisitions, continue to be closely monitored by the investment community.
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