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Virco Mfg. Corporation (NASDAQ:VIRC), a manufacturer of public building and related furniture currently trading at $10.12 per share, announced on Wednesday the upcoming retirement of its Chief Financial Officer and Treasurer, Robert Dose, effective April 30, 2025. According to InvestingPro analysis, the company maintains a "GREAT" financial health score, operating with moderate debt levels and strong liquidity metrics. The company’s board conveyed their deep appreciation for Dose’s 35 years of service, acknowledging his significant contributions to the company’s success, which is reflected in Virco’s attractive P/E ratio of 6.67 and robust current ratio of 2.88. Dose has agreed to remain available for consultations post-retirement on terms yet to be finalized.
Concurrently, the board appointed Bassey Yau, currently serving as the Senior Vice President of Finance, Corporate Controller, and Principal Accounting Officer, to assume the roles of Chief Financial Officer and Treasurer upon Dose’s retirement. Yau, 66, will also take on the position of Secretary of the company. She has been with Virco since 1996, ascending to her current role in 2024 after holding various positions since 2004. Yau holds a bachelor’s degree in accounting and an MBA from Pepperdine University. The company disclosed that there are no familial ties or related party transactions between Yau and any other company officers or directors.
In addition to the executive transition, Virco’s board declared a quarterly cash dividend of $0.025 per share, payable on April 11, 2025, to shareholders of record as of March 26, 2025. While the company plans to continue paying quarterly dividends, future declarations and amounts are subject to board approval and the company’s lending agreement restrictions. InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers, including 8 more ProTips about VIRC’s financial position.
This information is based on a press release statement and aims to provide shareholders and the market with the latest corporate governance developments at Virco Mfg. Corporation.
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