Griffon Corp. appoints new CEO amid 51% drop in Q4 net income
2023.10.27 12:24
© Reuters.
In a series of events unfolding this week, Griffon (NYSE:) Corp., the New York-based diversified management and holding company, announced a significant 51% drop in its fiscal fourth quarter net income to $8.96 million. The substantial decrease was attributed to the conclusion of a contract with Syrac, which also led to an 18% reduction in sales, bringing it down to $396.2 million.
In response to the financial setback, Griffon’s board has appointed Ronald Kramer, who is currently serving at Wynn Resorts (NASDAQ:), as their new CEO. Kramer is set to assume his new role starting April 1.
Alongside these developments, Griffon’s share price experienced a sharp surge of 23.4%. The leap in stock value came after the company announced a strategic review aimed at enhancing shareholder value and directing acquisition and growth opportunities. The review is part of Griffon’s strategic plan to navigate through the current financial challenges and establish a solid footing for future growth.
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