Dec. 7 at 5:24 PM
$IEX BNP Paribas analyst Andrew Buscaglia said in a report that IDEX’s appointment of Sean Gillen as senior vice president and chief financial officer removes a major overhang for investors, as the industrial technology company moves to fill the role left vacant earlier this year.
IDEX (IEX) said Gillen will join January 5 from aviation services provider AAR (AIR), where he served as CFO for seven years. The company’s previous finance chief stepped down in May to pursue another opportunity, prompting an extended search that weighed on investor sentiment.
In a research note, Buscaglia said the timing of the hire is significant. During Gillen’s tenure at AAR (AIR), earnings per share grew at an estimated 9% compound annual rate, while adjusted ebitda margins expanded to about 12% from 8%, according to BNP Paribas’ analysis.
