Whirlpool names new CFO
Whirlpool has announced that Roy Templin, EVP and CFO, will retire from the company. As part of the planned transition, Templin will remain in his current capacity until April 2012 to complete Whirlpool’s year-end reporting and other transitional items. At that time, Larry Venturelli — currently SVP corporate controller, chief accounting officer and CFO for Whirlpool International — will succeed Templin as EVP and CFO.
"Roy Templin has been an impactful leader at Whirlpool Corp.," said Jeff Fettig, Whirlpool chairman and CEO. "During his tenure at Whirlpool, Roy was critical in helping to lead the company’s successful acquisition of Maytag Corp.; build robust financial controls processes; and strengthen the company’s talent, control and risk management systems. Following his long and successful career, he is embarking on a long-planned second stage in his professional endeavors."
Venturelli joined Whirlpool as assistant corporate controller in 2002. He was promoted to VP investor relations in 2004, to VP controller and chief accounting officer in 2006, and to VP and CFO for Whirlpool’s North America Region in 2008. He was named SVP corporate controller, and chief accounting officer and CFO for Whirlpool International in 2010. Prior to joining Whirlpool, Venturelli held various financial positions at Royal Caribbean Cruises, Campbell Soup Company and Quaker Oats. Venturelli earned a master’s degree in management from Northwestern University’s Kellogg School of Business and a bachelor’s degree in accounting from DePaul University.
Nexxus Lighting Q2 revenue rises
Nexxus Lighting has reported second-quarter total revenue of $4.07 million, up from $1.33 million in the year-ago period.
Net loss for the quarter ended June 30 totaled $868,000, compared with a net loss of $1.89 million in the second quarter of 2010.
Sales of Array products in the quarter grew about $2.79 million over the prior-year period, which represents the launch of these products for sale through the consumer market channel. Nexxus carried out initial shipments of Array to about 1,100 U.S. Lowe’s stores, which offer 17 different Array products, including PAR 38, R30, R16, MR16 and GU10 lamps with an Energy Star rating.
"The launch of Array into the consumer market channel allowed us to demonstrate our ability to manage our working capital requirements," said Gary Langford, CFO. "The financing program made available to us and the steps that we took in early July leave Nexxus well-positioned for future growth.
"I also would like to congratulate our team and strategic vendors for their assistance in the current quarter’s growth," he added. "Across the supply chain, we were able to avoid a lot of costs through planning and communication."
Total revenue for the six months ended June 30 more than doubled to $5.62 million, compared with the comparable year-ago period. Net loss was $2.20 million, compared with $4.35 million in the first six months of 2010.
3M expands Novec manufacturing facility
St. Paul, Minn.-based 3M is breaking ground on an expansion at its Cordova, Ill., facility, which manufactures specialty chemicals and adhesives, including 3M’s Novec brand products.
“The Cordova expansion represents a significant investment by 3M into U.S. manufacturing and supports sustainability due to the excellent environmental characteristics of the 3M Novec brand line,” said Joe Koch, business director for 3M Electronics Markets Materials Division. “The added capacity will allow 3M to stay ahead of market demand for sustainable chemistries, and it will help customers manage their environmental footprint by enabling replacement of ODS and GHGs.”
Novec products are designed as a safe, sustainable chemistry to replace ozone depleting substances (ODS) and potent greenhouse gases (GHG), according to 3M. The line includes Novec Engineered Fluids and Novec 1230 Fire Protection Fluid.