Valspar CFO to Retire, Will Stay Until Successor is Named
Valspar Corporation said late Friday that its chief financial officer (CFO) for the past four years plans to retire.
Lori Walker, who’s also a senior vice president, joined the Minneapolis-based paint and coatings manufacturer in 2000 as assistant controller. She was promoted to vice president and controller in 2001 and to vice president and treasurer in 2004. Walker then became senior vice president and CFO in 2008.
“I want to thank Lori and congratulate her for a distinguished career with Valspar,” company Chairman and CEO Gary Hendrickson said in a prepared statement. “She has contributed significantly to the growth and success of the company.”
According to the company, Walker will remain with Valspar until a successor is named and will be “available to the company for an extended period thereafter to ensure a seamless transition.”
Valspar is among Minnesota’s 20-largest public companies based on revenue, which totaled $3.9 billion for the fiscal year that ended in October 2011. Financial results for the fiscal year that ended in October of this year will be released November 20. But for the third quarter that ended in late July, Valspar reported sales of $1.1 billion, up 1 percent from the same period in 2011; net income, meanwhile, increased 28.2 percent to $86.4 million.
The company made headlines last month when it revealed plans to spend $30 million to renovate and expand its former headquarters building in downtown Minneapolis, which now serves as one of its research and development facilities. Valspar said at the time that the expansion would enable it to create 135 new jobs at the facility over the next two years, including “high-paying” positions in material sciences.