ALBANY, N.Y.--(BUSINESS WIRE)--Jun. 30, 2009--
Albany International Corp. (NYSE:AIN) today announced that Michael K.
Burke has been named a Senior Vice President of the Company, effective
July 8, 2009, and will become Chief Financial Officer on August 7, 2009,
at the close of business. He will succeed Michael C. Nahl, Executive
Vice President and Chief Financial Officer, who is retiring after a
distinguished 27-year career with the Company.
Mr. Burke served as Executive Vice President and Chief Financial Officer
of Intermagnetics General Corp., a manufacturer of magnetic resonance
imaging devices formerly traded on Nasdaq (symbol: IMGC), from November
2001 until December 2006, when he left following the successful merger
and integration of Intermagnetics into Royal Philips Electronics. During
his tenure, the market capitalization of Intermagnetics grew from
approximately $400 million in late 2001 to over $900 million in late
2005, culminating in the sale to Royal Philips at a total equity value
of approximately $1.3 billion. Mr. Burke also served as Chief Financial
Officer of HbT, Inc., a privately held power technology company, from
May 2000 until joining Intermagnetics. Prior to joining HbT, he worked
for almost 20 years in investment banking, first at Barclays Capital and
later at CIBC World Markets. While at Barclays and CIBC, he gained
experience in all aspects of corporate finance (including raising of
capital through sales of equity, public and private debt, and bank
financing), corporate strategy, and mergers and acquisitions.
Mr. Burke has served as a Director of Casella Waste Systems (NASDAQ:
CWST) since March 2008, and is a member of their Audit Committee. He has
served on the Board of Directors of Albany Medical Center since November
2007, and currently serves as a Vice Chair. He also serves on the Board
of Trustees of Union Graduate College and the Make-a-Wish Foundation of
Northeast New York.
Joseph G. Morone, President and Chief Executive Officer of Albany
International Corp., said, “We are all delighted that Michael Burke has
agreed to join the Albany management team, especially at this pivotal
time, when the impact of the global economic recession brings new
challenges and opportunities for our organization. His intelligence,
leadership style, and breadth and depth of expertise in both financial
markets and financial operations are precisely the mix of capabilities
and experience that we had been searching for.”
Erland E. Kailbourne, the Company’s Chairman, added, “The Board of
Directors unanimously agreed to elect Mr. Burke. He proved to be the
ideal candidate, combining a keen understanding of dynamic and complex
financial and strategic issues with strong leadership capability and
management experience. We could not ask for a more suitable successor to
the CFO position.”
“I am honored to be joining a company with such a long and storied
history and am energized by its leadership, its plan for the future, and
the strong foundation laid by Michael Nahl,” Mr. Burke said. “My broad
corporate finance skills dovetail well with the next phase of the
company’s strategy and its plans for long-term growth in shareholder
value,” he added.
Albany International is a global advanced textiles and materials
processing company. Its core business is the world’s leading producer of
custom-designed fabrics and belts essential to the production of paper
and paperboard. Albany’s family of emerging businesses extends its
advanced textiles and materials capabilities into a variety of other
industries, most notably aerospace composites, nonwovens, building
products, and high-performance industrial doors. Additional information
about the Company and its businesses and products is available at www.albint.com.
Source: Albany International Corp.
Albany International Corp.
Investors:
John Cozzolino,
518-445-2281
Vice President–Corporate
Treasurer and Strategic
Planning
john.cozzolino@albint.com
or
Media:
Susan
Siegel, 518-445-2284
Director of Corporate Communications
susan.siegel@albint.com