Home / Knowledge / News / Textiles / Albany International announces CFO successor
Albany International announces CFO successor
01
Jul '09
Albany International Corp. 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 Corp.


Must ReadView All

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Clash over monetary payment by UK at Brexit talks

Textiles | On 18th Oct 2017

Clash over monetary payment by UK at Brexit talks

The European Union (EU) and the United Kingdom (UK) are clashing over ...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search