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

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Hardik Sanghvi

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

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

January 2018

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
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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