General Cable Corporation (NYSE:BGC) announced today
that Christopher F. Virgulak, Executive Vice President and Chief
Financial Officer, has informed the Company that he has decided to
leave the Company at the end of the year. Mr. Virgulak has agreed to
continue in his role through year end to ensure an orderly transition
while General Cable seeks a new Chief Financial Officer.
"Over the course of nearly 20 years with the Company, Chris has
been a great business partner to me and a key contributor to the
overall strength of the Company. He leaves having built a highly
capable global finance organization and I thank him on behalf of all
our shareholders and associates," said Gregory B. Kenny, President and
Chief Executive Officer of General Cable. "I have had many
opportunities to contribute and grow professionally at General Cable
and I will leave knowing that the Company has a deeper finance
organization, a stronger balance sheet, and is well positioned for the
future," said Virgulak.
The Company also announced that the Board of Directors has elected
Brian J. Robinson, Senior Vice President, Controller to the additional
position of Treasurer. Robinson has been Controller of General Cable
since 2000. "Brian has been key to the successful financial
re-engineering of the Company's balance sheet that has been
accomplished over the last several years. He was also instrumental in
the implementation and remediation of the Company's SOX compliance
efforts, and the overall development of the Company's global finance
staff, and we are pleased that he has accepted this additional
responsibility," said Kenny.
Separately, the Company announced that it was updating its
earnings per share guidance. "Despite the continuing sharp rise in
copper and aluminum prices since our first quarter earnings release on
May 1, we are now expecting to achieve earnings per share at the high
end or perhaps a bit above our previous guidance for the second
quarter of $0.40 to $0.45," Kenny concluded.
With over $3.0 billion of annualized revenues and 7,000 employees,
General Cable (NYSE:BGC) is a global leader in the development,
design, manufacture, marketing and distribution of copper, aluminum
and fiber optic wire and cable products for the energy, industrial,
specialty and communications markets. Visit our website at
www.generalcable.com.
Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures, and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Actual results may differ materially from
those statements as a result of factors, risks and uncertainties over
which the Company has no control. Such risk factors are discussed in
the Company's Report on Form 10-K filed with the Securities and
Exchange Commission on March 15, 2006, as well as in periodic reports
filed with the Commission.
