Balchem Corporation Announces Chief Financial Officer Transition
October 12 2017 - 4:07PM
Balchem Corporation (NASDAQ:BCPC) announced today the appointment
of Terry Coelho as Chief Financial Officer (CFO), effective October
23, 2017. Coelho will succeed William A. Backus in the CFO role and
report to Theodore L. Harris, Chairman & CEO.
Coelho joins the Company from Diversey, Inc., where she was
Chief Operating Officer since September 2017. Prior to that
role, Coelho was Vice President Finance & Global Commercial
Excellence for Diversey Care, a division of Sealed Air
Corporation. Coelho also held positions of increasing
responsibility at Mars Inc. and Novartis before joining Sealed
Air.
"Terry brings over 30 years of experience as a multinational
finance leader for both established and start-up businesses in
various industries including consumer goods, food, and
pharmaceutical," said Harris. "We are confident in her ability to
continue Balchem’s commitment to financial discipline and building
value for our shareholders."
Today's announcement concludes an external search process
conducted by the Company to ensure a seamless succession of the CFO
role. As part of this plan, Backus, who has served as Balchem’s CFO
since 2014, will remain with the Company in the role of Chief
Accounting Officer.
“Bill’s contributions to Balchem in his time as CFO have been
significant and I am thrilled that this move will enable us to
continue leveraging his accounting expertise and broad business
acumen,” said Harris.
The Company also announced that Frank J. Fitzpatrick, Vice
President of Administration, will retire effective December 31,
2017. Fitzpatrick served as CFO from 2004 to 2014.
“During Frank’s 20 years with Balchem, his leadership and
financial stewardship have played an instrumental role in the
extraordinary success and growth of the Company,” said
Harris.
About Balchem Corporation Balchem Corporation
reports four business segments: Human Nutrition & Health;
Animal Nutrition & Health; Specialty Products; and Industrial
Products. The Human Nutrition & Health segment delivers
customized food and beverage ingredient systems, as well as key
nutrients into a variety of applications across the food,
supplement and pharmaceutical industries. The Animal Nutrition
& Health segment manufactures and supplies products to numerous
animal health markets. Through Specialty Products, Balchem provides
specialty-packaged chemicals for use in healthcare and other
industries, and also provides chelated minerals to the
micronutrient agricultural market. The Industrial Products segment
manufactures and supplies certain derivative products into
industrial applications.
Forward-Looking Statements This release
contains forward-looking statements, which reflect Balchem’s
expectation or belief concerning future events that involve risks
and uncertainties. Balchem can give no assurance that the
expectations reflected in forward-looking statements will prove
correct and various factors could cause results to differ
materially from Balchem’s expectations, including risks and factors
identified in Balchem’s annual report on Form 10-K for the year
ended December 31, 2016. Forward-looking statements are qualified
in their entirety by the above cautionary statement. Balchem
assumes no duty to update its outlook or other forward-looking
statements as of any future date.
Frank Fitzpatrick VP Administration 845-326-5600
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