Laura A. Murphy will be joining FARO Technologies, Inc. as the company’s CFO and senior vice president on August 10, 2015. The company’s former CFO, Peter Abram, resigned early this year because of a family tragedy, among other reasons. He became CFO of the company in March 2014. Until Murphy starts, Janet D’Anjou, a corporate controller, is the company’s acting principal financial and accounting officer.Prior to her appointment, Murphy served as the vice president of finance in the Healthcare Compliance Solutions division of Stericycle, Inc., a company that provides regulation and compliance solutions to healthcare related businesses around the world. Before joining Stericycle, she was the CFO and vice president of Philips NA Lighting Electronics. She has a history of over 20 years in the finance field, and also held a finance position at Ford Motor Company, doing international work in Spain, England, and Germany. Murphy is fluent in both German and Spanish, and holds an MBA and a JD from the University of Wisconsin-Madison.
FARO Technologies, Inc. specializes in 3D laser measurement technology for a variety of different fields. Specifically, the company focuses on computer-driven imaging and measurement software and devices to enhance quality assurance. The company is headquartered in Lake Mary, Florida, but also operates international regional headquarters in Germany and in Singapore.
The company has recently expanded their market offerings to include architecture, law enforcement, construction, and engineering industries. The expansion, along with the company’s efforts to reduce costs has led to higher sales in Q2 of this year, even though profits thier decreased. The company’s stock hit a 52-week low on July 28, which has encouraged some investors to sell. Others are holding on to their shares in hopes that the low point will be followed by an increase in share price.
President of FARO Technologies, Inc., Jay Freeland, has expressed excitement on the new CFO appointment and is encouraged that Murphy’s experience will enhance the company during a pivotal point in its growth strategy. With the addition of Murphy to the executive team, Freeland believes the company is ready to begin executing several initiatives that are designed to spur growth.