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The Oak Brook, Illinois-based company said that Welding, 59, would retire from the company on January 1, 2008. Welding joined the company as president and CEO in December 2003.
Prior to joining Federal Signal, Welding was group president of the BorgWarner Driveline group, a $1.2 billion global business, and executive vice president of BorgWarner Inc. Previously, he served as president and general manager of BorgWarner Transmission Systems, a unit of the Driveline Group. In his twenty years with BorgWarner, Welding held a variety of positions of increasing responsibility in operations and product engineering management.
Prior to joining BorgWarner, Welding served in various management and product engineering capacities for General Motors Corp. (GM | charts | news | PowerRating) and Volkswagen of America. Welding began his career as a product development engineer in 1970.
In August, Findlay, Ohio-based Cooper Tire & Rubber Co. (CTB | charts | news | PowerRating) said it appointed Robert Welding as a director of the company. Welding also serves on the Board of Trustees of the Manufacturers Alliance/MAPI and is a director of the Executives' Club of Chicago.
James Janning, chairman of the Board of Federal Signal Corp. said, "We appreciate Bob Welding's efforts in repositioning Federal Signal's business lines, and we thank him for his contributions."
The company's interim President and CEO, James Goodwin, 63, has served as its board member for two years and was formerly the chairman and CEO of UAL Corp. (UAUA | charts | news | PowerRating). Goodwin was elected to Federal Signal's board in 2005. Since 2001, he had been an Independent Business Consultant. Previously, he served as Chairman and CEO of UAL Inc. and United Airlines Inc. from 1999 until 2001, where he retired after 34 years. From 1998 to 1999, he served as President and Chief Operating Officer of United Airlines, Inc. From 1992 to 1998, he served as Senior Vice President of United Airlines Inc.
He is also a director of AAR Corp.(AIR | charts | news | PowerRating), DBS Communications and Labe Bank of Chicago. Goodwin holds a bachelor's degree in business administration from Salem College in West Virginia.
Janning said, "We are fortunate in Jim Goodwin to have a proven leader with broad management experience. He had a long career with United Airlines, capped with his tenure as chairman and CEO until his retirement in 2001. Jim has been an active member of our board since 2005, and in that time he has come to know the company, its management team and its businesses."
For the recent third quarter, Federal Signal reported a fall in net income to $4.5 million from $9.2 million in the prior-year quarter. Earnings per share declined to $0.09 from $0.19 in the year-ago period. The company attributed the decline in earnings to operating losses incurred at its E-ONE operation in the face of low demand and production. In addition, the company incurred restructuring and other expenses principally due to a management change and to reduce fixed costs. Income from continuing operations declined to $4.8 million or $0.10 per share from $9.5 million or $0.20 per share in the previous-year quarter. However, quarterly revenues increased to $307.3 million from $289.4 million in the same quarter last year.
In Wednesday's regular trading session, FSS is currently trading at $11.97, up $0.19 or 1.61% on a volume of 42,400 shares. In the 52-week period, the stock has been trading in a range of $11.00-$17.00.
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