Precision Castparts Picks Hagel for CFO

Jason Sandefur

Precision Castparts Corp. named Shawn Hagel to replace longtime CFO William Larsson, who will retire at the end of 2008.
Hagel currently serves as vice president of finance for PCC.
Larsson, 62, joined PCC in 1980 and has served as CFO for the majority of his career with PCC.
CEO Mark Donegan called Larsson “a valued contributor” for 28 years.
“SEC regulations have changed, and GAAP standards have taken strange turns, but Bill stayed on top of it all,” Donegan noted.
PCC reported strong fastener sales growth during fiscal 2008, with revenue jumping 25% to $1.52 billion. Operating income from fasteners soared 47% to $384.2 million.
During the fourth quarter of fiscal 2008, fastener sales rose 20% to $402.4 million, while operating income grew 39% to $108.1 million. Fastener aerospace OEM and aftermarket sales grew approximately 39%, driven by higher volumes on production platforms and continued market share gains.\ �2008 FastenerNews.com