Keystone CFO Leaves to Seek Day in the Sun

Collision parts supplier Keystone Automotive Industries, Inc., has announced that its CFO has resigned to take a position with a solar energy company.
John M. Palumbo, who has resigned as chief financial officer to accept a similar position with a Los Angeles-based solar energy company, will stay on for a few days in order to co-host an investor conference on Thursday with president and CEO Richard Keister. The company will report its fiscal 2006 third quarter results that same day.
Terry Tuttle, currently the company’s controller, will become vice president finance. A search for Mr. Palumbo’s replacement has commenced. An orderly transition is expected.
“John has contributed tremendously to our organization during his tenure of almost 10 years. We understand this was not an easy decision for him to make, but appreciate the tremendous opportunity he has been offered and wish him the best,” says Keister.
“This was a very difficult decision to make as I have truly enjoyed my experience with Keystone on both a professional and personal level. The company’s financial condition has never been stronger and with expected record sales and earnings for the fiscal third quarter ended December 30, 2005, the company is well-positioned to capitalize on the numerous opportunities in the automotive aftermarket industry,” Palumbo says.