Gibraltar Industries is preparing for a finance leadership change: Chief Financial Officer Joseph A. Lovechio will leave on Nov. 20 to pursue another opportunity. The company has named longtime treasurer Jeffrey J. Watorek interim CFO and appointed Corporate Controller Lori Rizzo as principal accounting officer, while it searches for a permanent CFO.
The company said Lovechio’s departure is not related to any disagreement over its operations, financial reporting, policies or practices.
- Transition date: Lovechio notified Gibraltar of his resignation on Nov. 2. His departure takes effect Nov. 20. He is leaving both the CFO role and his positions as the company’s principal financial officer and principal accounting officer.
- Interim CFO: Watorek, who has been Gibraltar’s vice president and treasurer since 2017, will become interim CFO and principal financial officer on Nov. 20. He will remain treasurer.
- Accounting oversight: Rizzo, Gibraltar’s vice president and corporate controller since 2018, will become principal accounting officer on Nov. 20 while continuing as controller.
- Permanent appointment: Gibraltar has begun a search for its next CFO.
- Interim CFO pay: Watorek will receive an additional $5,750 in cash compensation every two weeks for as long as he serves as interim CFO. The amount will be prorated for partial periods; his other compensation and benefits are unchanged.
- Relevant experience: Watorek previously held financial planning and analysis and external reporting roles at Gibraltar, and worked as a manager at Ernst & Young. Rizzo joined Gibraltar in 2008 after working in internal audit and securities reporting at banks, following a start in public accounting.
The transition assigns financial reporting leadership to two existing Gibraltar executives: Watorek will oversee the principal financial officer function, while Rizzo will take responsibility as principal accounting officer. Lovechio’s departure leaves the CFO position on an interim basis while the company conducts its search.