Qualstar Corp. has named a veteran financial executive with experience at private and public companies as its new chief financial officer.
Philip Varley comes to the Simi Valley storage tape and power products manufacturer from the Barrington Group, a Denver consulting firm specializing in financial and operational management services.
Varley arrives at a time when Qualstar is in turnaround mode and being pressured by one of its investors to make substantial changes to improve profitability.
Varley has a track record of being involved in successful turnarounds at several companies, said Qualstar President and Chief Executive Larry Firestone.
The lure of being part of the Qualstar transformation led him to take the finance post, Varley said.
“There are plenty of challenges ahead, but I am confident that the company is on the right track and is focused on growth and profitability,” Varley said in a prepared statement.
Shares of Qualstar closed down 8 cents, or 4.49 percent, to $1.70 on the Nasdaq.