Briefs: Avery Dennison, QualstarFriday, February 13, 2015
Anne Bramman has been named chief financial officer for Avery Dennison effective March 23, the company announced Friday.
Bramman, 47, replaces Mitchell R. Butier as financial head for the Glendale label and office supply maker. Butier was recently named Avery’s president and chief operating officer.
Bramman will oversee the audit, financial reporting and investor relations functions at the company, as well as the information technology department.
Prior to joining Avery, Bramman was chief financial officer Carnival Cruise Line, in Miami and before that with L Brands Inc., a specialty retailer in Columbus, Ohio that operates 3,000 stores including Victoria’s Secret and Bath & Body Works.
“Her extensive experience in overseeing the finance functions of market-leading companies with complex global operations makes her ideally suited for the role,” said Avery Chief Executive Dean A. Scarborough, in a statement.
Shares closed up 14 cents, or a fraction of a percent, to $53.79 on the New York Stock Exchange.
Qualstar Corp. slightly narrowed its net loss in the fiscal second quarter as it took steps to reduce overhead by cutting back on leased space.
The Simi Valley manufacturer of tape storage and power supply products reported a net loss of $245,000 (-2 cents a share) for the quarter ended Dec. 31, compared with a net loss of $251,000 (-2 cents) in the same period a year earlier. Revenue increased 3 percent to $3.5 million.
During the quarter, Qualstar reduced space it leases in Simi Valley to 20,560 square feet for a payment of $20,000 a month. It had been leasing 56,845 square feet for $44,000 a month. With less space, the company anticipates lower overall operating expenses related to the cost of facilities.
“We are pleased to see the significant progression of our financial turnaround, and expect that our strategic decisions will continue to benefit Qualstar and enhance shareholder value through 2015 and the years to follow,” said Chief Executive Steven Bronson said in a prepared statement.
Shares closed down 2 cents, or 1.4 percent, to $1.40 on the Nasdaq.