AeroVironment’s Chief Financial Officer Teresa Covington will resign next month to become CFO of an undisclosed private company. The move will become effective Oct. 18.
The Simi Valley missile and drone manufacturer has initiated a search to select another CFO. Vice President and Controller Brian Shackley was named interim CFO.
In a statement, AeroVironment Chief Executive Wahid Nawabi thanked Covington for her role in the company’s two consecutive years of double-digit revenue growth.
“Teresa has been a trusted member of our management team whose perspective we have valued greatly, and we wish her all the best in her future endeavors,” he said.
In the same statement, Covington asserted “the company is in a strong financial position.”
“I am confident in the leadership team’s ability to continue successfully executing its strategy and delivering value for shareholders,” she said.
After a month of solid growth, shares of AeroVironment (AVAV) on Wednesday dropped $3.95, or 6.6 percent, to $55.51 on the Nasdaq. The overall market was up Wednesday — the Nasdaq rose 83 points, or just over 1 percent.