SACRAMENTO, Calif., June 4 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) announced that Kathy Redd, its chief financial officer, was named the Sacramento Business Journal's 2010 "CFO of the Year" in the Large Company Category at an awards event held today in Sacramento.
Named GenCorp CFO in 2009 after serving as acting CFO, Redd assumed the financial helm of the Company during a challenging period. At the time, GenCorp faced significant cash flow concerns and looming debt challenges. Kathy executed a strategy to restructure the Company's debt obligations and lower future payments, while the company increased its cash position by cutting costs, focusing on increasing market share and improving shareholder value.
Due to Kathy's strategic leadership and a great enterprise-wide effort to improve financial results and cash flow, the Company was in a position to issue $200 million of convertible debt, amend its senior credit facility, repurchase debt in the open market and receive rating agency upgrades.
James Henderson, chairman, GenCorp Board of Directors said, "Kathy is one of the most polished, dedicated and capable employees I've worked with since I began my career over 30 years ago. There has never been a situation that Kathy could not rectify."
Scott Seymour, CEO of GenCorp and president of Aerojet concurred, "All of her teammates at GenCorp and Aerojet are tremendously proud of the well-deserved award Kathy received today. She has won the confidence and admiration of colleagues, employees, customers, shareholders and the Company's Board of Directors. It is fitting that she is also being recognized by the Sacramento financial community."
Kathy's professional rise at GenCorp demonstrates her considerable strategic and financial acumen. Hired as assistant corporate controller in 2002, she held positions as acting vice president and controller for GDX Automotive (a former GenCorp company), vice president of Finance and vice president, controller and acting chief financial officer, prior to being named vice president and chief financial officer in 2009.
GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of the Company's excess real estate assets. Additional information about the Company can be obtained by visiting the Company's web site at http://www.gencorp.com/.
SOURCE GenCorp Inc.