Tuesday, January 4, 2011

CoreSite Hires New CFO, Stock Falls 4.85%

By David Gross

CoreSite announced this morning that Jeff Finnin, Chief Accounting Officer at industrial real estate firm ProLogis, is taking over as CFO, replacing Deedee Beckman.   The stock took a hit today, and its aftermarket performance hasn't been great.  It could be perceived as a little strange for the company to be changing CFOs a couple months after the IPO.  That said, Finnin has a very similar to background to the woman he's replacing - they're both traditional accountants, not bankers or fund raisers - and Beckman also came to CoreSite from ProLogis.

Beckman will remain on the job another two weeks, with Finnin taking over on the 24th.   This seems to be a fairly cordial turnover, and the replacement's prior experience is remarkably similar to his predecessor's.  I find little reason here for investors to have had such a sharp reaction.

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