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.