Young, who has been with Colfax since 1995 and has served as president and CEO since 2000, has also resigned from the Colfax board but is expected to remain an advisor to the company.
Kiefaber, 54, spent nearly 20 years in increasingly senior executive positions at Masco Corp and has served on the Colfax board of directors since the company’s initial public offering (IPO) in 2008. Most recently, Kiefaber was a group president at Masco, where he was responsible for a US$2.8 billion group of architectural coatings, windows, and spa business units.
Mitchell Rales, chairman of the Colfax board of directors, said: “I have known Clay Kiefaber for over 20 years, and he is an extremely talented and proven leader with a superb track record. He is also passionate about the same core values that Colfax embraces and is committed to driving the Colfax Business System throughout the organization. We are fortunate he has agreed to lead the company in the next phase of its growth. As a member of our board, Clay already has a deep understanding of our businesses, and under his direction Colfax will continue to pursue both organic growth initiatives and strategic acquisitions.”
“On behalf of the board, I want to acknowledge the many contributions John Young has made over the years and the major role he has played in the company’s growth since its inception. We thank him for his dedicated service and wish him continued success in his future endeavors,” Rales added.
Young said: “I am very proud of where Colfax is today and what we have accomplished over the last 14 years. I look forward to pursuing other professional opportunities with the confidence that Colfax will enjoy continued success for many years to come.”