WAYNE, Pa.--(BUSINESS WIRE)--Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage healthcare and technology companies, announced that Jeffrey B. McGroarty, 43, an accounting and financial executive who joined the Company in 2005 as Vice President and Corporate Controller, was named Senior Vice President and Chief Financial Officer, effective today. Mr. McGroarty succeeds Stephen T. Zarrilli, 51, who was named President and Chief Executive Officer of Safeguard on November 1, 2012.
“Jeff is a strong, capable executive who has worked closely with me to improve Safeguard’s financial strength and flexibility, positioning the Company to maximize value,” said Mr. Zarrilli.
During his tenure at Safeguard, Mr. McGroarty has managed the Company’s accounting, financial operations, SEC reporting, treasury and tax functions, and also has delivered value-added guidance and service in these same areas to Safeguard’s partner companies.
“I’m energized by this opportunity to further sharpen Safeguard’s focus on its core business, increase capital under management and continue to build high-potential, growth-stage companies in the healthcare and technology sectors as we work towards more consistent monetizations,” said Mr. McGroarty.
Prior to joining Safeguard in December 2005, Mr. McGroarty was interim Controller at Cephalon, Inc. (NASDAQ: CEPH), an international biopharmaceutical company. Before that, he was Vice President, Financial Planning and Analysis at Exide Technologies (NASDAQ:XIDE), a global manufacturer and recycler of lead-acid batteries. While at Exide, Mr. McGroarty had a major role in the company’s reorganization and emergence from bankruptcy. He began his career at PricewaterhouseCoopers LLP, where he was responsible for domestic and international audits, due diligence, consulting and post-transaction integration of mergers and acquisitions for clients in the U.S. and United Kingdom.
Mr. McGroarty earned a B.A. degree in accounting from Pennsylvania State University and has M.B.A. degree from The Wharton School of the University of Pennsylvania.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, Pa., Safeguard Scientifics, Inc. (NYSE:SFE) provides growth capital and operational support to entrepreneurial and innovative healthcare and technology companies in medtech, healthtech, specialty pharmaceuticals, financial technology, digital media, and Enterprise 3.0. For more information, please visit our website at www.safeguard.com.
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Forward-looking Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, the ability to execute our strategy, the uncertainty of the future performance of our companies, acquisitions and dispositions of companies, the inability to manage growth, compliance with government regulations and legal liabilities, additional financing requirements, the effect of economic conditions in the business sectors in which our companies operate, and other uncertainties described in the Company's filings with the Securities and Exchange Commission. Many of these factors are beyond our ability to predict or control. As a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this news release.
