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Babcock & Wilcox CFO stepping down

Babcock & Wilcox Chief Financial Officer Exercises Provisions of Retention Agreement

Babcock & Wilcox Co.’s chief financial officer said he is ending his employment with the Charlotte-based company.

Michael Taff said he will plans to exercise his right to terminate his employment under a Dec. 10, 2009, retention agreement.

Following the completion of the agreement’s one-year term, which ends July 30, Taff will no longer serve as a full-time employee of the company. But he has agreed to perform CFO duties for no more than a year as the company finds his replacement.

“It has been both a challenging and rewarding process to help re-establish B&W as an independent publicly traded company,” Taff said in a statement. “At the conclusion of my tenure, I am looking forward to returning to Houston and my family.”

A press release did not provide further details as to why he’s stepping down.

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