Barb Peacock, who was a corporate controller of PSP between 2007 and 2011, has been acting CFO of the National Aboriginal Health Organization for the past seven months.
"She has a strong understanding of our business and finance department," stated Fraser Campbell, who is both interim CEO and interim board chair.
The soft-armour maker also announced a contract with the Department of Fisheries and Oceans. The contract is worth up to $910,000 over five years if two one-year extension options are exercised.
Ms. Peacock's appointment comes after a rocky few months for PSP. The company terminated a takeover deal with ArmorWorks Enterprise LLC and simultaneously announced various changes in executive roles in May. Notably, then-CEO Doug Lucky relinquished his other role as CFO; Sharon Johnston was appointed on an interim basis in his place.
In July, Mr. Lucky and Ms. Johnston both resigned their positions, and Mr. Campbell – also a founder of PSP, and then the interim chair – also took on the interim CEO position.
This week, PSP thanked Ms. Johnston for her service to the company.
In 2010, the firm's financial troubles after moving to Ottawa from the west coast were so great that the company warned it was on the brink of bankruptcy.
The company subsequently merged with holding company Zuni in December of that year. Mr. Lucky was appointed CEO and made several changes to the business, including working to bring back key customers such as the Department of National Defence.
PSP recently stated it is undergoing a review of strategic alternatives, a phrase often used when a company is contemplating a sale.