Backup and recovery solutions provider Falconstor  said this week that Louis Petrucelly is now the company’s chief financial officer.   He has been the acting CFO since May and now the promotion has been made more permanent.

Petrucelly joined FalconStor in 2007 as director of financial reporting. He quickly made it up the corporate ladder and became director of finance in March 2008, and in May 2012 he got a couple of other titles: vice president of finance and treasurer. The 37 year old executive is retaining these positions even after his latest promotion.

“We are happy to promote Louis Petrucelly to the post of CFO at FalconStor,” said Jim McNiel, president and CEO of FalconStor. “Over the past five years Lou has demonstrated his financial acumen and dedication while serving as a key member of the FalconStor finance team. We look forward to Lou’s leadership and ongoing contribution to the Company, and we congratulate him on his new role.”

Petrucelly has plenty of work to do as CFO. FalconStor reported its earnings last month, including a $3.1 million year-over-year drop in Q2 revenue to $16.5 million.  The company reported losses of $6.3 million, more than the $6 million in the same period 12 months ago.

FalconStor blames lowered sales on global economic turmoil: oversees customers account for over 50 percent of its revenue and it says demand has weakened in light of financial declines across Europe and Asia.

The company also made a note to reiterate it has resolved fraud allegations by agreeing to pay $5.8 million to settle two different suits.

Regulation caught up with the firm after unnamed executives apparently bribed some of their counterparts in JP Morgan Chase’s IT department to award deals worth a total of more than $12 million to FalconStor.