Stephen Zarrilli, co-founder and managing partner of investment services firm Penn Valley Group, is joining Safeguard Scientifics Inc., of Wayne, as chief financial officer.

Zarrilli's move will be effective June 2, according to a news release from the Penn Valley Group.

He will remain an equity member and chairman of Penn Valley Group, of King of Prussia.

Day-to-day management responsibilities will be shared by Phil Calamia and Tish Squillaro, who will serve as co-managing partners.

The executive management team will be rounded out by Michael Wilk, also a Penn Valley Group partner.

Effective tomorrow, Raymond J. Land is relinquishing his post of senior vice president and CFO of Safeguard to become CFO of medical diagnostics and billing firm Clarient Inc., a majority-owned subsidiary of the Safeguard, according to a Safeguard 8-K filing.

Almost a decade ago, Zarrilli was CEO of U.S. Interactive, an Internet-based advisory firm, of which about 13 percent was owned by Safeguard.

Safeguard Scientifics Inc. of Wayne, a holding company for various technology companies, owns about 13 percent of US Interactive's shares. US Interactive helps other companies figure out how to profit from the Internet. It aided Toyota Motor Corp., for example, in determining how to help customers learn about vehicles online.

Shares of Safeguard Scientifics were trading at $1.40 this morning on the New York Stock Exchange, up a cent from the previous day's close.