CSW Industrials Announces Organizational Changes
Resource from: GLOBE NEWSWIRE 18 Dec,2015
DALLAS, Dec. 16, 2015 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (“CSW Industrials”) (Nasdaq:CSWI) is pleased to announce several organizational changes that will consolidate and enhance the senior management team, effective January 2016. CSWI manages its business across three segments – Industrial Products, Coatings Sealants & Adhesives, and Specialty Chemicals. This approach provides the optimum structure to deliver profitable growth, allocate capital, capture cost synergies and drive efficiencies between our well-established industrial brands in a variety of end markets.
Don Sullivan, currently Chief Operating Officer for RectorSeal, will be promoted to Sr. Vice President & General Manager of the Industrial Products division. Mr. Sullivan will have full P&L responsibility for this segment and will be charged with creating and implementing business strategies to grow the Industrial Products division. Mr. Sullivan will also have administrative responsibility for RectorSeal and the Company’s architecturally specified building products businesses, Smoke Guard and Balco. Mr. Sullivan joined RectorSeal in May 2015 from Goodman Global, where he was Division President. Prior to that Mr. Sullivan held a variety of management positions at Carrier Corporation in sales, product management and general management. He has a degree in Mechanical Engineering from the University of Maryland and an MBA from the University of Michigan. Mr. Sullivan will remain located in Houston, Texas.
Mark Lee will assume the role of Sr. Vice President & General Manager of the Coatings Sealants & Adhesives division. In this role he will have complete P&L responsibility including Strathmore, which was acquired by CSWI in April 2015, plus the integration of Deacon Sealants, acquired in October 2015. Mr. Lee has spent his career in various General Management roles, most recently as Managing Director of Asia Pacific located in Shanghai, China, for Waukesha Bearings Corporation - the global bearings and sealants business unit of Dover Corporation. Prior to that, he held leadership roles with Nalco Company, GE Plastics and Dow Corning, where he was responsible for adhesives and coatings. Mr. Lee has degrees in Marketing from Michigan State University and an MBA from the University of Michigan. He will be located in Houston, Texas.
Craig Foster will assume the role of Sr. Vice President & General Manager of the Specialty Chemicals division. He will have full P&L responsibility for this business segment, and will also have administrative responsibility for Whitmore and Jet-Lube. Mr. Foster was most recently VP and General Manager, Elastomers Division at Zeon Chemicals. Prior to that, he served as President at Flint Group where he had direct P&L responsibility for a number of diverse businesses and geographic regions with revenues of $1.3 billion. He also served as the functional Executive responsible for the Global Operations of the company, encompassing over 150 locations globally of varying size and complexity. Prior to joining Flint, Mr. Foster was with Akzo Nobel Coatings as purchasing supervisor and earlier served over 7 years in the U.S. Navy within the Nuclear Submarine Force and the Naval Mobile Construction Force (SeaBees). He has a BBA in Management from Northwood University, and will be located in the Dallas, Texas area.
David Smith, who has served as President and CEO of RectorSeal since 1990, will be promoted to the position of Senior Advisor to the Chairman of the Board of CSW Industrials. Mr. Smith has led the RectorSeal team admirably for the past 25 years and will continue to be an important part of the company in this new role, effective January 2016. Joseph B. Armes, Chairman and Chief Executive Officer of CSW Industrials commented, “The recruitment and development of talented and experienced business segment leaders is a key component of our plan to build a leading industrial growth company. That is why we are so pleased to promote Don Sullivan and welcome Mark Lee and Craig Foster to the CSWI team. I am confident that these outstanding executives will contribute meaningfully to the success of CSW Industrials as we execute on our growth strategy and drive shareholder value.”
Christopher J. Mudd, President & Chief Operating Officer added, “We are excited to implement these important changes to our senior leadership team as we continue to execute CSWI’s corporate strategy to break down silos between businesses, exploit cross selling opportunities within the portfolio, allocate capital more efficiently, integrate acquisitions, capture cost synergies, and leverage our innovative technologies to serve customers.”
About CSW Industrials
CSW Industrials is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSW Industrials’ broad portfolio of leading products provides performance optimizing solutions to its customers. CSW Industrials’ products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Markets that CSW Industrials serves include plumbing, industrial, HVAC, energy, rail, architecturally-specified building products, mining and other general industrial markets.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs as of the date of this release. Forward-looking statements can often be identified by words such as “plans,” "expects," "will,” similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth opportunities and future results of operations of CSW Industrials. They are not guarantees of future results and are subject to risks, uncertainties and assumptions, including factors set forth in CSW Industrials’ filings with the Securities and Exchange Commission, including CSW Industrials’ information statement filed as an exhibit to CSW Industrials’ Form 10, that could cause actual results to differ materially from those expressed in any forward-looking statement.
(GLOBE NEWSWIRE)
