LSI Industries Inc. (NASDAQ:LYTS) today announced that
Wilfred (Bill) T. O’Gara has been appointed
Chairman of the Board by the Board of Directors,
succeeding
Gary P. Kreider, who has served as
Chairman of the Board since November, 2014. Mr. Kreider will
remain a board member until a successor director is appointed, at
which time Mr. Kreider intends to retire from the board. The
company also announced that
Ronald D. Brown,
current CEO, has been nominated by the Board to stand for election
as a Director at the November 6th, 2018 annual shareholders
meeting.
Mr. O’Gara is a member of LSI’s Board and currently serves as
Chairman of the Audit Committee. He is the Managing Director
of Buffalo Fork Holdings, LLC, an investment company. He
previously served as Chief Executive Officer of Isoclima SpA from
July, 2017 to August, 2018. Isoclima SpA produces transparent
armor and other specialized glass and polycarbonate products for
military and civilian armored vehicles. Prior to joining
Isoclima Mr. O'Gara served as Vice Chairman at The O’Gara Group
from 2016 until July 2017, and President and Chief Executive
Officer from 2003 to 2016. The O'Gara Group, Inc. is a
security and defense related firm.
Bill O’Gara commented, “I am honored to accept this role and am
excited about the plans that we are putting into place to better
serve our customers and ultimately enhance shareholder value.
On behalf of the full Board, I would like to thank Mr.
Kreider for the wise counsel and leadership which he has provided
as Chairman of the Board over the past four years.”
Organization Structure and Leadership
Changes
LSI has a rich history of success in the key markets that it
serves, such as petroleum, automotive, and quick serve restaurants
(QSR). Over time, the business became organized around its
core products rather than its customers. As we move forward,
LSI’s structure is being aligned around our key markets and
customers. This will enable the Company to better package our
technology, products and services in a unique way to continue to
provide our customers with innovative solutions. We intend to
grow the business by: improving and expanding our capabilities to
better serve our customers in our targeted markets; and developing
and acquiring technologies, products and services to improve the
experience for our customers’ customers.
In conjunction with this new organization structure, we are
eliminating the positions of President of LSI Lighting, President
of Atlas Lighting and President of LSI Graphics, as well as the
separate organizations aligned around the products each business
produced and sold. The Company is now organizing as one
LSI organization, focused on serving key customer markets with its
full package of capabilities.
The following structural leadership changes are being
implemented in order to align the entire organization and better
leverage LSI’s full scope of capabilities (lighting, graphics,
digital signage, control and IoT technologies).
A new Chief Commercial Officer role has been
created which will be responsible for leading LSI’s sales
organizations and market channels for all LSI products, technology
and services. Jeff A. Croskey, who has served as
President of LSI’s Graphics Segment since joining LSI in 2015, will
assume this role. Prior to joining LSI, Jeff served in executive
positions for Creative Sign Designs, Image International Corp.,
McNichols Co. and Goodyear Tire & Rubber Co. Ron Brown,
CEO, commented, “As President of LSI’s Graphics Segment last year,
Jeff’s team generated sales and earnings growth of 12.5% and 61%,
respectively. We look forward to Jeff leading all of LSI’s
professional sales teams and customer service resources to provide
our customers with innovative solutions to enable stronger growth
for LSI overall.”
Another newly created key leadership position is the
Chief Marketing Officer, whose responsibility will
be to develop and implement marketing strategies across our served
markets based upon customer needs; manage all of LSI’s marketing
efforts; and lead LSI’s new product development. A search is
currently underway for the Chief Marketing Officer.
A critical function under the Chief Marketing Officer is product
development. John A. Bagwell will become
Senior Vice President of Product Development &
Management for all of LSI’s lighting, graphics and
technology products. John joined LSI in 2015 as President of the
Technology Segment before becoming President of Atlas Lighting
Products. Prior to joining LSI, John served in sales, marketing and
executive level roles in various lighting controls and lighting
manufacturing companies, including Acuity Brands, Synergy Lighting
Controls and Automated Logic Corporation. Mr. Brown
commented, “Having this position report to the CMO will encourage a
more customer-driven product development discipline. John’s
broad leadership experience positions him well for this role.”
Sales teams will now be organized around key markets where LSI’s
total package of technologies, products and services are valued.
Leaders for each of these teams will have responsibility for
sales and market channel development, strengthening LSI’s position
in these markets.
As we orient towards a market-driven organization, we are moving
forward to streamline responsibilities in other areas of the
business to become more responsive to changing market trends.
For example, responsibilities for procurement, sourcing and
logistics had been spread through multiple areas and businesses
within LSI. This is now being structured under one
organization.
Sylvia M. Astrop will become Senior
Vice President of Global Sourcing, leading all of LSI’s
procurement, sourcing and logistics functions. Sylvia joined LSI in
2007. Prior to joining LSI, Sylvia held various management and
executive positions with Wornick Foods, AT&T and NCR, where she
earned her Six Sigma Black Belt. “Sylvia has been successful in
effectively managing LSI’s material costs despite market and trade
pressures. We look forward to Sylvia’s leadership in bringing
together all sourcing and procurement functions within LSI under
one organization,” commented Mr. Brown.
LSI Going Forward
Ron Brown continued: “While the search for a permanent CEO is
progressing, we are not standing still. We are committed to making
LSI a stronger company by continuing to invest in emerging
technologies and becoming more focused on our customers’ needs. One
LSI, packaging the full scope of LSI’s capabilities, including
technology, products and services. It is important that our
customers continue to value us based upon our expertise in the
markets we serve, and our ability to provide leading-edge
innovative solutions. The entire LSI team is committed to better
serving our customers and increasing shareholder value.”
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking statements that
are subject to numerous assumptions, risks or
uncertainties. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified
by words such as “estimates,” “anticipates,” “projects,” “plans,”
“expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should”
or the negative versions of those words and similar expressions,
and by the context in which they are used. Such
statements, whether expressed or implied, are based upon current
expectations of the Company and speak only as of the date
made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and
uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market
acceptance risks, potential costs associated with litigation and
regulatory compliance, reliance on key customers, financial
difficulties experienced by customers, the cyclical and seasonal
nature of our business, the adequacy of reserves and allowances for
doubtful accounts, fluctuations in operating results or costs
whether as a result of uncertainties inherent in tax and accounting
matters or otherwise, tax law changes, failure of an acquisition or
acquired company to achieve its plans or objectives generally,
unexpected difficulties in integrating acquired businesses, the
ability to retain key employees, unfavorable economic and market
conditions, the impact of tariffs and trade wars, the results of
asset impairment assessments, the ability to maintain an effective
system of internal control over financial reporting, the ability to
remediate any material weaknesses in internal control over
financial reporting and any other risk factors that are identified
herein. You are cautioned to not place undue reliance on
these forward-looking statements. In addition to the
factors described in this paragraph, the risk factors identified in
our Form 10-K and other filings the Company may make with the SEC
constitute risks and uncertainties that may affect the financial
performance of the Company and are incorporated herein by
reference. The Company does not undertake and hereby
disclaims any duty to update any forward-looking statements to
reflect subsequent events or circumstances.
About the Company
LSI Industries Inc. is a U.S.-based designer, manufacturer and
marketer of lighting, graphics and technology solutions for both
indoor and outdoor applications. The Company is a leader in
the primary markets it serves including petroleum, automotive,
quick serve restaurants, grocery, banking, retail, renovation,
parking and warehousing. Products are marketed throughout
North America by a network of independent sales representatives and
distributors, as well as through national accounts. LSI
partners with its customers to provide a full range of design
support, engineering, installation and project management
services. Headquartered in Blue Ash, Ohio, LSI currently
employs over 1,200 employees and operates eight facilities
throughout the U.S. The Company’s common shares are traded on
the NASDAQ Global Select Market under the symbol LYTS.
Additional information can be found on the Investor Relations page
at www.lsi-industries.com.
For further information, contact Jim Galeese,
Executive Vice President and Chief Financial Officer at (513)
793-3200.
CONTACT: JIM GALEESE (513 793-3200)
LSI Industries (NASDAQ:LYTS)
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LSI Industries (NASDAQ:LYTS)
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