LSI Industries Inc. Appoints James A. Clark President and Chief Executive Officer
17 10월 2018 - 7:45PM
LSI Industries Inc. (NASDAQ: LYTS) today announced
the appointment of James (Jim) A. Clark as President and Chief
Executive Officer effective November 1, 2018.
Wilfred (Bill) T. O’Gara, Chairman, commented,
“We are very pleased to welcome Jim to LSI as our President and
CEO. Jim’s track record of driving transformative growth by
providing customers with innovative solutions and services makes
him the right leader for LSI. His experience in leading and
capitalizing on changing market environments driven by technology
and increasing end-user expectations will be extremely valuable
moving forward. We look forward to his leadership as
the Company continues to align its unique lighting, graphics and
technology capabilities around key vertical markets and
customers. The Board is confident that Jim will accelerate
profitable growth and generate long-term shareholder
value.”
Mr. Clark most recently served as President and
Chief Executive Officer of Alliance Tire Americas Inc., a
manufacturer and distributor of specialty off-the-road tires for
use in agriculture, construction and specialty markets, from 2014
to 2018, leading it through four years of double-digit organic
growth. The improved performance was instrumental in enabling KKR
to sell Alliance Tire Group to Yokohama Rubber Company for $1.2
billion. Prior to that, Jim served as Corporate Vice President of
Strategy and Business Development for Rexel, a worldwide
distributor of electrical, data, fire, lighting and energy
services. Previously he held executive level roles at Verint
Systems, United Technologies Corporation and GE Company.
Mr. Clark commented, “I am excited to join LSI,
a company which has a rich history of successfully serving several
key markets. LSI has a strong reputation in the marketplace,
a sound financial position and a talented team of employees.
It is an exciting time for the lighting and graphics markets and I
see significant potential to move the Company forward in a new
phase of growth. We will further develop our target market
strategies and execute by delivering products, services and
technology solutions that exceed customer expectations and that
enable us to win in the marketplace.”
Mr. O’Gara also commented, “The Board extends
its appreciation and thanks to Ron Brown and Crawford Lipsey, who
have served since April as Interim Chief Executive Officer and
Interim Chief Operating Officer, respectively.” Concurrent
with the hiring of Mr. Clark on November 1, Mr. Brown will step
down from his current role. Mr. Brown is a nominee for
election to the Board of Directors at the Company’s November 6,
2018 Annual Shareholder Meeting. Mr. Lipsey will continue in
his role during a transitional period.
"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.
Additional note:
Today’s news release, along with past releases from LSI
Industries, is available on the Company’s internet site at
www.lsi-industries.com or by email or fax, by calling the Investor
Relations Department 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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