Real Industry Appoints Michael Hobey as Chief Financial Officer
September 15 2016 - 4:15PM
Business Wire
Real Industry, Inc. (NASDAQ: RELY) (“Real Industry” or the
“Company”) today announced that it has appointed Michael Hobey
as Executive Vice President and Chief Financial Officer of the
Company, succeeding Kyle Ross who had been appointed as President,
Interim Chief Executive Officer and Chief Investment Officer on
August 19, 2016.
Mr. Hobey, 43, has served as the Chief Financial Officer of the
Company’s indirect wholly owned subsidiary, Real Alloy Holding,
Inc., since the business’ acquisition in February 2015 and has more
than ten years of industry experience in a variety of senior level
financial positions.
Prior to joining Real Alloy, Mr. Hobey served as Chief Financial
Officer of the predecessor entity known as Global Recycling &
Specification Alloys at Aleris International, Inc. (“Aleris”). Mr.
Hobey joined Aleris in June 2006, serving as Vice President,
Corporate Development, through July 2009 when he was named Vice
President and Treasurer.
Before joining Aleris, he served as Vice President in the
Investment Banking Division at Citigroup Global Markets and held
various positions with McDonnell Douglas and Boeing immediately
following college. Mr. Hobey holds a Bachelor of Science degree
from Brown University and an MBA from the MIT Sloan School of
Management.
Mr. Ross, President, Interim Chief Executive Officer, and Chief
Investment Officer, stated, “We are very pleased to promote Mike to
the CFO position of Real Industry, and are confident that his
knowledge of Real Alloy will ensure continuity in our operations
and contribute to the Company’s future performance. We benefit from
a strong finance and accounting team, which allows Mike to step
into this new role without having an impact on Real Alloy and
without the need to replace his prior position. Mike’s leadership
was essential in the integration of Real Alloy following its
acquisition, and he has shown strong strategic and value-added
analyses which will transfer well into his role as CFO of Real
Industry. In addition, his financial acumen and M&A experience
with Aleris and as an investment banker will prove invaluable as we
advance in our growth strategy through acquisitions, continue to
execute our business plan and maximize the value of our unique tax
assets.”
About Real Industry, Inc.
Real Industry is a North America-based holding company seeking
to take significant ownership stakes in large, well-managed and
consistently profitable businesses concentrated primarily in the
United States industrial and commercial marketplace. Real Industry
has significant capital resources, and U.S. federal net operating
loss tax carryforwards of more than $870 million. For more
information about Real Industry, visit its corporate website at
www.realindustryinc.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements, which are
based on our current expectations, estimates, and projections about
the Company’s and its subsidiaries’ businesses and prospects, as
well as management’s beliefs, and certain assumptions made by
management. Words such as “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will”
and variations of these words are intended to identify
forward-looking statements. Such statements speak only as of the
date hereof and are subject to change. The Company undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason. These statements include, but are not
limited to, statements regarding Mr. Hobey’s role as CFO, the
Company’s growth through acquisitions, continued execution of its
business plan and maximizing the value of the Company’s unique tax
assets; and any statements or assumptions underlying any of the
foregoing. Such statements are not guarantees of future performance
and are subject to certain risks, uncertainties, and assumptions
that are difficult to predict. Accordingly, actual results could
differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are
not limited to, changes in domestic and international demand for
recycled aluminum; the cyclical nature and general health of the
aluminum industry and related industries; commodity price
fluctuations and our ability to enter into effective commodity
derivatives or arrangements to effectively manage our exposure to
such commodity price fluctuations; inventory risks, commodity price
risks, and energy risks associated with Real Alloy’s buy/sell
business model; our ability to successfully identify, acquire and
integrate additional companies and businesses that perform and meet
expectations after completion of such acquisitions; our ability to
achieve future profitability; as well as those risks and
uncertainties disclosed under the sections entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in Real Industry, Inc.’s Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on March 14,
2016, and subsequent Forms 10-Q, including the “Risk Factors”
therein, as well as the Company’s other SEC filings, which are
available on our website at www.realindustryinc.com and on the SEC
website at https://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20160915006516/en/
Real Industry, Inc.Jeff Crusinberry, 805-435-1255Senior Vice
President and Treasurerinvestor.relations@realindustryinc.com
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