Columbus McKinnon Names New Chief Executive Officer
February 28 2017 - 4:15PM
Columbus McKinnon Corporation (NASDAQ:CMCO) (“Company”), a leading
designer, manufacturer and marketer of material handling products,
technologies and services, announced that, effective today, its
Board of Directors has appointed Mark D. Morelli as the Company’s
President and Chief Executive Officer, completing its previously
announced succession plan. Mr. Morelli has also been elected
to the Board of Directors.
Ernest R. Verebelyi, Chairman of the Board, commented, “Mark
brings a unique background to the Company that is ideally suited
for building upon our strategic initiatives and recent
acquisitions. He has held significant leadership positions in
global technology and industrial markets and brings a proven record
of accomplishment. Under his leadership, Mark has developed
high performance organizations that have achieved meaningfully
higher rates of growth and expanded margins. We believe he
will leverage his experience in industrial technologies to
strengthen our market position as well as capitalize on his strong
operational background to increase our earnings potential. We
are excited and pleased to welcome Mark to the team.”
Mr. Morelli, 53, served as president and chief operating officer
of Brooks Automation (NASDAQ:BRKS) from 2012 to 2016.
Previous to his role at Brooks Automation, Mr. Morelli was the
chief executive officer of Energy Conversion Devices, an
alternative energy company. Prior to that, Mr. Morelli was
with United Technologies from 1993 to 2007, where he progressed
through product management, marketing, strategy and increasing
responsibilities of general management. His last assignment
was as president of Carrier Commercial Refrigeration. Mr.
Morelli began his career as a U.S. Army officer and helicopter
pilot, serving as a company commander of an attack helicopter
unit.
Mr. Morelli commented, “Columbus McKinnon is an industry leader
with excellent brands, strong customer relationships and a long,
well-established history. This is an exciting time to join
the Company given its expanded market reach and new products gained
both through acquisitions and the launch of the 'drive in every
hoist' program. I am honored to be given the opportunity to
lead the organization and help drive superior results.”
As announced in September 2016, Timothy T. Tevens, who joined
Columbus McKinnon in May 1991 and served as President and CEO from
1998, is retiring. He has agreed to continue to support the
Company as an advisor. Mr. Verebelyi added, “On behalf of the
Board, we thank Tim for his many years of service and his
contributions that have helped Columbus McKinnon become the world’s
second largest hoist manufacturer. We wish him and his family
all the best in his retirement.”
About Columbus McKinnon Columbus McKinnon is a
leading worldwide designer, manufacturer and marketer of material
handling products, technologies, systems and services, which
efficiently and ergonomically move, lift, position and secure
materials and people. Key products include hoists, cranes,
actuators, rigging tools, light rail work stations and digital
power and motion control systems. The Company is focused on
commercial and industrial applications that require the safety and
quality provided by its superior design and engineering
know-how.
Safe Harbor Statement This news release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements concerning future
revenue and earnings, involve known and unknown risks,
uncertainties and other factors that could cause the actual results
of the Company to differ materially from the results expressed or
implied by such statements, including general economic and business
conditions, conditions affecting the industries served by the
Company and its subsidiaries, conditions affecting the Company's
customers and suppliers, competitor responses to the Company's
products and services, the overall market acceptance of such
products and services, the effect of operating leverage, the pace
of bookings relative to shipments, the ability to expand into new
markets and geographic regions, the success in acquiring new
business, the speed at which shipments improve, and other factors
disclosed in the Company's periodic reports filed with the
Securities and Exchange Commission. The Company assumes no
obligation to update the forward-looking information contained in
this release.
Contacts:
Gregory P. Rustowicz
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com
Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
dpawlowski@keiadvisors.com
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