Board of Directors Appoints Mark Staton as
President and CEO
Company Appoints Mitchell I. Quain as New
Director
Xerium Technologies, Inc. (NYSE:XRM) (“Xerium” or the
“Company”), a leading global provider of industrial consumable
products and services, announced today that the Company’s Board of
Directors has appointed Mark Staton President and Chief Executive
Officer, replacing Harold Bevis, effective April 28, 2017. Mr.
Staton also has been appointed to the Board, replacing Mr.
Bevis.
“We are very excited about Mark joining Xerium to lead our
organization at an important time for the company,” said James
Wilson, Xerium’s Chairman. “During the past few years, the Board
and senior management team have focused on repositioning Xerium to
more effectively serve companies in the paper industry and enhance
long-term value for our stockholders. Having largely completed this
repositioning process, the Board determined that now is the right
time to install new leadership with the skills and experience to
drive operational excellence and increase the company’s
profitability. Under Mark’s leadership, we intend to continue to
shift our focus away from large capital investment and
reorganization projects that were critical to our repositioning.
This is expected to give us more free cash flow and greater
financial flexibility to continue our key objective of paying down
debt. We will seek to accelerate that debt reduction by driving
disciplined revenue growth through further product and technology
development and by improving organizational effectiveness.”
Wilson continued, “Mark has a successful track record of
operating and growing companies similar to Xerium by molding
high-performing teams and building strong customer relationships to
understand their needs and deliver value. As a former customer of
Xerium, he will bring a unique perspective about improving our
market responsiveness. The Board believes he is the right person to
lead Xerium into the future.”
“I have admired this company for some time now and am very
excited about the opportunity to lead Xerium as we move into a new
phase of the company’s strategic plan,” said Mr. Staton. “I am
honored by the Board’s confidence in me and look forward to working
with the other Directors, the senior leadership team and the rest
of the organization to build a stronger company and deliver greater
value to our stockholders. As an industry leader with a well-placed
global manufacturing footprint, we have opportunities to pursue new
customers in various geographies. We also will continue working to
enhance our ability to offer industry-leading products and services
with best-in-class technical designs and processes that will
generate meaningful revenue growth.”
Mr. Wilson stated, “The Board and I would like to thank Harold
for his contributions to Xerium during his five years as CEO.
During his tenure, Harold helped spearhead our repositioning
effort, which has put Xerium in a position to pursue growth
opportunities. We wish him the best in his future endeavors.”
Mr. Bevis said, “It has been a privilege to lead Xerium, and I
am proud of what we have been able to accomplish during my time as
CEO. I would like to thank the Board, the management team, and all
of our fantastic employees for their collaboration, dedication, and
hard work. When I joined the company five years ago, I was excited
to lead the charge as we worked to restructure the company, and I
believe it has been a successful effort. I am confident the company
is in a good strategic position and is poised for great success
under Mark’s guidance.”
Appointment of Mitchell I. Quain as New Director
Xerium also announced today that it has appointed Mitchell I.
Quain as a new Director, increasing the size of the Board to eight
members. Mr. Quain is currently a Senior Advisor to Carlyle Group
after having retired as a Partner at One Equity Partners. He has
specific expertise as a small-cap investor, including investing in
various industrial manufacturing companies, and he is a long-term
stockholder of Xerium. Mr. Quain also has extensive experience
serving on boards of public and private companies and is currently
a Director of AstroNova, Inc., Jason Industries, Inc., RBC Bearings
Incorporated, and Hardinge Inc.
The Company intends to file later today its definitive proxy
materials, which will include both Mr. Staton and Mr. Quain as part
of the slate of directors the Company is nominating for election to
the Board at the upcoming Annual Meeting of Stockholders to be held
on June 15, 2017.
Mr. Wilson said, “As a long-term stockholder, Mitch knows Xerium
well, and he has strong relationships with and the support of other
key stockholders. We are very pleased to add a director who is so
familiar with our investor base and will enhance our ability to
maintain constructive dialogue with stockholders. In addition, his
extensive experience complements the skills and expertise currently
on the Board. We are confident Mitch will serve as a strong
representative for all Xerium stockholders and make valuable
contributions in support of our long-term strategic objectives. The
other directors and I look forward to working with him to execute a
strategy that we believe will generate value for our
stockholders.”
“I am excited about this opportunity to join the Xerium Board
and look forward to working with Mark and the other Directors,”
said Mr. Quain. “I believe the company has great potential to
leverage its core strengths and global presence and take advantage
of growth opportunities in the industry. My efforts will be focused
on helping the company realize that potential for the benefit of
all stakeholders.”
Q1 2017 Results
Xerium also will report this morning its first quarter 2017
financial results in a separate announcement. That announcement
will include the access details for its previously scheduled
conference call to discuss the results at 5:00 p.m. Eastern Time
today.
Mark Staton Biography
Mark Staton, age 57, joins the company with over 30 years of
experience in the consumer packaging industry, including almost two
decades as an international CEO and business leader. Most recently,
from April 2014 to December 2016, Mr. Staton served as Executive
Chairman of Hoffmaster Group, Inc., an industry leader in
manufacturing premium table top décor for retail and food service
markets. Previously, from May 2012 to January 2014, Mr. Staton
served as CEO of PaperWorks Industries, Inc., a North American
integrated manufacturer of Coated Recycled paperboard and folding
cartons. In addition, Mr. Staton previously served as the CEO of
D&W Finepack, Inc., a premier value added disposable
foodservice packaging supplier, from April 2011 to June 2012;
Associated Packaging Technologies, Inc., the largest independent
company specializing in complete product materials and solutions
for the frozen foods industry, from April 2004 until June 2010; and
Huhtamaki Americas, Inc., an industry leader in both the rigid
consumer packaging markets, as well as a leader in branded single
use disposable packaging in both retail and foodservice markets,
from July 1998 to June 2004. Mr. Staton is a graduate of the
University of the West of England with honors in Business Studies.
Mr. Staton served as a board member of the American Forest and
Paper Association from January 2013 until January 2014 and
continues to serve on the board of Hoffmaster Group, Inc.
Mitchell I. Quain Biography
Mitchell I. Quain is a Senior Advisor to Carlyle Group, having
retired as a Partner at One Equity Partners. He serves on the Board
of Directors of AstroNova, Inc., Hardinge, Inc., Jason Industries
and RBC Bearings Inc. Previously, he served on the Boards of
publicly traded DeCrane Aircraft Holdings, Inc., Handy and Harmon
Inc., HEICO Corporation, MagneTek, Inc., Mechanical Dynamics, Inc.,
Strategic Distribution, Tecumseh Products Company and Titan
International, and was Executive Chairman of the Board of
Register.com. He previously served as Executive Vice President of
Furman Selz, where he started and led the industrial manufacturing
group, and as a partner at Wertheim & Company. He is Chairman
Emeritus of the Board of Overseers of The University of
Pennsylvania’s School of Engineering and Applied Sciences and has
served for 10 years on Penn’s Board of Trustees. He has served for
9 years on the Board and Executive Committee of Penn Medicine, a $4
billion enterprise. He is also a member of the Board of Trustees of
Curry College, in Milton, Massachusetts. He received his B.S. in
Electrical Engineering from the University of Pennsylvania in 1973
and his MBA with distinction from Harvard Business School in
1975.
* * * * *
ABOUT XERIUM TECHNOLOGIES
Xerium Technologies, Inc. (XRM) is a leading global provider of
industrial consumable products and services. Xerium, which operates
around the world under a variety of brand names, utilizes a broad
portfolio of patented and proprietary technologies to provide
customers with tailored solutions and products integral to
production, all designed to optimize performance and reduce
operational costs. With 28 manufacturing facilities in 13 countries
around the world, Xerium has approximately 2,950 employees.
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version on businesswire.com: http://www.businesswire.com/news/home/20170501005605/en/
Xerium Technologies, Inc.Cliff Pietrafitta,
919-526-1403IR@xerium.com
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