Albany International Announces New Director Nominee
February 23 2018 - 5:00PM
Business Wire
Albany International Corp. (NYSE:AIN) announced today that its
Board of Directors has nominated Lee C. Wortham as a candidate for
election to the Board at the Annual Meeting of Stockholders, to be
held on May 11, 2018. In connection with Mr. Wortham’s nomination,
current Director John C. Standish has informed the Company of his
intention to retire from the Board, effective May 11, 2018.
(Christine L. Standish, a Director of the Company since 1997, has
been re-nominated and will remain a candidate for re-election at
the May meeting.)
Mr. Wortham is a director and officer of the J.S. Standish
Company. The J.S. Standish Company holds or controls shares
representing approximately 53% of the combined voting power of all
stockholders of the Company.
Mr. Wortham has been a partner of Barrantys LLC, a consultant
and service provider to wealthy families and family offices, since
2007, and during that time has been an adviser to the Standish
family. Mr. Wortham has also served as a director of Evans Bancorp,
Inc. since 2011, and currently serves as Vice Chairman.
Prior to joining Barrantys, Mr. Wortham served in senior
management positions at First Niagara Financial Group, Inc. (2005
to 2007), The Bank of New York (1999 to 2005), and Chase Manhattan
Bank and Chemical Bank (currently JP Morgan Chase & Co.) (1985
to 1999).
Albany Chairman Erkie Kailbourne said, “The Board is pleased to
nominate Lee Wortham as a candidate for election at the May meeting
of stockholders. We believe that Lee’s extensive experience in the
financial services industry will make him a valuable contributor to
our Board. As a long-time adviser to the Standish family, and a
director and executive officer of the J.S. Standish Company, his
election will also preserve the continuity of the Standish family’s
Board presence, as John Standish retires from the Board at the end
of his current term in May.
“The Board also thanks John Standish for his many years of
service and support, both as an employee and a Board member. We are
sorry to be losing such a valued colleague and friend, and we wish
John the very best.”
About Albany International Corp.Albany International is a
global advanced textiles and materials processing company, with two
core businesses. Machine Clothing is the world’s leading producer
of custom-designed fabrics and belts essential to production in the
paper, nonwovens, and other process industries. Albany Engineered
Composites is a rapidly growing supplier of highly engineered
composite parts for the aerospace industry. Albany International is
headquartered in Rochester, New Hampshire, operates 22 plants in 10
countries, employs 4,400 people worldwide, and is listed on the New
York Stock Exchange (Symbol AIN). Additional information about the
Company and its products and services can be found at
www.albint.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180223005796/en/
Albany International Corp.InvestorsJohn Cozzolino,
518-445-2281john.cozzolino@albint.comorMediaHeather Kralik,
801-505-7001heather.kralik@albint.com
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