AAON Announces Executive Leadership Transitions
May 07 2020 - 7:05AM
AAON, Inc. (NASDAQ-AAON) announced today that Norman H. Asbjornson,
Chief Executive Officer and Founder of AAON, Inc. (the “Company”),
will transition to the role of Executive Chairman, effective May
12, 2020. The Company also announced today that Gary D.
Fields, President, will assume the role of Chief Executive Officer
(in addition to his current position of President), also to be
effective May 12, 2020.
As Executive Chairman, Mr. Asbjornson will lead
the Board and continue to provide the full benefit of his vast
experience, knowledge, leadership and guidance to support Mr.
Fields as he expands his role at the Company.
Mr. Asbjornson said, “Our Company has many
accomplishments to be extremely proud of over the course of its
nearly 32-year history. Of the many notable achievements,
however, one that ranks near the top of my list is how we have been
able to successfully create and maintain a meaningful ownership
mentality among all levels of employees at our organization.
This was something that I set out to accomplish from the earliest
days of the Company’s existence, and I firmly believe a significant
amount of the success we have experienced can be traced back
directly to our unwavering commitment to this philosophy.”
Mr. Asbjornson continued, “I could not be more
pleased with the leadership team we have assembled at AAON.
During the course of Gary’s tenure as President of the
Company, he has demonstrated exceptional leadership talents and the
unique qualifications necessary to propel the Company to new
heights well into the future. I have very much enjoyed
working alongside Gary since he became President in November 2016,
and I look forward to continuing to do so as he assumes this new
role and leads AAON into its next chapter of continued
success.”
Mr. Fields said, “It is truly an honor to assume
the role of CEO of this amazing organization. As the
Company’s Founder and visionary who set the stage for the Company’s
success, Norm Asbjornson molded AAON into one of the most
respected, innovative and successful manufacturers in the HVAC
industry through his intellect, business acumen, sheer will and
determination. I welcome the opportunity to guide AAON and
our tremendously talented, loyal and hard-working employees as we
continue to build on the solid foundation and strategic vision set
by Norm.”
Ken Lackey, independent Board member and Chair
of AAON’s Governance Committee, said, “The Board has been engaged
in succession planning for several years and this transition is
truly a win-win for the Company and its stockholders. Having
served on AAON’s Board since 2007, I have witnessed on many
occasions the immense value that Norm’s experience and
entrepreneurial intuition provide the Company. His transition
to Executive Chairman will enable the Company to continue to
leverage this tremendous resource, while also helping Gary as he
charts his own course as the second CEO in AAON’s history.
Gary’s knowledge of the HVAC marketplace and outstanding leadership
skills make him the perfect choice as AAON’s next CEO. We
believe Gary’s leadership and ability to execute on the Company’s
strategic plans will enable AAON to continue creating meaningful
value for our stockholders for many years to come.”
Mr. Asbjornson said, “The leadership changes
which have been taking place at AAON over the past few years are
now essentially complete for the present time, with transitions
occurring at many management positions across various levels of the
Company. These leadership transitions have occurred through
elevating individuals from within our existing ranks, which has
allowed these individuals to bring several years of experience at
AAON to their current roles, while simultaneously significantly
lowering the average age of the Company’s management team.
The experience and tireless efforts of this talented group of
managers has already provided tangible results. In the first
quarter of 2020, AAON recorded the highest levels of net income and
revenue ever achieved in its nearly 32-year history. These
are extremely positive developments for the Company’s long-term
success which I believe should instill great confidence concerning
the Company’s ability to continue producing results that meet or
exceed its past performance.”
Mr. Asbjornson concluded, “To the stockholders,
dedicated employees, sales representatives, customers and countless
others who have supported AAON every step of the way since 1988,
please know that you have my deepest gratitude for all that you
have helped us accomplish to date. I have extreme confidence
that with your continued trust and support, AAON’s future will
continue to be marked by clear skies and an unlimited ceiling.”
In his new role as President and CEO, Mr. Fields
will report to the Board of Directors. Mr. Asbjornson, as
Executive Chairman, will also report to the Board of
Directors. Since November 2016, Mr. Fields has served as
President of AAON and was elected as a member of the Board of
Directors in 2015. Mr. Fields has over 35 years of experience
in the HVAC industry. Before joining the Company, Mr. Fields
was an HVAC equipment sales representative at (and from 2002 to
2012, a member of the ownership group of) Texas AirSystems, the
largest independent HVAC equipment and solutions provider in the
state of Texas.
About AAONAAON, Inc. is engaged
in the engineering, manufacturing, marketing and sale of air
conditioning and heating equipment consisting of standard,
semi-custom and custom rooftop units, chillers, packaged outdoor
mechanical rooms, air handling units, makeup air units, energy
recover units, condensing units, geothermal/water-source heat
pumps, coils and controls. Since the founding of AAON in
1988, AAON has maintained a commitment to design, develop,
manufacture and deliver heating and cooling products to perform
beyond all expectations and demonstrate the value of AAON to our
customers. For more information, please visit
www.AAON.com.
Certain statements in this news release may be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended. Statements regarding
future prospects and developments are based upon current
expectations and involve certain risks and uncertainties that could
cause actual results and developments to differ materially from the
forward-looking statements.
Contact InformationJerry R. Levine Phone:
(914) 244-0292 Fax: (914) 244-0295Email: jrladvisor@yahoo.com
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