WINCHESTER, Va., July 14, 2020 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD), a leading supplier of
cabinetry to the new construction and remodeling industries, today
announced M. Scott Culbreth as
President and Chief Executive Officer of the company.
Culbreth, who had been American Woodmark's Senior Vice President
and Chief Financial Officer, succeeds S. Cary Dunston, who has retired and resigned from
the board. Paul Joachimczyk, Vice
President of Financial Planning and Analysis, replaces
Culbreth as Vice President and CFO. Vance
W. Tang, former Lead Independent Director, has been elected
non-executive Chairman of the Board of Directors.
The moves come after an internal investigation found that R.
Perry Campbell, Senior Vice
President, Sales and Commercial Operations, had exhibited behavior
that violated the company's policies and values. Campbell has been
separated from his position. His separation was not related to
American Woodmark's operational or financial performance.
"I have been privileged to be a part of the American Woodmark
family for 14 years, the last five as CEO, and it has been one of
the most rewarding experiences of my life," said Dunston. "I'm
incredibly proud of our accomplishments, but recent developments in
both my personal and professional life have prompted me to think
about the future; about the next generation of leadership to take
the helm of this amazing company. Having worked with Scott for
several years, I am confident that he is the right person to take
the organization forward, and I will be available to support
him."
"On behalf of the board of directors, Cary has our immense
gratitude for his years of outstanding service to the company, and
we wish him well with his new chapter," said Tang, who joined the
Board in 2009 and formerly served as President/CEO of KONE, Inc.
and currently serves on the Board of Comfort Systems USA, Inc. "As we make this transition, Scott's
exceptional performance as our CFO over the past six years gives us
confidence that he is prepared and equipped to lead our
organization forward. I look forward to working with Scott, and
will do my best to fulfill the confidence the board has placed in
me in this new role."
Prior to joining American Woodmark, Culbreth served as CFO for
Piedmont Hardware Brands. He has also worked for Shell Oil Company,
Robert Bosch Corporation and Newell
Brands in a wide range of financial roles with increasing
responsibility. Culbreth received a bachelor's degree in finance
from Virginia Tech and an MBA from
Washington University in St. Louis.
"I am both honored and humbled by the confidence of the board to
choose me as the next leader of American Woodmark," said Culbreth.
"Our company has a strong corporate culture and talented and
dedicated employees. We will continue to execute the strategy that
the board, Cary and the leadership team developed, which I believe
will drive continued growth and opportunity for the company. I am
also pleased that Paul Joachimczyk
will become our new CFO. He is well-prepared to lead our financial
organization."
Before joining American Woodmark, Joachimczyk served as
Vice President of Finance and Corporate Controller at TopBuild
Corporation. He has held a number of financial leadership positions
with Stanley Black & Decker and
General Electric, and he started his career with Ernst and Young,
LLP. He graduated from the University of
Wisconsin, Milwaukee with a Bachelor of Business
Administration and is a certified public accountant.
About American Woodmark
American Woodmark Corporation
manufactures and distributes kitchen, bath and home organization
products for the remodeling and new home construction
markets. Its products are sold on a national basis
directly to home centers, builders and through a network of
independent dealers and distributors. At April 30, 2020, the Company operated eighteen
manufacturing facilities in the United
States and Mexico and nine
primary service centers located throughout the United States.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward-looking statements made by the
Company involve material risks and uncertainties and are subject to
change based on factors that may be beyond the Company's control.
Accordingly, the Company's future performance and financial results
may differ materially from those expressed or implied in any such
forward-looking statements. Such factors include, but are not
limited to, those described in the Company's filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K. The Company does not undertake to publicly update or
revise its forward looking statements even if experience or future
changes make it clear that any projected results expressed or
implied therein will not be realized.
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SOURCE American Woodmark Corporation