Gibraltar Industries Appoints William T. Bosway as President and CEO; Frank Heard Named Vice-Chairman
January 07 2019 - 8:30AM
Business Wire
Heard to Remain in Newly Created Role Through
March 3, 2020 to Ensure Smooth Leadership Transition
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and distributor of building products for the
residential, industrial, infrastructure, and renewable energy and
conservation markets, today announced the appointment of William T.
Bosway as President and Chief Executive Officer, and Director,
effective January 2, 2019. Mr. Bosway has been President and Chief
Executive Officer of Dover Corporation’s Refrigeration & Food
Equipment segment since June 2016, following a 26-year career at
Emerson Electric. As part of the Company’s planned succession
strategy, Frank Heard will remain employed with the Company in the
newly created role of Vice Chairman of the Board through March 3,
2020, with the principal responsibility of ensuring a smooth
leadership transition.
“Bill brings significant experience leading complex businesses
at Fortune 500 global industrial companies, and valuable expertise
in driving organic growth accelerated by strategic acquisitions,”
said William Montague, Chairman of the Board. “With a shared view
on the need for continued operational excellence, Bill will build
on Frank’s success and deliver further value creation at this time
in Gibraltar’s transformation.
“Under Frank’s leadership, Gibraltar has significantly increased
its operating performance and return on invested capital, and made
meaningful progress instilling a culture of operational excellence,
product innovation and portfolio refinement,” said Montague. “We
worked closely with Frank to ensure the selection process delivered
an individual that has the right background, skill set and cultural
fit for all Gibraltar stakeholders.”
“Bill is an excellent selection as President and CEO of
Gibraltar at this stage of our value creation strategy, which we
implemented approximately four years ago,” said Heard. “His
expertise in driving organic and acquisition growth, breadth of
experience in a variety of global industrial markets, and
proficiency in manufacturing operations uniquely qualify him to
lead Gibraltar in its next phase of growth.”
“I look forward to working closely with Frank, the Gibraltar
leadership team and the Board to ensure a smooth transition as we
move forward in our mission to create long-term shareholder value,”
said Bosway.
For the past 29 years, Mr. Bosway, 53, has worked for two
Fortune 500 industrial companies. For the past three years, he was
Chief Executive Officer and President of Dover Corporation’s
Refrigeration and Food Equipment segment, with annual revenue of
$1.6 billion. Prior to joining Dover, Mr. Bosway was with Emerson
Electric for 26 years in a number of increasingly important roles.
In addition to being Group Vice President, Refrigeration and
Solutions, with $1.8 billion in revenue, he led global research and
innovation, advanced manufacturing and engineering, and supply
chain and quality organizations, which supported the $4 billion
revenue climate technologies business.
Mr. Bosway holds a M.S. in Management from the Krannet Graduate
School of Management, Purdue University and a B.S. in Finance from
Miami University, Ohio.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor
of building products for the residential, industrial,
infrastructure, and renewable energy and conservation markets. With
a four-pillar strategy focused on operational improvement, product
innovation, portfolio management and acquisitions, Gibraltar’s
mission is to drive best-in-class performance. Gibraltar serves
customers primarily throughout North America and to a lesser extent
Asia. Comprehensive information about Gibraltar can be found on its
website at www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than
historical information, contains forward-looking statements and is
subject to a number of risk factors, uncertainties, and
assumptions. Risk factors that could affect these statements
include, but are not limited to, the following: the availability of
raw materials and the effects of changing raw material prices on
the Company’s results of operations; energy prices and usage;
changing demand for the Company’s products and services; changes in
the liquidity of the capital and credit markets; risks associated
with the integration and performance of acquisitions; and changes
in interest and tax rates. In addition, such forward-looking
statements could also be affected by general industry and market
conditions, as well as macroeconomic factors including government
monetary and trade policies, such as tariffs and expiration of tax
credits along with currency fluctuations and general political
conditions. Other risks and uncertainties that arise from time to
time are described in Item 1A “Risk Factors” of the Company’s
Annual Report on Form 10-K. The Company undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190107005613/en/
Timothy MurphyChief Financial Officer716-826-6500 ext.
3277tfmurphy@gibraltar1.com
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