L.B. Foster® Announces New CFO
August 24 2017 - 11:03AM
Pittsburgh, PA-based L.B. Foster Company (NASDAQ:FSTR) is pleased
to announce that James P. Maloney will become L.B. Foster’s Senior
Vice President, Chief Financial Officer, and Treasurer, joining the
Company effective September 18, 2017. Reporting to L.B. Foster
President & CEO, Robert P. Bauer, and based in the Company's
headquarters in Pittsburgh, Mr. Maloney will oversee the global
finance and accounting organization, as well as the investor
relations functions.
“I am very pleased that Jim has decided to join the management
team," said Robert P. Bauer, President and Chief Executive Officer.
"He brings to the position of Chief Financial Officer valuable
experience and leadership qualities developed during a successful
career. From the time he took challenging assignments with
Ernst & Young, through his assignments at H.J. Heinz and First
Insight, he has gained the respect of his peers in the financial
community and has become a trusted advisor to the operating
people. I look forward to the contribution Jim will make
toward L.B. Foster's strategic plans, and the steps we take to
drive value for our shareholders.”
Maloney joins L.B. Foster from First Insight, Inc., where he
served as Chief Financial Officer at the privately-held Company
providing consumer data to leading global retailers and
brands. As CFO, he led efforts to raise capital for funding
growth while creating strategies for measuring financial
performance by market segment. Prior to First Insight, he served as
Vice President – Global Financial Planning and Supply Chain Finance
at H.J. Heinz Company, where he managed strategic and annual
operating plans, the capital expenditure and return on investment
process; developed restructuring programs; and was responsible for
strategic supply chain decisions and commodity-hedging strategies.
During his career with H.J. Heinz, he also served as controller for
the North American operations where he oversaw general and
financial accounting for the consumer products segment. Prior
to joining the Heinz North America team, he spent more than 10
years with Ernst & Young on various assignments in the U.S. and
Europe.
Mr. Maloney holds a Master of Business Administration degree
from the University of Pittsburgh and a Bachelor of Science degree
from Clarion University. He is a Certified Public
Accountant.
About L.B. Foster Company Established in 1902,
L.B. Foster Company (NASDAQ:FSTR) is a leading manufacturer,
fabricator, and distributor of products and services for the rail,
construction, energy, and utility markets with locations in North
America and Europe. L.B. Foster is headquartered in
Pittsburgh, Pennsylvania and has been publicly traded since 1981.
More information is available at: www.lbfoster.com.
This release may contain forward-looking statements that involve
risks and uncertainties. Statements that do not relate strictly to
historical or current facts are forward-looking. When we use the
words “believe,” “intend,” “expect,” “may,” “should,” “anticipate,”
“could,” “estimate,” “plan,” “predict,” “project,” or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. Actual
results could differ materially from the results anticipated in any
forward-looking statement. Accordingly, investors should not
place undue reliance on forward-looking statements as a prediction
of actual results. The Company has based these forward-looking
statements on current expectations and assumptions about future
events. While the Company considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the Company’s control. The risks and
uncertainties that may affect the operations, performance and
results of the Company’s business and forward-looking statements
include, but are not limited to, an economic slowdown or a
continuation of the current economic slowdown in the markets we
serve; the risk of doing business in international markets; our
ability to effectuate our strategy including evaluating potential
opportunities such as strategic acquisitions, joint ventures, and
other initiatives, and our ability to effectively integrate new
businesses and realize anticipated benefits; costs of and impacts
associated with shareholder activism; a decrease in freight or
passenger rail traffic; the timeliness and availability of material
from our major suppliers; labor disputes; the effective
implementation of an enterprise resource planning system; changes
in current accounting estimates and their ultimate outcomes; the
adequacy of internal and external sources of funds to meet
financing needs; the Company’s ability to manage its working
capital requirements and indebtedness; domestic and international
taxes; foreign currency fluctuations; inflation; domestic and
foreign government regulations; continued and sustained declines in
energy prices; a lack of state or federal funding for new
infrastructure projects; increased regulation including conflict
minerals; an increase in manufacturing or material costs; the
ultimate number of concrete ties that will have to be replaced
pursuant to the previously disclosed product warranty claim of the
Union Pacific Railroad (“UPRR”) and an overall resolution of the
related contract claims as well as the possible costs associated
with the outcome of the lawsuit filed by the UPRR; risks inherent
in litigation and those matters set forth in Item 8, Footnote 19,
"Commitments and Contingent Liabilities" and in Item 1A, “Risk
Factors” of the Company’s Form 10-K for the year ended December 31,
2015 as updated by any subsequent Form 10-Qs. The Company urges all
interested parties to read these reports to gain a better
understanding of the many business and other risks that the Company
faces. The forward-looking statements contained in this press
release are made only as of the date hereof, and the Company
assumes no obligation and does not intend to update or revise these
statements, whether as a result of new information, future events
or otherwise, except as required by securities laws.
L.B. Foster Company Media Contact:
Jake Fuellhart, Marketing and Communications Manager, Corporate Marketing
412.928.5645 jfuellhart@lbfoster.com
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