Schmitt Industries Appoints Steven Strom to Its Board
June 26 2019 - 4:15PM
Schmitt Industries, Inc. (NASDAQ: SMIT) today announced the
appointment of Steven Strom as the fifth member of the Company’s
Board of Directors (the “Board”) effective June 21, 2019. Steven
Strom is an “independent director” according to the rules of the
Securities and Exchange Commission and the NASDAQ Stock Market and
his appointment creates a majority of independent directors on the
Board in compliance with NASDAQ requirements.
Steven Strom is the founder of Odinbrook Global Advisors
and has more than thirty years of experience advising companies in
the US, Canada, Latin America, Europe and Asia. Mr. Strom
focuses on providing expert advice to clients to develop
restructuring strategies and implement solution
transactions.
From 2016 to early 2018, Mr. Strom was CEO of Blackhill
Partners, an investment bank based in Dallas, Texas.
Previously, he was a Managing Director in the Restructuring
Group at Jefferies where he joined in 2006 and was Global Head of
Restructuring from 2008 to 2014. Prior to Jefferies, Mr. Strom
was a Managing Director in the Restructuring Group at CIBC World
Markets (2002-2006) and a Managing Director at Chanin Capital
Partners (1997-2002), a Research Analyst/Trader at Commodities
Corporation (1993-1996) and a Vice President in the M&A Group
at Chemical Bank (1986-1993).
Mr. Strom has an MBA with a concentration in Finance from the
University of Michigan (1986) and a bachelor’s degree in Business
(Finance) from Arizona State University (1984) where he had a
Regent’s Academic Scholarship and was awarded the Outstanding
Finance Student by the Financial Analysts Society.
“We are pleased to welcome Steven to our Board of Directors,”
said Michael R. Zapata, Executive Chairman and President of
Schmitt. “He is an experienced advisor in strategies and
transactions that will serve the Board and our shareholders well as
we continue to make progress in unlocking shareholder value.”
About Schmitt Industries
Schmitt Industries, Inc. (“Schmitt” or the “Company”) designs,
manufactures and sells high precision test and measurement
products, solutions and services through our SBS®, Acuity® and
Xact® product lines, which are reported in two business segments.
In the Balancer segment, our SBS product line provides
computer-controlled vibration detection, balancing and process
control systems for the worldwide machine tool industry. In the
Measurement segment, our Acuity line provides laser and white light
sensor distance measurement and dimensional sizing products, and
our Xact line provides ultrasonic-based remote tank monitoring
products and related monitoring revenues for markets in the
Internet of Things environment.
For more information contact: Michael Zapata, Executive
Chairman and President (503) 227-7908 or visit
www.schmitt-ind.com.
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