RACINE, Wis., Aug. 4, 2020 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, announced today that
Modine's Board of Directors has launched a search for a new
President and Chief Executive Officer and Thomas A. Burke will be stepping down from both
his position as President and Chief Executive Officer and as a
member of Modine's Board of Directors, effective immediately. The
Board has named Mick Lucareli, the
Company's Vice President Finance and Chief Financial Officer, as
Interim President and Chief Executive Officer, effective today. Mr.
Burke will remain with the Company in a senior advisory role until
August 28, 2020, to ensure a smooth
transition.
"I am honored to have served as Modine's President and Chief
Executive Officer," said Burke. "I would like to thank the entire
Modine team. It has been a privilege to work with all of the Modine
employees for the past fifteen years. I believe we have done
tremendous work together, including transforming the business to be
a more diversified thermal management solutions provider. Modine
has a bright future and I look forward to seeing its continued
success."
Marsha Williams, Lead Director of
Modine's Board of Directors added, "On behalf of the entire Board
of Directors, I would like to thank Tom for his more than fifteen
years of service with Modine and his more than twelve years as our
President and CEO. Tom accepted the CEO position in the midst of
the 2008-2009 financial crisis and acted with a sense of urgency to
fortify Modine's operations and ensure that the Company weathered
the economic downturn."
Williams continued, "In 2015, Tom launched our transformational,
Strengthen, Diversify and Grow (SDG) strategy. That platform gained
Modine a foothold in new, growing markets and resulted in the
acquisition of Luvata HTS in 2016. The addition of Luvata's
industrial-based portfolio of products significantly diversified
our technological capabilities and customer mix, while making
Modine a global leader in coils and coatings. Lastly, Tom has been
instrumental in leading Modine through the COVID-19 crisis and has
positioned the business to emerge stronger. Tom has made an
indelible mark on Modine's rich history of innovation that spans
more than a century and we are grateful for his historical
leadership."
Williams added, "As Modine works to complete the divestiture of
its legacy Automotive business and further pivots towards its
long-term vision to become a true industrial thermal management
solutions provider, we have reached a natural inflection point. Now
is the right time to find a new leader that can drive our
industrial transformation strategy, while accelerating the
Company's future growth. A global search is underway to help
us find that leader. The Board has extreme confidence that Mick and
our experienced senior leadership team will continue to execute
against our strategic vision until that leader is in place."
Mick Lucareli concluded, "I would
also like to thank Tom for his mentorship and leadership over the
fifteen years I have worked with him at Modine. I strongly believe
in the future of Modine and its vision of being a stronger, more
diversified thermal management company. I remain committed to this
strategy and am honored to lead this effort during the current
transition period."
About Michael B. (Mick)
Lucareli
Michael B. (Mick) Lucareli was
named Vice President, Finance, and Chief Financial Officer on
July 12, 2010. He leads Modine's
global finance, information technology and corporate strategy
functions. Mr. Lucareli joined Modine in August 1999 and has held a variety of leadership
roles, including Manager, Business Development and Investor
Relations; Director, Financial Operations and Analysis; Managing
Director, Financial Operations; and Vice President, Corporate
Treasurer. Before joining Modine, Mr. Lucareli was Director of
Research at Alpha Investments Group and a securities analyst and
portfolio manager at Associated Investment Management Group. Mr.
Lucareli earned a bachelor's degree in economics from the
University of Wisconsin - Madison and a
Master of Business Administration (MBA) from Loyola University in Chicago. He also holds a
Chartered Financial Analyst (CFA) designation.
About Modine
Modine, with fiscal 2020 revenues of $2.0
billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling
components, original equipment products, and systems to diversified
global markets through its four complementary segments: CIS; BHVAC;
HDE; and Automotive. Modine is a global company headquartered in
Racine, Wisconsin (USA), with
operations in North America,
South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," and other similar
"forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine's actual results, performance
or achievements may differ materially from those expressed or
implied in these statements because of certain risks and
uncertainties, including, but not limited to those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2020 and under Forward-Looking Statements in Item 7 of Part
II of that same report as well as the Company's other filings with
the U.S. Securities and Exchange Commission. Other risks and
uncertainties include, but are not limited to, the following: the
impact of the COVID-19 pandemic on the national and global economy,
our business, suppliers, customers, and employees; the overall
health and price-down focus of Modine's customers; our ability to
successfully execute our strategic and operational plans, including
our ability to successfully exit the automotive business; our
ability to effectively and efficiently reduce our cost structure in
response to sales volume declines and complete restructuring
activities and realize benefits thereon; our ability to comply with
the financial covenants in our credit agreements and to fund our
global liquidity requirements efficiently, particularly in light of
the volatility and negative impacts to the financial markets
resulting from COVID-19; operational inefficiencies as a result of
program launches, unexpected volume increases, product transfers,
and delays or inefficiencies resulting from restrictions imposed in
response to the COVID-19 pandemic; economic, social and political
conditions, changes and challenges in the markets where Modine
operates and competes, including foreign currency exchange rate
fluctuations, tariffs (and potential trade war impacts resulting
from tariffs or retaliatory actions), inflation, changes in
interest rates or tightening of the credit markets, recession,
restrictions associated with importing and exporting and foreign
ownership, public health crises, and the general uncertainties
about the impact of regulatory and/or policy changes, including
those related to tax and trade, the COVID-19 pandemic and other
matters, that have been or may be implemented in the U.S. or
abroad, and continuing uncertainty regarding the impacts of
"Brexit"; the impact on Modine of any significant increases in
commodity prices, particularly aluminum, copper, steel and
stainless steel (nickel) and other purchased component inventory,
and our ability to adjust product pricing in response to any such
increases; the nature of and Modine's significant exposure to the
vehicular industry and the dependence of this industry on the
health of the economy; the concentration of sales within our CIS
segment attributed to one customer; Modine's ability to recruit and
maintain talent in managerial, leadership, and administrative
functions; Modine's ability to protect its proprietary information
and intellectual property from theft or attack; the impact of any
substantial disruption or material breach of our information
technology systems; costs and other effects of environmental
investigation, remediation or litigation; and other risks and
uncertainties identified by the Company in public filings with the
U.S. Securities and Exchange Commission. Forward-looking
statements are as of the date of this release, and the Company does
not assume any obligation to update any forward-looking
statements.
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine Manufacturing Company