Abd Resigns as CEO of Spartech Corporation
July 16 2007 - 7:00AM
PR Newswire (US)
ST. LOUIS, July 16 /PRNewswire-FirstCall/ -- Spartech Corporation
(NYSE:SEH) announced today that George A. Abd, its Chief Executive
Officer and President, has resigned for personal reasons. He also
resigned as a Director of the company. The resignations take effect
immediately. Mr. Abd will continue to serve the company in an
advisory capacity. A formal process has been initiated to identify
a permanent successor to Mr. Abd. In the interim, Randy Martin, the
Chief Financial Officer of Spartech, will also serve as its Chief
Executive Officer. Jackson W. Robinson, Chair of Spartech's Board
of Directors, commented, "We are indebted to George for his
significant contributions as our CEO over the past two years.
During his tenure, the Spartech team grew annual revenue from
$1,275 million to $1,477 million, reduced its debt from $464
million to $285 million, posted seven consecutive quarters of
earnings growth, made significant progress in integrating its
operations and established a culture focused on strong cash flow
and return on investment. While we regret George's departure, we
are delighted that Randy Martin is available to serve in the CEO
role on an interim basis. We are also confident that George is
leaving the company in a strong condition, ready to pursue
significant future objectives. And we are also confident that we
will be able in the near term to attract strong future leadership
to pursue those objectives." Spartech Corporation is a leading
producer of engineered thermoplastic sheet materials, polymeric
compounds and concentrates, and engineered product solutions. The
Company has facilities located throughout the United States,
Canada, Mexico, and Europe with sales of approximately $1.5
billion, annually. DATASOURCE: Spartech Corporation CONTACT: Randy
C. Martin, Chief Financial Officer, President and Chief Executive
Officer of Spartech Corporation, +1-314-721-4242 Web site:
http://www.spartech.com/
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