Universal Stainless Names Christopher Zimmer President & Chief Executive Officer; Dennis Oates transitions to Executive Chairman
October 25 2023 - 6:48AM
Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP) today announced that it has taken the next step in
its leadership succession plan with the naming of Christopher M.
Zimmer as President and Chief Executive Officer. Mr. Zimmer has
also been appointed to the Board of Directors. The transition is
effective November 1st. Mr. Zimmer succeeds Dennis M. Oates in
those roles. Mr. Oates takes on the newly-established role of
Executive Chairman of Universal.
Mr. Zimmer is a 15-year veteran of Universal. He joined the
Company in 2008 as Vice President of Sales and Marketing, became
Executive Vice President and Chief Commercial Officer in 2014, and
assumed the post of Chief Operating Officer in April 2023. As COO,
he has been responsible for manufacturing, technology, and quality
organizations as well as sales, marketing and supply chain
management and development.
Mr. Zimmer commented: “I am deeply honored to take on this
leadership role at Universal Stainless and for the Board’s
confidence in me. It is an exciting time for our Company as our
growth strategy is continuing to gain traction. I am especially
grateful for the close working relationship I have had with Denny
Oates over the years and for the support of our talented senior
management team. Together we will accelerate the execution of our
long-term strategy to profitably grow this business.”
As Executive Chairman, Mr. Oates will continue to play a key
role within the Board of Directors. Additionally, with his deep
commitment to Universal, his long track record of achievement and
his high regard within the specialty steel industry, Mr. Oates will
focus on a smooth transition and longer-term strategic issues.
Mr. Oates commented: “We have a strong organization, a committed
Board and have enjoyed the long-term support of our shareholders
and customers. I have the utmost confidence that Chris’s leadership
working in concert with the senior management team sets the stage
for Universal to have a very exciting future.”
About Universal Stainless & Alloy Products,
Inc.
Universal Stainless & Alloy Products, Inc., established in
1994 and headquartered in Bridgeville, PA, manufactures and markets
semi-finished and finished specialty steels, including stainless
steel, nickel alloys, tool steel and certain other alloyed steels.
The Company's products are used in a variety of industries,
including aerospace, power generation, oil and gas, and heavy
equipment manufacturing. More information is available at
www.univstainless.com.
Forward-Looking Information Safe Harbor
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the “safe harbor” provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the Company’s actual results in future periods to differ
materially from forecasted results. Those risks include, among
others, the Company’s ability to maintain its relationships with
its significant customers and market segments; the Company’s
response to competitive factors in its industry that may adversely
affect the market for finished products manufactured by the Company
or its customers; the Company’s ability to compete successfully
with domestic and foreign producers of specialty steel products and
products fashioned from alternative materials; changes in overall
demand for the Company’s products and the prices at which the
Company is able to sell its products in the aerospace industry,
from which a substantial amount of its sales is derived; the
Company’s ability to develop, commercialize, market and sell new
applications and new products; the receipt, pricing and timing of
future customer orders; the impact of changes in the Company’s
product mix on the Company’s profitability; the Company’s ability
to maintain the availability of raw materials and operating
supplies with acceptable pricing; the availability and pricing of
electricity, natural gas and other sources of energy that the
Company needs for the manufacturing of its products; risks related
to property, plant and equipment, including the Company’s reliance
on the continuing operation of critical manufacturing equipment;
the Company’s success in timely concluding collective bargaining
agreements and avoiding strikes or work stoppages; the Company’s
ability to attract and retain key personnel; the Company’s ongoing
requirement for continued compliance with laws and regulations,
including applicable safety and environmental regulations; the
ultimate outcome of the Company’s current and future litigation
matters; the Company’s ability to meet its debt service
requirements and to comply with applicable financial covenants;
risks associated with conducting business with suppliers and
customers in foreign countries; public health issues, including
COVID-19 and its uncertain impact on its facilities and operations
and our customers and suppliers and the effectiveness of the
Company’s actions taken in response to these risks; risks related
to acquisitions that the Company may make; the Company’s ability to
protect its information technology infrastructure against service
interruptions, data corruption, cyber-based attacks or network
security breaches; the impact on the Company’s effective tax rates
from changes in tax rules, regulations and interpretations in the
United States and other countries where it does business; and the
impact of various economic, credit and market risk uncertainties.
Many of these factors are not within the Company’s control and
involve known and unknown risks and uncertainties that may cause
the Company’s actual results in future periods to be materially
different from any future performance suggested herein. Any
unfavorable change in the foregoing or other factors could have a
material adverse effect on the Company’s business, financial
condition and results of operations. Further, the Company operates
in an industry sector where securities values may be volatile and
may be influenced by economic and other factors beyond the
Company’s control. Certain of these risks and other risks are
described in the Company’s filings with the SEC, including the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022, copies of which are available from the SEC or may be
obtained upon request from the Company.
CONTACTS: |
Dennis M.
Oates |
Steven V.
DiTommaso |
June
Filingeri |
|
Chairman, |
Vice President and |
President |
|
President and CEO |
Chief Financial Officer |
Comm-Partners LLC |
|
(412) 257-7609 |
(412) 257-7661 |
(203) 972-0186 |
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