ARMSTRONG, Iowa, March 11, 2020 /PRNewswire/ -- Art's Way
Manufacturing Co., Inc. (Nasdaq: ARTW) (the "Company"), a
diversified manufacturer and distributor of equipment serving
agricultural, research and steel cutting needs, announces today an
anticipated Chief Executive Officer transition from Carrie Gunnerson to David King, to occur in the third quarter of
2020.
Carrie Gunnerson, the Company's
Chief Executive Officer since 2007, has expressed her desire to
transition out of her role as Chief Executive Officer of the
Company by mid-2020, pending the Company's identification of a
qualified successor. Following an extensive search by the
Board of Directors, on March 5, 2020,
the Company entered into an offer letter (the "Offer Letter") with
David King, pursuant to which Mr.
King is expected to assume the role of Chief Executive Officer upon
the anticipated resignation of Ms. Gunnerson in the third quarter
of fiscal year 2020. Mr. King's anticipated start date is
March 23, 2020 and he will serve in
an interim role prior to assuming the role of Chief Executive
Officer. The Company intends to enter into a formal employment
agreement with Mr. King prior to his start date.
Mr. King has a proven executive management track record with
over 25 years in the agricultural industry. He is currently the
Executive Vice President of Sales and Marketing at VES
Environmental Solutions, LLC, a designer and manufacturer of
energy-efficient agricultural ventilation and lighting systems, a
position he has held since November
2019. He was previously Vice President of Sales and
Marketing at Salford Group from June
2013 to November 2019, and he
held roles in operations, marketing and international business
development at Ag Leader Technology from 1996 to June 2013. Mr. King holds a B.S. in Business
Administration from Iowa State
University and an M.B.A. from Drake
University.
Chairman of the Art's Way Board of Directors, Marc H. McConnell reports, "We would like to
express our most sincere gratitude and appreciation for Carrie and
her dedication and loyalty to Art's Way since joining the team in
2004. She worked her way from senior accountant to CFO and
eventually to CEO where she led the company through times of
growth, acquisitions, and development as an organization. Through
the difficult times in the ag economy and the more robust times,
she led Art's Way with a steady hand and was the ultimate
stabilizing force that guided us to where we are today. The
example that she set for others of work ethic, professionalism, and
dedication has been second to none. During her time Carrie
transformed our company in many ways and enhanced the culture of
quality, customer service, innovation, and continuous improvement
that are the hallmarks of a strong, enduring brand in the farm
equipment industry. We cannot thank Carrie enough for what
she brought to Art's Way and the times that she put the needs of
the company ahead of her own to ensure that the company would be a
long term success.
We wish Carrie the very best in the next chapter of her life and
career and also appreciate her role in allowing for us to conduct a
thorough process in choosing her successor and a transition plan
that will best serve the company. We are pleased to announce
that David King will be assuming the
role of Chief Executive Officer upon Carrie's resignation in the
third quarter of 2020. David brings an extensive skill set
and wealth of leadership experience in our industry that we
anticipate will provide for growth and long-term success for Art's
Way. We welcome David and are excited to work with him as we
enter a new chapter at Art's Way."
About Art's Way Manufacturing Co., Inc.
Art's Way manufactures and distributes farm machinery niche
products including animal feed processing equipment, sugar beet
defoliators and harvesters, land maintenance equipment, plows, hay
and forage equipment, manure spreaders, reels for combines and
swathers, and top and bottom drive augers, as well as modular
animal confinement buildings and laboratories, and specialty tools
and inserts. After-market service parts are also an important part
of Art's Way's business. Art's Way has three reporting segments:
agricultural products; modular buildings; and tools.
For more information contact: Carrie Gunnerson, President and Chief Executive
Officer
712-864-3131
investorrelations@artsway-mfg.com
Or visit the Company's website at
www.artsway-mfg.com/
Cautionary Statements
This release includes "forward-looking statements" within the
meaning of the federal securities laws. Statements made in this
release that are not strictly statements of historical facts,
including our expectations regarding the timing of our Chief
Executive Officer transition, are forward-looking statements.
Statements of anticipated future results are based on current
expectations and are subject to a number of risks and
uncertainties, including those factors detailed from time to time
in our Securities and Exchange Commission filings. Actual results
may differ markedly from management's expectations. We caution
readers not to place undue reliance upon any such forward-looking
statements. We do not intend to update forward-looking
statements other than as required by law.
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SOURCE Art's Way Manufacturing Co., Inc.