Shiloh Industries, Inc. Board of Directors Names Cloyd J. Abruzzo Interim Chief Executive Officer
May 05 2020 - 4:01PM
Business Wire
Shiloh Industries, Inc. (NASDAQ: SHLO) (the “Company”) an
environmentally focused global supplier of lightweighting, noise
and vibration solutions, announced today that the Board of
Directors (the “Board”) has appointed Cloyd J. Abruzzo, as the
Company’s Interim Chief Executive Officer effective immediately.
Mr. Abruzzo, the retired Chief Executive Officer of Stoneridge,
Inc. (NYSE: SRI), has over 25 years of experience in the automotive
industry and has served as a member of Shiloh’s Board of Directors
since 2004. Ramzi Y. Hermiz, Shiloh’s Chief Executive Officer since
August 2012, has resigned from the Company to pursue other
professional interests. Mr. Hermiz has also resigned from his
position on the Board.
The Board expects to retain an executive search firm to assist
in a search for a permanent CEO. The search will focus on
individuals who have operating experience within the automotive
industry.
“The Board appreciates Ramzi's service and leadership over the
past eight years and acknowledge his vision in making huge strides
in the Company’s product offering and growth,” said Curtis E. Moll,
Chairman of the Board. “We wish Ramzi the very best in his future
endeavors.”
“Cloyd Abruzzo is a proven executive leader and will help ensure
continuity and progress. He is an ideal person to have at the helm
during this management transition,” Mr. Moll continued.
"I will continue to work closely with our Board, leadership
team, and employees to drive Shiloh's continuing success meeting
the challenges of a dynamic global marketplace. I'm looking forward
to working with the entire Shiloh team in the coming period," Mr.
Abruzzo said.
“It has been a great privilege to work with the outstanding team
at Shiloh,” said Mr. Hermiz. “I am confident in the ability of
Cloyd and the entire management team to lead Shiloh forward.”
Investor Contact:
For inquiries, please contact our Investor Relations department
at 1-646-378-2986 or at investors@shiloh.com.
About Shiloh Industries,
Inc.
Shiloh Industries, Inc. (NASDAQ: SHLO) is a global innovative
solutions provider focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility market.
Shiloh designs and manufactures products within body structure,
chassis and propulsion systems. Shiloh’s multi-component,
multi-material solutions are comprised of a variety of alloys in
aluminum, magnesium and steel grades, along with its proprietary
line of noise and vibration reducing ShilohCore® acoustic laminate
products. The strategic BlankLight®, CastLight® and StampLight®
brands combine to maximize lightweighting solutions without
compromising safety or performance. Shiloh has approximately 3,600
dedicated employees with operations, sales and technical centers
throughout Asia, Europe and North America.
Forward-Looking
Statements
Certain statements made by Shiloh in this press release
regarding our operating performance, events or developments that we
believe or expect to occur in the future, including those that
discuss strategies, goals, outlook or other non-historical matters,
or which relate to future expectations, growth or general belief in
our expectations of future operating results are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements are made on the
basis of management's assumptions and expectations. As a result,
there can be no guarantee or assurance that these assumptions and
expectations will in fact occur. The forward-looking statements are
subject to risks and uncertainties that may cause actual results to
materially differ from those contained in the statements due to a
variety of factors, including (1) our ability to accomplish our
strategic objectives; (2) our ability to obtain future sales; (3)
changes in worldwide economic and political conditions, including
adverse effects from terrorism or related hostilities; (4) costs
related to legal and administrative matters; (5) our ability to
realize cost savings expected to offset price concessions; (6) our
ability to successfully integrate acquired businesses, including
businesses located outside of the United States; (7) risks
associated with doing business internationally, including economic,
political and social instability, foreign currency exposure and the
lack of acceptance of our products; (8) inefficiencies related to
production and product launches that are greater than anticipated;
(9) changes in technology and technological risks; (10) work
stoppages and strikes at our facilities and that of our customers
or suppliers; (11) our dependence on the automotive and heavy truck
industries, which are highly cyclical; (12) the dependence of the
automotive industry on consumer spending, which is subject to the
impact of domestic and international economic conditions affecting
car and light truck production; (13) regulations and policies
regarding international trade; (14) financial and business
downturns of our customers or vendors, including any production
cutbacks or bankruptcies; (15) increases in the price of, or
limitations on the availability of aluminum, magnesium or steel,
our primary raw materials, or decreases in the price of scrap
steel; (16) the successful launch and consumer acceptance of new
vehicles for which we supply parts; (17) the impact on financial
statements of any known or unknown accounting errors or
irregularities; and the magnitude of any adjustments in restated
financial statements of our operating results; (18) the occurrence
of any event or condition that may be deemed a material adverse
effect under agreements related to our outstanding indebtedness or
a decrease in customer demand which could cause a covenant default
under agreements related to our outstanding indebtedness; (19)
increases in pension plan funding requirements; (20) our ability to
derive a substantial portion of our sales from large customers;
(21) the impact of the coronavirus COVID-19 outbreak on operations
and financial results, (22) a successful transition of the CEO
position and our ability to successfully identify a qualified and
effective full-time CEO; and (23) other factors besides those
listed here could also materially affect our business. See "Part I,
Item 1A. Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2019 for a more complete discussion
of these risks and uncertainties. Any or all of these risks and
uncertainties could cause actual results to differ materially from
those reflected in the forward-looking statements. These
forward-looking statements reflect management's analysis only as of
the date of this Press Release. We undertake no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date of filing this Press
Release. In addition to the disclosures contained herein, readers
should carefully review risks and uncertainties contained in other
documents we file from time to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200505005989/en/
Kevin Doherty 1-646-378-2986 investors@shiloh.com.
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