Sypris Announces Chief Financial Officer Transition
March 14 2022 - 8:25AM
Business Wire
Richard L. Davis to Succeed Anthony C.
Allen
Sypris Solutions, Inc. (Nasdaq/GM: SYPR) announced today the
appointment of Richard L. Davis, the Company’s Vice President, to
the position of Vice President & Chief Financial Officer
effective October 12, 2022. Mr. Davis will remain located in
Louisville, Kentucky and will report to Jeffrey T. Gill, the
Company’s Chairman, President & Chief Executive Officer.
Mr. Davis has served as Vice President of Sypris since January
2018 and as Vice President Audit and Compliance from August 2015 to
December 2017. Prior to 2017, Mr. Davis served in a number of
increasingly responsible executive roles since joining the Company
in 1985. Mr. Davis holds a BS degree in Business Administration
from Indiana University and an MBA from the University of
Louisville. He is a certified public accountant in the state of
Kentucky.
Mr. Davis will succeed Anthony C. Allen, the Company’s current
Vice President and Chief Financial Officer, who will serve as Vice
President and Treasurer effective October 12, 2022. The planned
transition is expected to be seamless, with both individuals having
worked closely together for almost 40 years.
Commenting on the announcements, Jeffrey T. Gill, Chairman,
President & Chief Executive Officer of Sypris Solutions, said,
“We are very pleased to announce the transition of Rich to the role
of Chief Financial Officer. He has a long, accomplished history
with the Company. During his tenure, Rich has provided leadership
through both his in-depth knowledge of financial matters, as well
as through his comprehensive knowledge of our operations.”
“On behalf of the Board of Directors and the entire Sypris team,
I want to thank Tony for his leadership and dedication to Sypris,
not only as the Company’s Chief Financial Officer over the past
seven years, but throughout his 36-year career with Sypris. We are
pleased that Tony will continue to serve the Company in a role that
will provide him with more personal flexibility in the future. We
look forward to working closely together with Tony for many more
years to come.”
Sypris Solutions is a diversified provider of truck components,
oil and gas pipeline components and aerospace and defense
electronics. The Company produces a wide range of manufactured
products, often under multi-year, sole-source contracts. For more
information about Sypris Solutions, visit its Web site at
www.sypris.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws.
Forward-looking statements include our plans and expectations of
future financial and operational performance. Each
forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form
10-Q and other SEC filings. Briefly, we currently believe that
such risks also include the following: our failure to achieve and
maintain profitability on a timely basis by steadily increasing our
revenues from profitable contracts with a diversified group of
customers, which would cause us to continue to use existing cash
resources or require us to sell assets to fund operating losses;
our failure to successfully complete final contract negotiations
with regard to our announced contract “orders”, “wins” or “awards”;
our failure to successfully win new business or develop new or
improved products or new markets for our products; the termination
or non-renewal of existing contracts by customers; breakdowns,
relocations or major repairs of machinery and equipment, especially
in our Toluca Plant; volatility of our customers’ forecasts
especially in the commercial truck markets and our contractual
obligations to meet current scheduling demands and production
levels (especially in our Toluca Plant), which may negatively
impact our operational capacity and our effectiveness to integrate
new customers or suppliers, and in turn cause increases in our
inventory and working capital levels; cost, quality and
availability or lead times of raw materials such as steel,
component parts (especially electronic components), natural gas or
utilities including increased cost relating to inflation; the
impact of the current coronavirus disease (“COVID-19”) and economic
conditions on our future operations; possible public policy
response to the pandemic, including U. S or foreign government
legislation or restrictions that may impact our operations or
supply chain; the cost, quality, timeliness, efficiency and yield
of our operations and capital investments, including the impact of
inflation, tariffs, product recalls or related liabilities,
employee training, working capital, production schedules, cycle
times, scrap rates, injuries, wages, overtime costs, freight or
expediting costs; dependence on, retention or recruitment of key
employees and distribution of our human capital; inaccurate data
about markets, customers or business conditions; disputes or
litigation involving governmental, supplier, customer, employee,
creditor, stockholder, product liability, warranty or environmental
claims; the fees, costs and supply of, or access to, debt, equity
capital, or other sources of liquidity; our reliance on a few key
customers, third party vendors and sub-suppliers; inventory
valuation risks including excessive or obsolescent valuations or
price erosions of raw materials or component parts on hand or other
potential impairments, non-recoverability or write-offs of assets
or deferred costs; failure to adequately insure or to identify
product liability, environmental or other insurable risks;
unanticipated or uninsured product liability claims, disasters,
public health crises, losses or business risks; the costs of
compliance with our auditing, regulatory or contractual
obligations; labor relations; strikes; union negotiations; costs
associated with environmental claims relating to properties
previously owned; pension valuation, health care or other benefit
costs; our inability to patent or otherwise protect our inventions
or other intellectual property from potential competitors; adverse
impacts of new technologies or other competitive pressures which
increase our costs or erode our margins; our reliance on revenues
from customers in the oil and gas and automotive markets, with
increasing consumer pressure for reductions in environmental
impacts attributed to greenhouse gas emissions and increased
vehicle fuel economy; U.S. government spending on products and
services that Sypris Electronics provides, including the timing of
budgetary decisions; changes in licenses, security clearances, or
other legal rights to operate, manage our work force or import and
export as needed; risks of foreign operations; currency exchange
rates; war, geopolitical conflict, terrorism, or political
uncertainty, including disruptions resulting from the conflict
between Russia and Ukraine arising out of international sanctions,
foreign currency fluctuations and other economic impacts; the
potential default of the U.S. federal government if Congress fails
to pass a 2022 budget resolution; cyber security threats and
disruptions, including ransomware attacks on our systems and the
systems of third-party vendors and other parties with which we
conduct business, all of which may become more pronounced in the
event of geopolitical conflicts and other uncertainties, such as
the conflict in Ukraine; our ability to maintain compliance with
the Nasdaq listing standards minimum closing bid price; risks
related to owning our common stock, including increased volatility;
or unknown risks and uncertainties. We undertake no obligation to
update our forward-looking statements, except as may be required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220314005079/en/
Anthony C. Allen Vice President & Chief Financial Officer
(502) 329-2000
Sypris Solutions (NASDAQ:SYPR)
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