PLEASANTON, Calif.,
Oct. 29, 2018 /PRNewswire/
-- Simpson Manufacturing Co., Inc. (the "Company") (NYSE:
SSD), an industry leader in engineered structural connectors and
building solutions, today announced that, as part of an orderly
transition, the Company's Board of Directors (the "Board") elected
James S. Andrasick as its chairman,
effective January 1, 2019. In
accordance with the Board's Corporate Governance Guidelines on
director tenure, which provides that no non-employee director will
be nominated for re-election after 20 years of board service (or
after 15 years of board service for non-employee directors who
joined after 2016), the Board does not plan to nominate
Peter Louras, the current chairman
of the Board, for re-election at the 2019 annual meeting of the
Company's stockholders. Mr. Louras will continue to serve on the
Board until the 2019 annual meeting and as the Company's chairman
until December 31, 2018.
![Simpson Manufacturing Co., Inc. Logo (PRNewsfoto/Simpson Manufacturing Co., Inc.) Simpson Manufacturing Co., Inc. Logo (PRNewsfoto/Simpson Manufacturing Co., Inc.)](https://mma.prnewswire.com/media/554620/Simpson_Manufacturing_Logo.jpg)
Mr. Andrasick has been a member of the Board since 2012 and
currently serves as chair of its Audit and Finance Committee and
serves on its Nominating and Governance Committee and Corporate
Strategy and Acquisitions Committee.
Mr. Louras commented, "It has been a great privilege to be a
part of this exceptional Company. Since I joined Simpson's Board in
1999, the Company has grown tremendously by strengthening its core
business, diversifying its product offerings and expanding
internationally. Simpson was founded on the core principles of
providing both high quality products and exceptional customer
service. Today, these values are as strong as ever, something I
know would make our late founder, Barclay
Simpson, extremely proud."
Mr. Louras continued, "I'd like to take this opportunity to
personally thank the Board and management team for their hard work
and dedication. I am excited about the future prospects the Company
holds, and am confident that Mr. Andrasick, who has been a valuable
contributor to our Board since he joined 6 years ago, will continue
to guide Simpson's management team in an excellent manner."
Mr. Andrasick previously served as the Chairman of Matson
Navigation Company's Board of Directors until his retirement in
2009, and was its President and Chief Executive Officer from 2002
through 2008. Prior to his positions at Matson Navigation, he was
the Chief Financial Officer of Alexander & Baldwin, Inc., the
parent company of Matson Navigation, and was responsible for all
business development activity. Prior to that, Mr. Andrasick was
President of C. Brewer & Company, Ltd., a Honolulu-based international agribusiness and
real estate development company. He recently served as a Trustee
and Chair of the finance committee of Mills
College and is presently a Trustee of the U.S. Coast Guard
Foundation and a Trustee and the Treasurer of the Big Sur Land
Trust.
Mr. Andrasick commented, "I am honored to serve as Simpson's new
Chairman. I look forward to helping the Company build on its strong
operating momentum and continue to execute against its longer term
strategic and financial objectives. At Simpson we have an
exceptional Board of Directors that was recently recognized by the
National Association of Corporate Directors for its diversity,
among other attributes. Pete's guidance has been instrumental in
the Company's achievements to date. We are thankful for his
leadership and commitment to the Company's growth and
accomplishments."
About Simpson Manufacturing Co., Inc.
Simpson
Manufacturing Co., Inc., headquartered in Pleasanton, California, through its
subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and
is a leading manufacturer of wood construction products, including
connectors, truss plates, fastening systems, fasteners and shear
walls, and concrete construction products, including adhesives,
specialty chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials. The Company's common stock trades on
the New York Stock Exchange under the symbol "SSD."
CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400
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SOURCE Simpson Manufacturing Co., Inc.