- Karen Colonias to step down
as CEO on December 31, 2022, and
retire from the Company on June 30,
2023
- Michael Olosky to succeed
Karen Colonias as Chief Executive
Officer on January 1, 2023
PLEASANTON, Calif., Sept. 8,
2022 /PRNewswire/ -- Simpson Manufacturing Co., Inc.
(the "Company" or "Simpson") (NYSE: SSD), an industry leader in
engineered structural connectors and building solutions, today
announced that Karen Colonias will
step down from her position as Chief Executive Officer as part of
Simpson's succession plan, effective December 31, 2022. Simpson's Board of Directors
unanimously elected Michael Olosky,
54, current President and Chief Operating Officer, to succeed
Karen Colonias as Chief Executive
Officer, effective January 1, 2023,
as part of a planned leadership succession. In connection with his
promotion, Mr. Olosky will also join the Company's board of
directors on January 1, 2023. Ms.
Colonias will continue in her role as CEO through the end of 2022,
after which, as part of the succession plan, she will remain
employed as an Executive Advisor to assist with the transition
until her retirement on June 30,
2023. Ms. Colonias will continue to serve as a member of
Simpson's board of directors until the Company's 2023 annual
meeting of stockholders.
![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)
James Andrasick, Simpson's
Chairman of the Board, commented, "On behalf of Simpson's board of
directors, I'd like to extend our sincere thanks to Karen for her
38 years of service to the Company, which included roles as CFO,
Vice President and Branch Manager, and Vice President of
Engineering. During her tenure, Simpson has grown considerably and
established itself as an industry leader in the building products
industry with a trusted brand reputation and in strong financial
condition. Her engineering knowledge and focused leadership over
the past decade as CEO has earned her the utmost respect of
Simpson's employees, customers and stockholders as well as key
constituents throughout the building community. Karen's tremendous
efforts have helped strengthen Simpson's values-based culture
established by their late founder, Barclay
Simpson, as reflected in the Company's ongoing mission to
provide solutions to design safer, stronger structures."
Ms. Colonias added, "I am honored to have led Simpson as its CEO
over the past decade and very grateful for the many opportunities
and experiences I've had throughout my career. I am extremely proud
of our employees and their unwavering commitment to take care of
our customers. Given the strength of our people, culture and
values, I believe the Company is well-positioned to grow and thrive
in the years ahead."
"The Board is very pleased to announce Mike Olosky as Karen's successor," stated Mr.
Andrasick. "Mike's promotion was the result of a strategic and
deliberate succession planning process through which we expect a
seamless transition as Mike assumes his new role. Mike is a
seasoned executive with a proven track record of leadership
resulting from his significant experience at Henkel and oversight
of Simpson's growth strategy. We are confident that Mike will help
strengthen Simpson's market position as the partner of choice
throughout all aspects of the business."
Mr. Olosky joined Simpson as Chief Operating Officer in
November 2020 and was promoted to
President and Chief Operating Officer in January 2022. Prior to joining Simpson, Mr.
Olosky spent more than 22 years in numerous leadership positions at
Henkel, a global chemical and consumer goods company. He most
recently served as the President, Henkel
North America and Senior Corporate Vice President - Head of
the Electronics and Industrial Division.
Mr. Olosky commented, "I am incredibly excited to serve as
Simpson's next CEO and would like to thank Karen for her steady
guidance and strategic leadership. Our Company has a very strong
foundation, and I look forward to building an even stronger future
with our highly talented team who is deeply committed to innovation
and exceptional customer service."
Ms. Colonias concluded, "I am confident Simpson will be in great
hands with Mike who has done a tremendous job in helping lead the
Company through its next phase of growth since he joined in late
2020. His strategic vision will be instrumental to achieving our
Company ambitions though continued innovation of our products,
superior levels of customer service, technology, social and
corporate responsibility, and our strong values and culture."
About Simpson Manufacturing Co., Inc.
Simpson
Manufacturing Co., Inc., headquartered in Pleasanton, California, through its
subsidiaries, including 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
primarily supplies its building product solutions to both the
residential and commercial markets in North America and Europe. The Company's common stock trades on
the New York Stock Exchange under the symbol "SSD."
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 2IE of the Securities Exchange Act of 1934, as amended.
Forward-looking statements generally can be identified by words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"plan," "outlook," "target," "continue," "predict," "project,"
"change," "result," "future," "will," "could," "can," "may,"
"likely," "potentially," or similar expressions that concern our
strategy, plans, expectations or intentions. Forward-looking
statements are all statements other than those of historical fact
and include, but are not limited to, statements about future
financial and operating results, our plans, objectives, business
outlook, priorities, expectations and intentions, expectations for
sales growth, comparable sales, earnings and performance,
stockholder value, capital expenditures, cash flows, the housing
market, the home improvement industry, demand for services, share
repurchases, the integration of the acquisition of ETANCO, our
strategic initiatives, including the impact of these initiatives on
our strategic and operational plans and financial results, and any
statement of an assumption underlying any of the foregoing.
Although we believe that the expectations, opinions, projections
and comments reflected in these forward-looking statements are
reasonable, such statements involve risks and uncertainties and we
can give no assurance that such statements will prove to be
correct. Actual results may differ materially from those expressed
or implied in such statements.
Forward-looking statements are subject to inherent
uncertainties, risk and other factors that are difficult to predict
and could cause our actual results to vary in material respects
from what we have expressed or implied by these forward-looking
statements. Important factors that could cause our actual results
and financial condition to differ materially from those expressed
in our forward-looking statements include the impact of the
COVID-19 pandemic on our operations and supply chain, the
operations of our customers, suppliers and business partners, and
the successful integration of ETANCO, as well as those discussed in
the :Risk Factors" and " Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of our most
recent Annual Report on Form 10-K, subsequent Quarterly Reports on
Form 10-Q and other reports we file with the SEC. To the extent
that the COVID-19 pandemic adversely affects our business and
financial results, it may also have the effect of heightening many
of such risks and other factors.
We caution that you should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by law.
Readers are urged to carefully review and consider the various
disclosures made in our reports filed with the SEC that advise of
the risks and factors that may affect our business, results of
operations and financial condition.
CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400
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SOURCE Simpson Manufacturing Co., Inc.