Xerium Technologies announces the appointment of a new Chairman and a new CEO
August 16 2012 - 4:15PM
Business Wire
Xerium Technologies, Inc, (NYSE: XRM) a leading global
manufacturer of industrial textiles and roll covers used primarily
in the paper production process, today announced the appointment of
Mr. Harold C. Bevis, as the company’s new Chief Executive Officer,
President and Director. Mr. Bevis has been CEO, President and
Director of Pliant Corporation and Jordan Telecommunication
Products, and has held executive positions with Emerson Electric
and General Cable Corporation. He is a 1983 graduate of Iowa State
University receiving an Industrial Engineering degree and earned
his MBA from Columbia University in 1988.
Coincident with the appointment of Mr. Bevis, Mr. James F.
Wilson, currently Xerium’s Lead Director, has been appointed the
company’s Chairman of the Board. Mr. Wilson joined the Xerium Board
of Directors in June 2010 and has served on the Compensation and
Nominating committees since that time. Mr. Wilson is a principal at
Carl Marks Management Company, LLC, an investment firm which is a
significant shareholder of Xerium stock. As a consequence of the
separation of the Chairman and CEO roles, the Board of Directors
will no longer have a Lead Director.
As previously announced in December 2011, Stephen R. Light
Xerium’s Chairman, Chief Executive Officer and President resigned
from his executive and board positions coincident with the
appointment of Mr. Bevis and Mr. Wilson. Mr. Light will remain a
non-executive employee of the company to facilitate the executive
transition until his retirement in February 2013. The company
wishes to thank Mr. Light for his leadership and contributions
during a time of significant change and progress for Xerium.
In connection with his appointment, Mr. Bevis was awarded
204,208 restricted stock units and options to purchase 781,701
shares of Xerium’s common stock. These awards were made in
accordance with the employment inducement award exemption provided
by Section 303A.08 of the New York Stock Exchange Listed Company
Manual and were therefore not awarded under Xerium’s stockholder
approved equity plan. The restricted stock units vest annually in
one-third increments, beginning on the second anniversary of the
August 15, 2012 grant date. Vested restricted stock units will
result in the delivery to Mr. Bevis of one share of Xerium’s common
stock per vested unit. The options will vest annually in one-third
increments, beginning on the second anniversary of the August 15,
2012 grant date, have a 10-year term and an exercise price of $4.00
per share, the August 15, 2012 closing price of Xerium’s common
stock on the New York Stock Exchange.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE: XRM) is a leading global
manufacturer and supplier of two types of consumable products used
primarily in the production of paper-clothing and roll covers. The
Company, which operates around the world under a variety of brand
names, utilizes a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs. With 31 manufacturing
facilities in 14 countries around the world, Xerium has
approximately 3,400 employees.
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