Altra Appoints Financial Executive La Vonda Williams to its Board of Directors

Rhea-AI Summary

Altra Industrial Motion Corp. (AIMC) announced the appointment of La Vonda Williams as a new director, effective October 19, 2021. Williams, currently the CFO of Onegevity Health, brings extensive financial and operational expertise to the board. This appointment is part of a broader initiative to refresh the board's composition, following previous additions in 2020. The board now includes eight members, with seven being independent. Williams holds an M.B.A. from Stanford and a B.S. in Mechanical Engineering from Harvard.

Positive

• La Vonda Williams brings extensive financial and operational expertise to the board.
• Her background in health end-markets may facilitate strategic growth.

Negative

• Concerns about continuity and experience gaps may arise with the board's refreshment.

Appointment Enhances Board’s Financial, Operational, and Equity Markets Expertise and Health End-Market Experience

BRAINTREE, Mass., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Altra Industrial Motion Corp. (Nasdaq: AIMC) (“Altra” or the “Company”), a leading global manufacturer and supplier of motion control, power transmission, and automation products, today announced that the Company’s Board of Directors (the “Board”) has appointed La Vonda Williams, Chief Financial Officer of Onegevity Health, as a new director, effective October 19, 2021. Ms. Williams’ appointment follows the appointments of Nicole Parent Haughey and Scott Hall in 2020, marking a significant refreshment of the composition of Altra’s Board.

“We are thrilled to welcome La Vonda, an innovative, influential and proven leader, to the Altra Board,” said Carl Christenson, Altra CEO and Chairman of the Board. “La Vonda brings highly relevant and valuable financial, operational, and equity markets expertise, as well as deep knowledge of the attractive health end-market. As we continue to transform Altra into a premier company with industry-leading technology, La Vonda’s background is well suited to enable her to make a significant contribution in developing the strategy, technical roadmap, and appropriate skillsets within the Company.”

“Altra is a market-leading industrial company with differentiated offerings across several attractive end-markets. I am honored to have the opportunity to serve on Altra’s Board and work with the talented management team as the Company continues to execute on its transformational strategy and deliver value to all of its stakeholders,” added Ms. Williams.

Ms. Williams fills a newly created seat on the Board, which now consists of eight members, seven of whom are independent and three of whom are women.

Ms. Williams, 50, serves as Chief Financial Officer of Onegevity Health (acquired by Thorne HealthTech, Inc., in early 2021), a health intelligence company with a precision health and wellness platform, a position she has held since 2019. As CFO of Onegevity Health, she is instrumental in implementing product strategies and cultivating organizational culture change. Before joining Onegevity, she served as Vice President of Equity Derivatives Operations at Goldman Sachs, working there from 2014 to 2019. Prior to that, Ms. Williams served as Chief Operating Officer for Solaire Generation, Inc., a solar energy equipment company. Ms. Williams holds an M.B.A. from Stanford University and a B.S. in Mechanical Engineering from Harvard University.

About Altra Industrial Motion Corp.

Altra Industrial Motion Corp. is a premier industrial global manufacturer and supplier of highly engineered motion control, automation, power transmission, and engine braking systems and components. Altra’s portfolio consists of 27 well-respected brands including Bauer Gear Motor, Boston Gear, Jacobs Vehicle Systems, Kollmorgen, Portescap, Stromag, Svendborg Brakes, TB Wood’s, Thomson and Warner Electric. Headquartered in Braintree, Massachusetts, Altra has over 9,000 employees and 48 production facilities in 16 countries around the world.

Forward-Looking Statements

All statements, other than statements of historical fact included in this release are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward-looking statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed”, “should be,” and other similar expressions that denote expectations of future or conditional events rather than statements of fact. Forward-looking statements also may relate to strategies, plans and objectives for, and potential results of, future operations, financial results, financial condition, business prospects, growth strategy and liquidity, and are based upon financial data, market assumptions and management’s current business plans and beliefs or current estimates of future results or trends available only as of the time the statements are made, which may become out of date or incomplete. Forward looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations. These statements include, but may not be limited to, the statements under “Business Outlook,” statements regarding the COVID-19 pandemic and statements regarding management’s expectations (a) for the upcoming quarters, (b) regarding the Company’s ability to continue to reduce leverage, (c) for continued similar levels of business development, order rates and backlog, (d) the Company’s ability to overcome supply chain and logistics challenges, (e) expected inflationary pressure on raw materials, labor and logistics, (f) the Company’s position in growth markets, (g) the Company’s talented team and business systems, and (h) the Company’s ability to maintain its growth trajectory through 2022 and beyond.

In addition to the risks and uncertainties noted in this release, there are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) competitive pressures, (2) changes in political and economic conditions in the United States and abroad and the cyclical nature of our markets, (3) loss of distributors, (4) the ability to develop new products and respond to customer needs, (5) risks associated with international operations, including currency risks, and the effects of tariffs and other trade actions taken by the United States and other countries, (6) accuracy of estimated forecasts of OEM customers and the impact of the current global economic environment on our customers, (7) risks associated with a disruption to our supply chain, (8) fluctuations in the costs of raw materials used in our products, (9) product liability claims, (10) work stoppages and other labor issues involving the Company’s facilities or the Company’s customers, (11) changes in employment, environmental, tax and other laws and changes in the enforcement of laws, (12) loss of key management and other personnel, (13) risks associated with compliance with environmental laws, (14) the ability to successfully execute, manage and integrate key acquisitions and mergers, (15) failure to obtain or protect intellectual property rights, (16) impairment or reduction of goodwill or intangible assets, (17) failure of operating equipment or information technology infrastructure, including cyber-attacks or other security breaches, and failure to comply with data privacy laws or regulations, (18) risks associated with our debt leverage, (19) risks associated with restrictions contained in the agreements governing Altra’s $400 million aggregate principal amount of 6.125% senior notes due 2026 and Altra’s revolving credit facility and term loan facility, (20) risks associated with compliance with tax laws, (21) risks associated with the global recession and volatility and disruption in the global financial markets, (22) risks associated with implementation of our enterprise resource planning system, (23) risks associated with the Svendborg, Stromag, and A&S acquisitions and integration and other acquisitions, (24) risks associated with certain minimum purchase agreements we have with suppliers, (25) risks related to our relationships with strategic partners, (26) our ability to offset increased commodity and labor costs with increased prices, (27) risks associated with our exposure to variable interest rates and foreign currency exchange rates, (28) swap counterparty credit risk, including interest rate swap contracts, cross-currency swap contracts and hedging arrangements, (29) risks associated with our exposure to renewable energy markets, (30) risks related to regulations regarding conflict minerals, (31) risks related to restructuring and plant consolidations, (32) risks related to our acquisition of A&S, including (a) the possibility that we may be unable to achieve expected synergies and operating efficiencies in connection with the transaction within the expected time-frames or at all and to successfully integrate A&S, (b) expected or targeted future financial and operating performance and results, (c) operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) being greater than expected following the transaction, (d) our ability to retain key executives and employees, (e) slowdowns or downturns in economic conditions generally and in the markets in which the A&S businesses participate specifically, (f) lower than expected investments and capital expenditures in equipment that utilizes components produced by us or A&S, (g) lower than expected demand for our or A&S’s repair and replacement businesses, (h) our ability to successfully integrate the merged assets and the associated technology and achieve operational efficiencies, (i) the integration of A&S being more difficult, time-consuming or costly than expected, (j) the inability to undertake certain corporate actions that otherwise could be advantageous to comply with certain tax covenants, (k) potential unknown liabilities and unforeseen expenses related to the acquisition and (l) the impact on our internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002, (33) exposure to United Kingdom political developments, including the effect of its withdrawal from the European Union, and the uncertainty surrounding the implementation and effect of Brexit and related negative developments in the European Union and elsewhere, (34) Altra’s ability to achieve the efficiencies, savings and other benefits anticipated from its cost reduction, margin improvement, restructuring, plant consolidation and other business optimization initiatives, (35) the risks associated with transitioning from LIBOR to a replacement alternative reference rate, (36) the scope and duration of the COVID-19 global pandemic and its impact on global economic systems and our employees, sites, operations, customers and supply chain, including the impact of the pandemic on manufacturing and supply capabilities throughout the world, (37) adverse conditions in the credit and capital markets limiting or preventing the Company’s and its customers’ and suppliers’ ability to borrow or raise capital, (38) the Company’s ability to invest in new technologies and manufacturing techniques and to develop or adapt to changing technology and manufacturing techniques, (39) defects, quality issues, inadequate disclosure or misuse with respect to our products and capabilities, (40) changes in labor or employment laws, (41) the Company’s ability to recruit, retain and motivate key sales, marketing or engineering personnel, (42) unplanned repairs or equipment outages, (43) changes in the Company’s tax rates, including enactment of the Tax Cuts and Jobs Act of 2017, or exposure to additional income tax liabilities or assessments, as well as audits by tax authorities, (44) the risks associated with the Company’s ability to successfully divest or otherwise dispose of businesses that are deemed not to fit with our strategic plan or are not achieving the desired return on investment and (45) other risks, uncertainties and other factors described in the Company’s quarterly reports on Form 10-Q and annual reports on Form 10-K and in the Company’s other filings with the U.S. Securities and Exchange Commission (SEC) or in materials incorporated therein by reference. Except as required by applicable law, Altra does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. AIMC-G

Contacts:
Altra Investor Relations
781-917-0600
Email: ir@altramotion.com

FAQ

Who is La Vonda Williams, newly appointed director of AIMC?

La Vonda Williams is the Chief Financial Officer of Onegevity Health and was appointed as a director on October 19, 2021.

What experience does La Vonda Williams bring to AIMC?

Williams has extensive experience in financial and operational roles, including positions at Goldman Sachs and Solaire Generation.

How many members are on AIMC's Board after the new appointment?

The board now consists of eight members, seven of whom are independent.

What is the significance of the board refreshment at AIMC?

The board refreshment aims to enhance expertise and strategic direction within the company.

When did La Vonda Williams join AIMC's Board?

La Vonda Williams joined the AIMC Board on October 19, 2021.