ALAMO GROUP INC. ANNOUNCES RETIREMENT OF BOARD MEMBER, APPOINTMENT OF NEW BOARD CHAIR AND APPOINTMENT OF NEW DIRECTOR

Rhea-AI Summary

Alamo Group Inc. announced the retirement of Roderick Baty from the Board of Directors, with Richard Parod appointed as the new Independent Board Chair. Additionally, Paul Householder joins as a new independent member of the Board.

SEGUIN, Texas, Feb. 22, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that Roderick ("Rock") R. Baty will retire from the Board of Directors effective April 30, 2024. Mr. Baty joined the Board in August 2011 and has served in various capacities during his tenure. Mr. Baty was appointed Independent Board Chair on May 3, 2018. Upon Mr. Baty's retirement from the Board, current Board member, Richard ("Rick") W. Parod, will be appointed the new Independent Board Chair effective April 30, 2024.

The Company also today announced that it has appointed Paul D. Householder as a new independent member of the Board effective February 22, 2024. Mr. Householder is the President and Chief Executive Officer of Ag Growth International Inc. (Toronto: AGN). Mr. Householder joined Ag Growth International Inc. in 2019 as Executive Vice President, International. In 2022, he was appointed President and Chief Executive Officer and elected to the Board of Directors. Ag Growth International Inc. is a manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, storage bins, handling accessories and aeration equipment. Prior to joining Ag Growth International Inc., Mr. Householder spent 28 years at Air Products & Chemicals, Inc. (NYSE: APD), holding several global leadership roles focusing on continuous improvement, business development, sales, and engineering.

Alamo Chief Executive Officer and President, Jeffery A. Leonard, commented on the above changes as follows, "We will certainly miss Rock and want to thank him for his leadership and guidance in his role as Chair and for his devotion to the Company during his long tenure on the Board. He has been extremely instrumental in helping us get to where we are today. We are excited for Rick to step in as the new Independent Board Chair. We look forward to his capable leadership and guidance of the Board in the future. Finally, we are very pleased to have Paul join the Board and look forward to working with him. Paul brings decades of valuable international experience to the Board."

About Alamo Group

Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for vegetation management, infrastructure maintenance and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,350 employees and operates 29 plants in North America, Europe, Australia and Brazil as of December 31, 2023. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, unanticipated acquisition results, increasing costs due to inflation, new or unanticipated effects of the COVID-19 pandemic, geopolitical risks, including effects of the war in Ukraine, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

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SOURCE Alamo Group Inc.

FAQ

When will Roderick Baty retire from the Board of Directors of Alamo Group Inc.?

Roderick Baty will retire from the Board of Directors effective April 30, 2024.

Who will be the new Independent Board Chair after Roderick Baty's retirement?

Richard Parod will be appointed the new Independent Board Chair effective April 30, 2024.

Who is the new independent member of the Board at Alamo Group Inc.?

Paul Householder has been appointed as a new independent member of the Board effective February 22, 2024.

What is the role of Paul Householder at Ag Growth International Inc.?

Paul Householder is the President and Chief Executive Officer of Ag Growth International Inc.

What does Ag Growth International Inc. manufacture?

Ag Growth International Inc. is a manufacturer of portable and stationary grain handling, storage, and conditioning equipment.

Where did Paul Householder work before joining Ag Growth International Inc.?

Before joining Ag Growth International Inc., Paul Householder spent 28 years at Air Products & Chemicals, Inc.