Allient Names James A. Michaud as Chief Financial Officer

Rhea-AI Summary

Allient (Nasdaq: ALNT) has appointed James A. Michaud as Chief Financial Officer, effective June 3, 2024. Michaud succeeds Michael R. Leach, who is retiring. With over 25 years of experience, Michaud has held senior roles in both public and private multinational companies, most recently at Elior North America. CEO Dick Warzala highlighted Michaud's expertise in business operations, risk management, and financial planning, noting his fit for Allient's goal of generating $1 billion in revenue. Michaud holds a B.S. in Accountancy from Bentley University and is a Certified Public Accountant.

Positive

• Appointment of James A. Michaud as CFO with over 25 years of experience in multinational companies.
• Michaud’s background includes significant roles in financial leadership at Elior North America and Delaware North.
• Michaud's expertise in global business shared services, mergers and acquisitions, and financial planning.
• CEO emphasizes Michaud's potential in advancing Allient's 'Simplify to Accelerate NOW' strategy.
• Michaud's proven track record in driving business transformations and enhancing performance.
• Michaud's appointment aligns with Allient's goal to achieve $1 billion in revenue with expanded margins.

Negative

• Transition period until June 3, 2024, may cause temporary uncertainty in financial leadership.
• Retirement of current CFO Michael R. Leach, necessitating adjustment to new leadership dynamics.

Seasoned financial leader brings over 25 years of experience with multinational public and private companies

BUFFALO, N.Y.--(BUSINESS WIRE)-- Allient Inc. (Nasdaq: ALNT) (“Allient” or the “Company”), a global designer and manufacturer of precision and specialty Motion, Controls, and Power products and solutions for targeted industries and applications, announced the appointment of James A. Michaud as Chief Financial Officer, effective June 3, 2024. Mr. Michaud will succeed Michael R. Leach, who previously announced his retirement from Allient.

Dick Warzala, Chairman and CEO, commented, “We are very excited to add Jim to the Allient Team as he is a highly accomplished financial leader with extensive experience in multinational public and private companies, positioning him to hit the ground running. With a deep background in business operations and strategy, Jim has successfully led business transformations, optimization projects and the establishment of finance functions that consistently drove enhanced performance.

“His expertise in global business shared services, mergers and acquisitions, risk management, financial planning, and debt financing will be invaluable as we advance our Simplify to Accelerate NOW strategy and work to accelerate achievement of our goal to generate $1 billion in revenue with expanded margins. Additionally, his experience in corporate governance, audit, team mentoring and development, and investor relations makes him an ideal fit for our organization.”

Mr. Michaud has served as Chief Financial Officer and a senior corporate leader at several large public and private companies. He joins Allient from Elior North America, where he served as Senior Vice President and Chief Financial Officer since 2020. Elior North America is a $1.5 billion subsidiary of Elior Group SA (ELIOR.PA), a global contract food and support services company. Prior to that, he was VP Global Business Services and Chief Accounting Officer for Delaware North, a global privately held hospitality company. He also previously held senior finance roles at Armored Autogroup, Inc., Warnaco Group, Inc., and Honeywell International, Inc. He began his career in public accounting including the role of Senior Manager with Ernst & Young, LLP. Mr. Michaud, a Certified Public Accountant, earned his B.S., Accountancy at Bentley University.

“This is an exciting time for Allient, and I look forward to building on the momentum the Company has gained and ensuring we are well prepared with our business initiatives to scale effectively in the years ahead,” said Mr. Michaud.

About Allient Inc.

Allient (Nasdaq: ALNT) is a global engineering and manufacturing enterprise that develops solutions to drive the future of market-moving industries, including medical, life sciences, aerospace and defense, industrial automation, robotics, semi-conductor, transportation, agriculture, construction and facility infrastructure. A family of globally responsible companies, Allient takes a One-Team approach to “Connect What Matters” and provides the most robust, reliable, and high-value products and systems by utilizing its core Motion, Controls, and Power technologies and platforms.

Headquartered in Buffalo, N.Y., Allient employs more than 2,500 team members around the world.
To learn more, visit www.allient.com.

Safe Harbor Statement

The statements in this news release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results, anticipated levels of capital expenditures, the Company’s belief that it has sufficient liquidity to fund its business operations, and expectations with respect to the conversion of backlog to sales. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the impact of changes in income tax rates or policies, commercial activity and demand across our and our customers’ businesses, global supply chains, the prices of our securities and the achievement of our strategic objectives, the ability to attract and retain qualified personnel, the ability to successfully integrate an acquired business into our business model without substantial costs, delays, or problems, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522561894/en/

Investor:

Deborah K. Pawlowski / Craig P. Mychajluk

Kei Advisors LLC

716-843-3908 / 716-843-3832

dpawlowski@keiadvisors.com / cmychajluk@keiadvisors.com

Source: Allient Inc.

FAQ

Who is the new CFO of Allient?

James A. Michaud has been appointed as the new Chief Financial Officer of Allient, effective June 3, 2024.

When will James A. Michaud start as CFO at Allient?

James A. Michaud will start his role as CFO at Allient on June 3, 2024.

What is the stock symbol for Allient?

The stock symbol for Allient is ALNT.

What is James A. Michaud's background?

James A. Michaud has over 25 years of experience in multinational public and private companies, with roles at Elior North America, Delaware North, and Ernst & Young, among others.

Why was James A. Michaud appointed as Allient's CFO?

James A. Michaud was appointed for his extensive experience in financial leadership, business operations, risk management, and his ability to drive business transformations and enhance performance.

What are Allient's goals under the new CFO?

Under the new CFO, Allient aims to advance the 'Simplify to Accelerate NOW' strategy and achieve $1 billion in revenue with expanded margins.