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Columbus McKinnon Announces Liam McCarthy’s Retirement from Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Columbus McKinnon Corporation (NASDAQ: CMCO) announced the retirement of Liam McCarthy from its Board of Directors effective January 21, 2023, due to personal reasons. McCarthy served on the Board for over 14 years and was the Chair of the Compensation and Succession Committee. Richard H. Fleming, Chairman of the Board, praised McCarthy's significant contributions and operational insight. Following his departure, the Board will consist of ten members, nine of whom are independent and four diverse members. This transition may impact the company's governance structure but reflects a commitment to diversity and expertise.
Positive
McCarthy's 14 years of experience on the Board may lead to a smooth transition.
The Board remains predominantly independent with a diverse composition.
Negative
The loss of McCarthy's expertise could create a gap in leadership continuity.
Potential concerns regarding succession planning following his departure.
BUFFALO, N.Y.--(BUSINESS WIRE)--
Columbus McKinnon Corporation (the “Company”) (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced that Liam McCarthy has retired as a member of its Board of Directors (the “Board”) effective January 21, 2023, for family and personal reasons.
Richard H. Fleming, Chairman of the Board, commented, "Liam has been a valuable member of our Board for over 14 years. His strong operating background and his global perspective contributed mightily to the advancement of the Company over those years. On behalf of the Board of Directors, I wish to thank Liam for his service and commitment to Columbus McKinnon and we wish him all the best in the future."
Mr. McCarthy was appointed a Director of the Company in November 2008. He most recently served as the Chair for the Compensation and Succession Committee and as a member of the Audit Committee. Following Mr. McCarthy’s retirement, the Board will be comprised of ten members, nine of which are independent and four of which are diverse.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.columbusmckinnon.com.
