Columbus McKinnon Appoints Michael Dastoor to Board of Directors

Rhea-AI Summary

Columbus McKinnon Corporation (Nasdaq: CMCO) has appointed Michael Dastoor, Executive Vice President and CFO of Jabil Inc., to its Board of Directors, effective May 17, 2021. Dastoor's addition increases the board to nine directors, eight of whom are independent. The move is seen as a strategic enhancement, aligning with the company's Blueprint for Growth 2.0 strategy. Dastoor brings 35 years of global financial experience, having previously held senior roles in various industries, and will contribute to both the Audit Committee and the Compensation and Succession Committee.

Positive

• Addition of Michael Dastoor enhances board diversity and expertise.
• Dastoor's global experience strengthens the company's financial strategy.

Negative

• None.

Columbus McKinnon Corporation (Nasdaq: CMCO) (the “Company” or “Columbus McKinnon”), a leading designer and manufacturer of intelligent motion solutions for material handling, today announced the election of Michael Dastoor, Executive Vice President and Chief Financial Officer of Jabil Inc. (NYSE: JBL), to its Board of Directors, effective May 17, 2021. The addition of Mr. Dastoor as an independent director, brings Columbus McKinnon’s Board to nine directors of which eight are independent and two are women. During the last four years, the Board has substantially increased its geographic, experience, skills, age, gender and ethnic diversity. Mr. Dastoor will serve on the Audit Committee and the Compensation and Succession Committee.

New Director: Michael Dastoor (Photo: Business Wire)

Richard H. Fleming, Chairman of the Board, commented “We are thrilled to welcome Mike Dastoor to our Board. Mike’s financial executive leadership skills and strategic insights will add a valuable perspective to our talented Board and help advance our Blueprint for Growth 2.0 strategy.”

Kathryn V. Roedel, Chair of the Governance and Nomination Committee, noted, “We are very excited to have Mike join us on Columbus McKinnon’s Board of Directors. His background aligns perfectly with our succession planning needs. Further, we believe that his financial expertise, global manufacturing experience, and strategic skills, combined with his having lived and worked in eight countries, enhances the growth acumen and financial depth of our Board.”

Mr. Dastoor brings to the Board nearly 35 years of global experience as a financial leader for the engineering services, electronics manufacturing and automotive industries. He was appointed Executive Vice President and Chief Financial Officer of Jabil Inc., a global manufacturing services company, in September 2018, after having served as Senior Vice President and Controller from 2010 and as Controller from 2004 to 2010. He joined the company as regional controller of Asia Pacific in 2000. Previously, he worked for 7 years as Regional Chief Financial Officer at Inchape plc (LSE: INCH), a British multinational automotive distribution, retail and services company, leading business process re-engineering for the Eastern Mediterranean and Southeast Asia regions.

Mr. Dastoor is a graduate of the University of Bombay (now Mumbai) and a chartered accountant through the Institute of Chartered Accountants in England & Wales where he spent seven years in audit covering the United Kingdom and Europe.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Key products include hoists, crane components, precision conveyor systems, actuators, 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.

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning the capabilities of the Board of directors, its growth acumen and financial depth, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the effectiveness of the Company’s 80/20 Process to simplify operations, the ability of the Company’s Operational Excellence initiatives to drive profitability, the success of the Company’s efforts to Ramp the Growth Engine, global 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 ability to expand into new markets and geographic regions, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005951/en/

FAQ

Who is Michael Dastoor and what is his role in CMCO?

Michael Dastoor is the newly elected independent director of Columbus McKinnon Corporation, effective May 17, 2021. He brings extensive financial leadership experience.

What impact does Michael Dastoor's appointment have on Columbus McKinnon's Board?

His appointment contributes to increased board diversity and aligns with the company's succession planning needs, enhancing financial depth.

What is the background of Michael Dastoor?

Dastoor has nearly 35 years of global financial leadership experience, previously serving as CFO at Jabil Inc. and holding various roles in engineering and manufacturing sectors.