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GrafTech Announces Appointment of Marcel Kessler as Chief Executive Officer and President, Effective July 1, 2022
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
GrafTech International Ltd. (NYSE: EAF) announced the appointment of Marcel Kessler as Chief Executive Officer and President effective July 1, 2022. He takes over from David J. Rintoul, who will retire on June 30, 2022. Mr. Kessler has previous experience as CEO of Pason Systems Inc. and holds a strong track record in executive leadership. The Board expressed confidence in his ability to lead GrafTech into its next growth phase, leveraging the company's competitive advantages in graphite electrode production.
Positive
Marcel Kessler's appointment as CEO brings new leadership potential.
Kessler has a proven track record in executive roles within a complementary industry.
Negative
Changing leadership may create temporary disruption.
Potential continuity concerns after David Rintoul's departure.
BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--
GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) announced today that Marcel Kessler has been appointed as the Company’s Chief Executive Officer and President, and has been elected to the Company’s Board of Directors (the “Board”), all effective July 1, 2022. David J. Rintoul, the Company’s current Chief Executive Officer and President, previously informed the Company of his intention to retire from the Company and resign from the Board effective as of June 30, 2022.
Mr. Kessler previously served as the President and Chief Executive Officer of Pason Systems Inc. (TSX: PSI) (“Pason”), a global provider of specialized data management systems for oil and gas drilling, from 2011 to 2020, and has been a director of Pason since 2012 and is currently serving as the Chairman of the Board of Directors of Pason. Before joining Pason in 2011, Mr. Kessler was President, North America, of Exploration Logistics Group, an assistance, medical, safety and security solutions provider, President and Chief Executive Officer of CCR Technologies, a provider of solvent reclaiming services, and was a Partner at McKinsey & Company, a management consulting firm.
“The board of directors is pleased to announce Marcel’s appointment as Chief Executive Officer and believes that he is the right person to lead GrafTech through the next phase of the Company’s growth,” said Denis Turcotte, Chairman of the Board of GrafTech. “Marcel’s track record as a chief executive officer of a public company in a complementary industry, combined with his vision for GrafTech, bodes well for our stakeholders and employees. I look forward to working with Marcel,” said Mr. Turcotte. “We thank Dave Rintoul for his dedication and we wish him well in his retirement.”
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.
Forward-looking Statements
This press release may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, and future economic performance. Examples of forward-looking statements include, among others, statements we make regarding future estimated revenues and volumes derived from our take-or-pay agreements with initial terms of three-to-five years, future pricing of short-term agreements and spot sales, anticipated levels of capital expenditures, and guidance relating to earnings per share and adjusted EBITDA. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements, including those factors described in the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” sections in reports and statements filed by the Company with the U.S. Securities and Exchange Commission. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
