GCP - GCP STOCK NEWS

GCP Applied Technologies Inc. (NYSE: GCP) has announced employment inducement awards for its new President and CEO, Simon M. Bates, effective October 1, 2020. Bates received stock options to purchase 388,348 shares at an exercise price of $20.96, alongside 143,128 shares of restricted stock, which will vest in two tranches in 2021 and 2022. The awards, approved by the independent Board members, fall outside the current stockholder-approved equity plan and aim to qualify as employment inducement awards under NYSE regulations.

GCP Applied Technologies Inc. has appointed Simon M. Bates as President and CEO, effective October 1, 2020, succeeding Randy Dearth. Bates, with 24 years in the specialty construction chemicals sector, previously led CRH plc's Infrastructure Products Group. His experience is expected to drive GCP's growth and operational excellence. The Board expressed confidence in Bates' ability to enhance GCP's portfolio and create value for stakeholders. The company reaffirmed its Q3 2020 business outlook, underscoring its strong market position and product offerings.

GCP Applied Technologies reported second-quarter 2020 net sales of $195.4 million, down 25.5% from the previous year. The company reported a loss from continuing operations of $1.3 million, translating to a diluted loss per share of $0.02, compared to earnings of $0.04 a year prior. Despite challenges from the COVID-19 pandemic, GCP maintained a strong balance sheet with $670 million in liquidity. The company completed the sale of its Cambridge headquarters for $125 million and announced a $100 million stock repurchase program.

GCP Applied Technologies Inc. (NYSE:GCP) has appointed Craig A. Merrill as its permanent Chief Financial Officer, effective immediately. Merrill, who previously served as Interim CFO since October 2019, expressed his commitment to enhancing financial objectives and shareholder value. CEO Randy Dearth praised Merrill's leadership and experience, highlighting a focus on performance improvements. Merrill has a 30-year background in the global construction products industry and has held significant roles at GCP and W.R. Grace & Co.

GCP Applied Technologies Inc. (NYSE:GCP) plans to release its Q2 2020 results on August 5, 2020, at 6:00 a.m. ET. The company's President, Randy Dearth, and Interim CFO, Craig Merrill, will hold a conference call at 10:00 a.m. ET the same day to discuss the results. Investors can access the live webcast on the company’s website or join the call by phone. Playback options will be available for those who miss the live event. GCP is known for its innovative construction product technologies, including additives for cement and concrete.

GCP Applied Technologies has completed the sale of its Cambridge, Massachusetts headquarters for $125 million to IQHQ, effectively realizing substantial value for its shareholders. The transaction, finalized on July 2, 2020, includes an 18-month rent-free lease-back allowing GCP to continue operations while exploring relocation options. President and CEO Randy Dearth emphasized the sale’s role in strengthening the company’s balance sheet and supporting profitable growth. The property spans 290,000 square feet and benefits from proximity to public transportation.

GCP Applied Technologies has appointed Peter Feld, a 9% shareholder and managing member of Starboard Value, as the independent Chairman of the Board. Additionally, the company has restructured its board committee memberships, establishing a new Strategy, Operating and Risk Committee tasked with performance enhancement. The previous Corporate Responsibility Committee has been merged with the Nominating and Governance Committee. Feld emphasized collaboration with management and a continued focus on governance enhancements for shareholder benefits.

GCP Applied Technologies Inc. (NYSE:GCP) announced the election of all eight Starboard-nominated directors to its Board during the 2020 Annual Meeting of Stockholders. Newly elected directors include Peter Feld and Kevin Brown. CEO Randy Dearth highlighted the positive momentum GCP has entered amid the COVID-19 crisis. The new Board aims to enhance value for all stakeholders while maintaining focus on customer service and operational effectiveness. Additionally, shareholders approved various proposals, including the amended stockholder rights plan and the ratification of the independent accounting firm.

GCP Applied Technologies issued a letter to shareholders urging support for its director nominees at the 2020 Annual Meeting, scheduled for May 28, 2020. The company highlighted its improved performance with the best first-quarter earnings since 2016 and emphasized the importance of stability amid the COVID-19 pandemic. GCP expressed a commitment to board refreshment, noting significant experience among its nominees. The board criticized Starboard for demanding changes that could disrupt business momentum, urging shareholders to vote ‘FOR’ all 10 candidates on the BLUE proxy card.