Griffon Announces the Retirement of Steven M. Lynch and the Appointment of Victor L. Weldon as President of Clopay Corporation
Griffon Corporation (NYSE:GFF) announced the retirement of Steven M. Lynch, President of Clopay Corporation, effective at the end of fiscal 2021. He has led Clopay for twelve years, navigating crises and overseeing significant initiatives, including the integration of CornellCookson. Vic L. Weldon, Chief Operating Officer, will succeed him. Ronald J. Kramer, CEO of Griffon, praised Lynch's contributions and emphasized continuity with Weldon's promotion, who brings two decades of industry experience to his new role.
- Vic Weldon's appointment as President is expected to maintain operational continuity at Clopay.
- Weldon's extensive experience in leadership roles positions him well to drive future growth.
- Concerns may arise about the transition period following Lynch's departure and potential gaps in leadership experience.
Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) today announced today that Steven M. Lynch, President of Griffon’s subsidiary Clopay Corporation (“Clopay”), will retire effective end of the fiscal year 2021. Victor L. “Vic” Weldon, currently Chief Operating Officer of Clopay, will succeed Mr. Lynch.
Mr. Lynch, a building products industry veteran, joined Clopay in 2001 and has served as President for the past twelve years. During his tenure as President, Mr. Lynch navigated Clopay through the financial and housing crisis of 2009, consolidated and optimized operations, reset the product portfolio, and invested in Clopay’s facilities, equipment, products, technologies, people and culture. Most recently, Mr. Lynch led the acquisition and integration of CornellCookson, further expanding Clopay’s product and customer portfolios. Mr. Lynch said, “It has been an honor and privilege to lead Clopay’s incredible team of over 2,700 associates as we have worked together in partnership with our customers, bringing exceptional products and services to our markets. Griffon’s support of Clopay has been unwavering, and I appreciate the trust and confidence that was placed in me to execute on our strategic initiatives.” Mr. Lynch will remain with the company in a consulting capacity.
Ronald J. Kramer, Griffon’s Chief Executive Officer, said, “Steve Lynch and his team have reimagined, rebuilt and expanded the Clopay business over the past twelve years. Under his leadership, Clopay has earned its success with exceptional teamwork and commitment to customer partnership. As part of the company’s succession planning, Steve has built and developed a strong leadership team that will continue to execute and build on the company’s strategies.”
Effective with Mr. Lynch’s retirement, Vic Weldon will be appointed President of Clopay. Mr. Weldon has been with Clopay for 20 years, having held leadership roles in supply chain, logistics, sales and operations, and has been serving as Chief Operating Officer of Clopay since 2019.
Robert Mehmel, Griffon’s Chief Operating Officer, commented, “Vic Weldon has been instrumental in making Clopay the company it is today and is the ideal candidate to assume the role of President. Vic brings a wealth of company, customer and industry knowledge to the role and is uniquely prepared to lead Clopay. We wish Steve well in his retirement and look forward to Clopay’s continued success under Vic’s leadership.”
About Griffon Corporation
Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
Griffon currently conducts its operations through three reportable segments:
- Consumer and Professional Products (“CPP”) conducts its operations through The AMES Companies, Inc. (“AMES”). Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid.
- Home and Building Products conducts its operations through Clopay Corporation (“Clopay”). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand.
- Defense Electronics conducts its operations through Telephonics Corporation, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.
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FAQ
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