Gates Welcomes Chief Accounting Officer

Rhea-AI Summary

DENVER, June 17, 2024 -- Gates Industrial (NYSE: GTES) has appointed John Patouhas as the new Senior Vice President and Chief Accounting Officer, starting June 17, 2024.

John will lead the company's accounting function, focusing on financial reporting, risk management, controls, and compliance.

He brings extensive experience from companies such as Tenneco, Federal Mogul, and Deloitte and holds an MBA in Finance and a BBA in Accounting from Wayne State University.

Gates is a global manufacturer of power transmission and fluid power solutions, serving a wide range of industries and selling products in over 130 countries.

Positive

• Appointment of an experienced CAO with extensive background in manufacturing finance.
• John Patouhas' experience in leading financial reporting and compliance aligns with Gates' global growth strategy.
• John's diverse experience with companies like Tenneco, Federal Mogul, and Deloitte enhances Gates' accounting function.
• Strategic leadership in financial reporting and risk management expected to drive superior financial performance.
• Gates' products are sold in more than 130 countries, indicating a broad market reach.

Negative

• No immediate financial data or projections provided to indicate the impact of John Patouhas' appointment on Gates' earnings or stock performance.
• The announcement does not address any specific challenges or risks that John will need to manage within Gates' accounting department.

DENVER, June 17, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES) is pleased to announce the appointment of John Patouhas as Senior Vice President & Chief Accounting Officer, effective today, Monday, June 17, 2024.  John will be responsible for the strategic direction of Gates' accounting function, including financial reporting, risk, controls, and compliance in accordance with applicable standards, laws and regulations.

"John brings significant manufacturing finance leadership experience to Gates and we look forward to the benefit of his background and expertise in ensuring a robust accounting and controls function as we continue to grow our business globally," stated EVP/CFO Brooks Mallard, adding "we are delighted John has chosen to join Gates."

Most recently John served as Vice President, Chief Accounting Officer for automotive components manufacturer Tenneco.  Previously, John held positions of increasing responsibility at companies including Federal Mogul, Altair Engineering, TRW, Hayes Lemmerz and Collins & Aikman, with John providing leadership in the establishment of a strong reporting and controls framework to manage risk and ensure compliant finance and accounting processes.

John began his career in public accounting as an auditor with Deloitte, where his clients included General Motors and Detroit Diesel.  After receiving his MBA, John worked in the energy industry with utility companies MCN and CMS Energy before embarking on a career in manufacturing.  John brings to Gates a robust understanding of the financial systems, processes, and programs necessary to optimize the accounting function in a global manufacturing environment, as well as the organizational competencies to support above market growth and drive superior financial performance.  

John is a dual graduate of Wayne State University, where he received his MBA with a Finance concentration and BBA in Accounting. 

About Gates Industrial Corporation plc:

Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers ("first-fit") as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries to everyday consumer applications including virtually every form of transportation. Our products are sold in more than 130 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.

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SOURCE Gates Industrial Corporation plc

FAQ

When did Gates appoint John Patouhas as Chief Accounting Officer?

John Patouhas was appointed as Chief Accounting Officer on June 17, 2024.

What is John Patouhas' previous experience before joining Gates?

John Patouhas previously served as Vice President and Chief Accounting Officer at Tenneco and held positions at Federal Mogul, Altair Engineering, TRW, Hayes Lemmerz, and Collins & Aikman.

What are John Patouhas' educational qualifications?

John Patouhas holds an MBA with a Finance concentration and a BBA in Accounting from Wayne State University.

What markets does Gates Industrial serve?

Gates serves industrial and consumer markets with products used in various applications, including transportation, hazardous industries, and everyday consumer applications.

How many countries do Gates' products reach?

Gates' products are sold in more than 130 countries.