Myers Industries Announces CEO Leadership Transition Plan
Myers Industries (NYSE: MYE) has announced a leadership transition, appointing Dave Basque as Interim President and CEO, replacing Mike McGaugh effective immediately. Basque, previously Vice President of Special Projects and former VP in the Material Handling Segment, will serve until a new CEO is appointed. The Board has engaged a search firm to find a permanent replacement.
Chairman F. Jack Liebau Jr. praised McGaugh's contributions over the past 4.5 years, noting the company's improved position. Basque, an industry veteran with over 35 years of experience at Dow Chemical, joined Myers in 2020 and has been important in building the company's acquisition integration capabilities. The transition aims to support Myers' continued transformation, focusing on operational excellence, improved profitability, and increased cash flow generation.
Myers Industries (NYSE: MYE) ha annunciato un cambiamento nella leadership, nominando Dave Basque come Presidente e CEO ad interim, sostituendo Mike McGaugh con effetto immediato. Basque, precedentemente Vice Presidente dei Progetti Speciali e ex VP nel Settore della Manipolazione dei Materiali, servirà fino alla nomina di un nuovo CEO. Il Consiglio di Amministrazione ha coinvolto una società di ricerca per trovare un sostituto permanente.
Il Presidente F. Jack Liebau Jr. ha elogiato i contributi di McGaugh negli ultimi 4,5 anni, sottolineando il miglioramento della posizione dell'azienda. Basque, un veterano del settore con oltre 35 anni di esperienza in Dow Chemical, è entrato in Myers nel 2020 ed è stato fondamentale nella costruzione delle capacità di integrazione delle acquisizioni dell'azienda. Il cambiamento mira a sostenere la continua trasformazione di Myers, concentrandosi sull'eccellenza operativa, sul miglioramento della redditività e sull'aumento della generazione di flusso di cassa.
Myers Industries (NYSE: MYE) ha anunciado una transición en el liderazgo, nombrando a Dave Basque como Presidente y CEO interino, reemplazando a Mike McGaugh con efecto inmediato. Basque, anteriormente Vicepresidente de Proyectos Especiales y ex VP en el Segmento de Manipulación de Materiales, servirá hasta que se designe un nuevo CEO. La Junta ha contratado a una empresa de búsqueda para encontrar un reemplazo permanente.
El presidente F. Jack Liebau Jr. elogió las contribuciones de McGaugh durante los últimos 4,5 años, destacando la mejor posición de la empresa. Basque, un veterano de la industria con más de 35 años de experiencia en Dow Chemical, se unió a Myers en 2020 y ha sido fundamental en la construcción de las capacidades de integración de adquisiciones de la empresa. La transición tiene como objetivo apoyar la continua transformación de Myers, centrándose en la excelencia operativa, la mejora de la rentabilidad y el aumento de la generación de flujo de efectivo.
마이어스 인더스트리(Myers Industries)(NYSE: MYE)는 리더십 전환을 발표하며 데이브 바스크(Dave Basque)를 임시 사장 겸 CEO로 임명하고 마이크 맥가그(Mike McGaugh)를 즉각적으로 교체하였습니다. 바스크는 이전에 특별 프로젝트 부사장이었고, 자재 취급 부문에서의 전 부사장으로서 새로운 CEO가 임명될 때까지 재직할 것입니다. 이사회는 영구적인 교체 인사를 찾기 위해 인사 전문 회사를 고용했습니다.
F. 잭 리바우 주니어(Chairman F. Jack Liebau Jr.)는 지난 4.5년 동안 맥가그의 기여를 칭찬하며 회사의 개선된 위치를 언급했습니다. 바스크는 다우 케미컬(Dow Chemical)에서 35년 이상의 경력을 가진 업계 베테랑이며, 2020년에 마이어스에 합류하여 회사의 인수 통합 능력 구축에 중요한 역할을 했습니다. 이번 전환은 마이어스의 지속적인 변화 지원을 목표로 하며, 운영 우수성, 수익성 개선 및 현금 흐름 증가에 중점을 두고 있습니다.
Myers Industries (NYSE: MYE) a annoncé une transition de leadership, nommant Dave Basque en tant que Président et CEO par intérim, remplaçant Mike McGaugh avec effet immédiat. Basque, anciennement Vice-président des Projets Spéciaux et ancien VP dans le Secteur de la Manipulation des Matériaux, servira jusqu'à ce qu'un nouveau CEO soit nommé. Le Conseil d'Administration a engagé une société de recrutement pour trouver un remplaçant permanent.
Le Président F. Jack Liebau Jr. a salué les contributions de McGaugh au cours des 4,5 dernières années, soulignant la position améliorée de l'entreprise. Basque, un vétéran de l'industrie avec plus de 35 ans d'expérience chez Dow Chemical, a rejoint Myers en 2020 et a été essentiel dans le développement des capacités d'intégration des acquisitions de l'entreprise. La transition vise à soutenir la transformation continue de Myers, en mettant l'accent sur l'excellence opérationnelle, l'amélioration de la rentabilité et l'augmentation de la génération de flux de trésorerie.
Myers Industries (NYSE: MYE) hat einen Führungswechsel angekündigt und Dave Basque als Interim-Präsident und CEO ernannt, der Mike McGaugh mit sofortiger Wirkung ersetzt. Basque, zuvor Vizepräsident für Sonderprojekte und ehemaliger VP im Bereich Materialhandhabung, wird fungieren, bis ein neuer CEO ernannt wird. Der Vorstand hat eine Personalagentur beauftragt, um einen dauerhaften Nachfolger zu finden.
Der Vorsitzende F. Jack Liebau Jr. lobte die Beiträge von McGaugh in den letzten 4,5 Jahren und bemerkte die verbesserte Position des Unternehmens. Basque, ein Branchenveteran mit über 35 Jahren Erfahrung bei Dow Chemical, trat 2020 in das Unternehmen ein und hat eine wichtige Rolle beim Aufbau der Integrationsfähigkeiten von Übernahmen gespielt. Der Übergang zielt darauf ab, die fortwährende Transformation von Myers zu unterstützen, wobei der Fokus auf operativer Exzellenz, verbesserter Rentabilität und gesteigerter Kapitalflussgenerierung liegt.
- Appointment of an experienced interim CEO with industry and company knowledge
- Continuation of the company's transformation strategy
- Focus on operational excellence to drive improved profitability
- Emphasis on increased cash flow generation
- Unexpected departure of the current CEO
- Potential disruption during leadership transition
- Uncertainty surrounding the timeline for appointing a permanent CEO
Dave Basque, Vice President of Special Projects and Former Vice President in Myers’ Material Handling Segment, Named Interim President and CEO
Board Has Initiated a Search for a New CEO
F. Jack Liebau Jr., Chairman of the Myers Industries Board stated, “Mike has been the driver of our transformation efforts for four and a half years as our CEO. We are a better Company, with a better leadership team, than we were when Mike joined us. He built a strong platform for our growth for which we are grateful. On behalf of the Board, I want to thank Mike for his valuable leadership and contributions to Myers.”
Mike McGaugh stated “I’d like to thank the Board of Directors for the opportunity to have led Myers Industries over these past several years. I believe the Company is well positioned for long term success in the future. I am confident that Dave and the Myers team will continue to drive Myers’ transformation and create shareholder value.”
Dave Basque commented, “I am very pleased to be named Interim President and CEO of Myers Industries and look forward to working closely with the Board and our senior leadership team to continue to drive the business forward.”
Mr. Liebau continued, “Dave is an industry veteran who has been a critical part of our leadership team since joining the Company in 2020. Before joining Myers, Dave spent over 35 years in senior operational and acquisition integration roles with The Dow Chemical Company. In addition to leading the injection molding division of Myers’ Material Handling business segment, Dave has been building the Company’s capability in acquisition integrations. Under his leadership, the Company will remain focused on executing our strategy with an emphasis on operational excellence to drive improved profitability and increased cash flow generation. The Board and management team are dedicated to delivering share value improvement and committed to ensuring a smooth transition. I look forward to working closely with Dave throughout this process.”
About Dave Basque
Mr. Basque joined Myers Industries in August 2020 as Vice President, Integration and Vice President, Material Handling Segment – Injection Molding. In addition to overseeing the Company’s injection molding platform operations, Mr. Basque was responsible for the Company’s acquisition integrations. Mr. Basque spent more than 35 years with The Dow Chemical Company in commercial and technical leadership roles, focusing on growing Dow’s specialty businesses. In his most recent position at Dow, Mr. Basque served as Vice President of Dow Global Technologies, Inc. and was the leader of several acquisition integration teams.
About Myers Industries
Myers Industries Inc., based in
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Statements in this release include contains "forward-looking statements" within the meaning of the safe harbor provisions of the
Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in
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Investor Contact:
Meghan Beringer
Senior Director Investor Relations
252-536-5651
Source: Myers Industries, Inc.
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