Enpro Announces Leadership Transition
EnPro Industries (NYSE: NPO) has appointed Eric Vaillancourt as Interim President and CEO following Marvin Riley's immediate departure. The Board is initiating a search for a permanent leader while expressing confidence in Vaillancourt's ability to drive the company’s strategic objectives. EnPro is focusing on high-margin businesses and technology end-markets, indicating a growth trajectory. Riley's exit was mutually agreed and unrelated to any management disagreements. Financial results for Q2 2021 will also be disclosed today.
- Eric Vaillancourt's leadership experience expected to drive strategic growth.
- Company positioned for growth in high-margin businesses and tech markets.
- Marvin Riley's sudden departure raises concerns over leadership continuity.
EnPro Industries, Inc. (NYSE: NPO) (the “Company”), a leading industrial technology company leveraging materials science across its portfolio of businesses, today announced that Eric Vaillancourt, President of Sealing Technologies, has been appointed Interim President and Chief Executive Officer, effective immediately. The Company’s Board of Directors (the “Board”) and Marvin Riley have mutually agreed that Mr. Riley will step down as President and Chief Executive Officer and as a member of the Board, effective immediately.
The Board has engaged a nationally recognized search firm to commence a search process to identify a permanent President and Chief Executive Officer and will consider both internal and external candidates.
“Enpro is in a strong position today, having successfully shifted its focus to high-margin businesses and expanding capabilities in faster growing technology end-markets,” said David L. Hauser, Chairman of the Board. “With a clear strategic path ahead and a deep bench of talent, I am confident that we will build on our momentum as we continue to transform into a leading industrial technology company. We appreciate Marvin’s contributions to the Company and wish him the best in his future endeavors.”
Mr. Hauser continued, “Eric is a proven leader with a strong track record of driving growth at several of our divisions. We are confident that he will advance our strategic objectives as we continue to deliver an unmatched level of engagement, focus, and execution while the Board conducts its search.”
Mr. Vaillancourt said, “I look forward to working with the talented Enpro team to continue to drive operational excellence and growth across the business.”
Mr. Riley said, “I am grateful for my 14 years of service alongside the talented team at Enpro and applaud their accomplishments. I am confident Enpro has a bright future ahead.”
Mr. Riley’s departure is not related to any disagreement with the Board or members of management concerning corporate strategy or financials.
About Eric Vaillancourt
Eric Vaillancourt has spent 12 years in various leadership positions within Enpro, most recently serving as President of Enpro’s Sealing Technologies segment. Prior, Mr. Vaillancourt served as President, STEMCO division beginning in July 2018. He has also served as President, Garlock division, President, Garlock Sealing Products and as Vice President, Sales and Marketing of the Garlock division. Prior to joining Enpro in 2009, Mr. Vaillancourt held positions of increasing responsibility with Bluelinx Corporation, culminating in his position as Regional Vice President North-Sales and Distribution.
Second Quarter 2021 Financial Results
In a separate release today, the Company will disclose its financial results for the three-month period ended June 30, 2021. The Company will host a conference call with investors and analysts today at 8:30 a.m. ET to review its financial results.
About Enpro
Enpro is a leading industrial technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors. For more information about Enpro, visit the company’s website at http://www.enproindustries.com.
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