RPM Eliminates CRO Position and Names New Vice President of Operations

Rhea-AI Summary

RPM International Inc. (NYSE: RPM) has announced the conclusion of its MAP to Growth program, resulting in the elimination of the chief restructuring officer position, previously held by Michael H. Sullivan. The program has successfully generated an annualized savings of approximately $320 million, surpassing the initial target of $290 million. Timothy R. Kinser has been appointed as the new vice president of operations, tasked with overseeing manufacturing and supply chain functions. This transition is expected to enhance operational efficiency across RPM's diverse business segments.

Positive

• Successful completion of MAP to Growth program, generating $320 million in annualized savings, exceeding the $290 million target.
• Appointment of Timothy R. Kinser as vice president of operations to improve manufacturing and supply chain efficiency.

Negative

• None.

MEDINA, Ohio--(BUSINESS WIRE)-- RPM International Inc. (NYSE: RPM) announced today that as a result of the May 31, 2021 successful completion of its MAP to Growth operating improvement program, the decision was made to eliminate the chief restructuring officer position, which was held by Michael H. Sullivan. RPM has established a more permanent long-term manufacturing, procurement, environmental, health and safety team to be led by Timothy R. Kinser, who has been appointed vice president – operations.

Timothy R. Kinser Named RPM Vice President of Operations (Photo: Business Wire)

Sullivan joined RPM in June of 2019 as vice president and chief restructuring officer and was previously a member of the consulting team that helped design and implement the company’s MAP to Growth operating improvement program. His oversight and guidance were part of the successful execution of the program, including generating an annualized run rate of approximately $320 million in savings versus the company’s original goal of $290 million, setting up a center-led procurement effort, and instituting a program driving lean manufacturing disciplines and continuous improvement measurements into RPM’s operating culture.

In his new role, Kinser will be responsible for the company’s manufacturing, supply chain and environmental, health and safety functions across all RPM business segments. Kinser has been serving as the company’s vice president – procurement since 2018. He has played an integral role in establishing and managing RPM’s center-led procurement function as part of the MAP to Growth program. He previously served as executive vice president of operations for DAP Products Inc., an RPM operating company that manufactures and markets caulks, sealants and adhesives. Prior to joining DAP in 2007, he was executive director of manufacturing at a leading North American roofing manufacturer and also spent more than a decade in various manufacturing and operations positions at Florida Power & Light. Kinser earned a Bachelor of Science degree in mechanical engineering from the University of Akron.

“We are grateful for Mike’s leadership of our restructuring efforts over the last two years. His oversight and experience were critical to our MAP to Growth program’s success, and we wish him well in his future endeavors,” stated Frank C. Sullivan, RPM chairman and CEO. “Tim has successfully contributed to RPM through very challenging environments of a restructuring, global pandemic and severe supply chain disruptions. He is well suited to take on the additional responsibilities of his new role and lead the critical aspects of our business operations.”

About RPM

RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio with hundreds of market-leading brands, including Rust-Oleum, DAP, Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces, to infrastructure and precious landmarks, RPM’s brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 15,500 individuals worldwide. Visit www.RPMinc.com to learn more.

For more information, contact Russell L. Gordon, vice president and chief financial officer, at 330-273-5090 or rgordon@rpminc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005174/en/

Russell L. Gordon

330-273-5090

rgordon@rpminc.com

Source: RPM International Inc.

FAQ

What is the significance of RPM's MAP to Growth program?

The MAP to Growth program led to an annualized savings of $320 million, which is significant for improving RPM's operational efficiency.

Who was appointed as the new VP of Operations at RPM?

Timothy R. Kinser was appointed as the new vice president of operations at RPM.

What position was eliminated at RPM following the MAP to Growth program?

The chief restructuring officer position was eliminated as a result of the successful conclusion of the MAP to Growth program.

What were RPM's savings goals achieved through the MAP to Growth program?

RPM achieved annualized savings of approximately $320 million, exceeding the original goal of $290 million.

When did RPM complete its MAP to Growth program?

The MAP to Growth program was successfully completed on May 31, 2021.