Smith-Midland Board of Directors Appoints Ashley B. Smith to Serve as Chairman

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) announces the retirement of Rodney I. Smith from the Board of Directors, effective January 20, 2022. Ashley B. Smith, who has been with the company for 37 years, is appointed as Chairman while maintaining his roles as President and CEO. Rodney Smith praised Ashley's leadership, emphasizing his commitment to safety and growth. The company, known for its patented precast concrete products, is well-positioned to leverage industry opportunities. With management owning approximately 17.5% of SMID stock, the focus remains on long-term shareholder value.

Positive

• Ashley B. Smith's appointment is expected to provide continuity and strengthen leadership.
• The company is poised to benefit from industry tailwinds with a strong portfolio of patented products.
• Management's ownership of 17.5% of SMID stock aligns interests with shareholders.

Negative

• Concerns may arise regarding continuity in leadership after Rodney I. Smith's long tenure.

Rodney I. Smith to Retire from Board of Directors

MIDLAND, VA / ACCESSWIRE / January 20, 2022 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems announces the retirement of Rodney I. Smith and the appointment of Ashley B. Smith to Chairman of the Board of Directors. Ashley will remain in his current role as president and chief executive officer of Smith-Midland.

Rodney I. Smith, the trailblazing, second-generation head of Smith-Midland Corporation stepped down this week after 62 years of innovative leadership that was instrumental in shaping what Smith-Midland is today. Mr. Smith was at the forefront of the precast concrete industry creating new products and services, including Concrete Safety Systems, a barrier rental business and Easi-Set Worldwide, a precast licensing subsidiary. Barrier rentals saw nearly $7 million in revenue in 2020, and today, with multiple precast products and services, Smith-Midland Corporation is a leader in the precast concrete industry.

"I am confident in the exceptional leadership of Ashley," said Rodney I. Smith. "In his 37 years with Smith-Midland, he has created an impressive culture of safety, continuous profitable improvement, and historic growth. Ashley has continued the family legacy of innovation and I have no doubt he is well prepared for the Chairman of the Board of Directors position and will continue to work hard to drive long-term shareholder return for Smith-Midland," Rodney continued.

"Smith-Midland is where we are today because of the hard work of my father and grandfather. We are proud of our legacy and are focused on our future," said Ashley B. Smith, chairman of the board of directors, president, and chief executive officer of Smith-Midland Corporation. "I believe that the company's best days are ahead as we continue to gain scale and take share in our end markets. We will carry on the legacy of hard work and dedication to develop differentiated, patented, and proprietary products. I am proud to work with the amazing team we have here and continue advancing the business in a way that creates value for all Smith-Midland stakeholders."

Smith-Midland is well-positioned to take advantage of industry tailwinds with a strong portfolio of differentiated, patented, and proprietary products including SlenderWall, Easi-Set Buildings, SoftSound, and JJ-Hooks interlocking highway barrier systems. Through traditional sales and a network of over 75 licensees, the company serves markets across North America as well as internationally.

About Smith-Midland Corporation

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Management and the Board own approximately 17.5 percent of SMID stock, aligning with shareholder values.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly-owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.

Media, Licensing, and Sales Inquiries:
info@easiset.com
(540) 439-8911

Investor Relations:
Steven Hooser or Deidra Roy
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/684871/Smith-Midland-Board-of-Directors-Appoints-Ashley-B-Smith-to-Serve-as-Chairman

FAQ

What leadership change occurred at Smith-Midland Corporation on January 20, 2022?

Rodney I. Smith retired from the Board, and Ashley B. Smith was appointed as Chairman.

What impact does Ashley B. Smith's appointment have on Smith-Midland Corporation?

His appointment is expected to provide continuity and enhance leadership stability.

How long did Rodney I. Smith serve in leadership roles at Smith-Midland Corporation?

Rodney I. Smith served for 62 years, significantly shaping the company's direction.

What percentage of SMID stock is owned by management?

Management owns approximately 17.5% of SMID stock, aligning their interests with shareholders.