SIMPSON MANUFACTURING CO., INC. ANNOUNCES UDIT MEHTA AS CHIEF TECHNOLOGY OFFICER

Rhea-AI Summary

Simpson Manufacturing has announced the appointment of Udit Mehta as Chief Technology Officer, effective May 10, 2024. Mehta will report directly to CEO Mike Olosky and will focus on enhancing the company's technology infrastructure and digital offerings. Mehta joins Simpson from Carrier Global , where he modernized their Digital Enterprise and launched various digital solutions. He also has extensive experience from Siemens Power Services. Simpson's leadership believes Mehta's expertise will drive further innovation, efficiency, and software development, enhancing customer and employee experiences.

Positive

• Appointment of Udit Mehta as CTO, bringing extensive experience in technology strategy and digital solutions.
• Mehta's previous success in modernizing digital enterprises and launching B2B and B2C solutions at Carrier Global.
• Focus on enhancing technology infrastructure, cybersecurity, and customer-facing digital offerings.
• Potential for optimized IT spending and improved operational efficiencies.
• New leadership expected to drive innovation and software development, benefiting both customers and employees.

Negative

• Transition in leadership could result in temporary disruptions or uncertainties.
• Unclear short-term financial impact of new technology initiatives and potential increased IT expenditures.

PLEASANTON, Calif., May 20, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced Udit Mehta has joined the Company as Chief Technology Officer, effective May 10, 2024.

Mr. Mehta will primarily be responsible for overseeing Simpson's technology infrastructure and customer-facing digital offering and will report directly to the Company's President and Chief Executive Officer, Mike Olosky. His demonstrated expertise in developing technology strategies, launching digital solutions, enhancing cybersecurity, improving customer experience, and optimizing IT spending will be integral to helping drive innovation, efficiency, and software development at Simpson.

Prior to joining Simpson, Mr. Mehta spent four years at Carrier Global Corporation as the Chief Digital & Information Officer and GM Solutions for the Fire & Security segment. During his tenure, he initiated strategies that resulted in a modernized Digital Enterprise as well as a suite of B2B and B2C customer-facing digital offerings. Prior to Carrier Global, Mr. Mehta spent nine years with Siemens Power Services where he held various roles of increasing seniority, including most recently as Head of Digital Business — Americas where he helped build a new Digital P&L from the ground up as well as unlocked operational efficiencies while leading Strategic IT programs. Mr. Mehta has a bachelor's degree in Commerce, Accounting & Information Systems from Gujarat University and an MBA from Northwestern University's Kellogg School of Management.

"I am excited to welcome Udit to our team as he leads our integrated technology strategy, broadening our digital offerings and elevating the user experience for both our customers and employees," said Mike Olosky, Simpson's President and Chief Executive Officer. "His depth of institutional IT knowledge and 20-year track record of initiating innovative digital solutions globally will be a tremendous asset to Simpson as we further expand our technology solutions, including the development of new software and web apps for our builder, lumber dealer, component manufacturer, and engineer customers. I believe Udit will be a strong fit for our culture and greatly contribute to the ongoing success of our business."

"I am thrilled to be joining the Simpson team, especially at such an exciting time of growth," added Mr. Mehta. "Simpson has consistently delivered leading-edge structural solutions for more than six decades and is well known for their best-in-class customer service. I look forward to continuing to shape their technology strategy and accelerate the pace of innovation to bring new digital products and solutions to the construction industry."

About Simpson Manufacturing Co., Inc.

Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "outlook," "target," "continue," "predict," "project," "change," "result," "future," "will," "could," "can," "may," "likely," "potentially," or similar expressions. Forward-looking statements are all statements other than those of historical fact and include, but are not limited to, statements about future financial and operating results, our plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales and market growth, comparable sales, earnings and performance, stockholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, our ongoing integration of ETANCO, our strategic initiatives, including the impact of these initiatives on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing.

Forward-looking statements are subject to inherent uncertainties, risks and other factors that are difficult to predict and could cause our actual results to vary in material respects from what we have expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed in or implied by our forward-looking statements include the effect of global pandemics such as the COVID-19 pandemic and other widespread public health crisis and their effects on the global economy, the effects of inflation and labor and supply shortages, on our operations, the operations of our customers, suppliers and business partners, and our ongoing integration of ETANCO, as well as those discussed in the "Risk Factors" and " Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC.

We caution that you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are urged to carefully review and consider the various disclosures made in our reports filed with the SEC that advise of the risks and factors that may affect our business, results of operations and financial condition.

CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400

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SOURCE Simpson Manufacturing Co., Inc.

FAQ

What significant change did Simpson Manufacturing announce on May 20, 2024?

Simpson Manufacturing announced the appointment of Udit Mehta as Chief Technology Officer.

When did Udit Mehta start as CTO at Simpson Manufacturing?

Udit Mehta started his role as Chief Technology Officer on May 10, 2024.

What will Udit Mehta's role focus on at Simpson Manufacturing?

Udit Mehta will focus on overseeing Simpson's technology infrastructure, digital offerings, cybersecurity, and IT spending optimization.

What experience does Udit Mehta bring to Simpson Manufacturing?

Udit Mehta has prior experience at Carrier Global as Chief Digital & Information Officer and Siemens Power Services, where he held various senior roles.

What potential impact could Udit Mehta's appointment have on Simpson Manufacturing?

Mehta's appointment could drive innovation, improve operational efficiencies, and enhance customer and employee experiences through new digital solutions.