TriMas Announces Leadership Transition Plan

Rhea-AI Summary

TriMas (NASDAQ: TRS) announced a leadership transition plan. Thomas Amato will step down as President and CEO, while the Board searches for a successor with the help of Spencer Stuart. Amato will remain in his role until June 30, 2025, or until a new CEO is appointed. He will not seek re-election to the Board at the 2025 Annual Shareholders meeting.

Amato, who became CEO in 2016, has significantly impacted TriMas by turning around its aerospace business and expanding its product offerings. He also navigated the company through challenging global market conditions.

Herbert Parker, Chairman of the Board, praised Amato's contributions and leadership. Amato expressed confidence in TriMas' future growth and commitment to supporting a smooth transition. TriMas manufactures products for consumer, aerospace, and industrial markets, employing around 3,400 people across 13 countries.

Positive

• Thomas Amato's leadership significantly improved TriMas' aerospace business and expanded product offerings.
• A comprehensive search process is initiated to find a capable successor, ensuring continued leadership.

Negative

• Thomas Amato stepping down may create uncertainty during the transition period.

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced that the Board of Directors and Thomas Amato have agreed that Mr. Amato will transition from the role of President and Chief Executive Officer. The Board has initiated a comprehensive search process with the assistance of Spencer Stuart, a nationally-recognized executive search firm, to identify a successor. To ensure a smooth leadership transition, Mr. Amato will remain with the Company through June 30, 2025, and will remain President and Chief Executive Officer until the earlier of his departure or the appointment of a permanent successor. In connection with this announcement, Mr. Amato will not stand for re-election to the Company’s Board of Directors at the 2025 Annual Shareholders meeting.

Mr. Amato was appointed TriMas President & CEO in 2016 and has been instrumental in turning around the Company’s aerospace business and transforming TriMas’ business portfolio. Under his leadership, TriMas has expanded its product offerings and implemented process innovations to existing and adjacent end markets. As President and Chief Executive Officer, Mr. Amato implemented select divestitures and successfully navigated the Company through unprecedented global market conditions.

Herbert Parker, Chairman of TriMas’ Board of Directors stated, “On behalf of the TriMas Board, I would like to thank Tom for his contributions and dedication to TriMas. Tom has been a valued leader over the last eight years and has built a more focused company with a strong team across the organization. The Board and Tom believe now is the right time to undertake a search for Tom’s successor to lead the Company through its next chapter of growth and value creation.”

“It has been an honor for me to have led a company with such outstanding businesses over the past several years, and I thank the Board and our leadership teams for their commitment along this journey,” said Mr. Amato. “I am confident that TriMas is well positioned for future growth as we continue to focus our portfolio and align our businesses with customer demand. I look forward to supporting the Company and ensuring a smooth transition.”

About TriMas

TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250106412769/en/

Sherry Lauderback

VP, Investor Relations & Communications

(248) 631-5506

Sherry.lauderback@trimas.com

Source: TriMas

FAQ

What is the impact of Thomas Amato stepping down as CEO on TRS?

Thomas Amato's departure may create some uncertainty during the transition period, but the Board has initiated a search for a capable successor to ensure continued leadership.

How long will Thomas Amato remain with TriMas?

Thomas Amato will remain with TriMas until June 30, 2025, or until a new CEO is appointed.

What has Thomas Amato achieved during his tenure at TriMas?

Thomas Amato turned around TriMas' aerospace business, expanded product offerings, and navigated the company through challenging global market conditions.

Who is assisting TriMas in finding a new CEO?

TriMas is working with Spencer Stuart, a nationally-recognized executive search firm, to find a new CEO.

Will Thomas Amato remain on TriMas' Board of Directors?

No, Thomas Amato will not stand for re-election to the Board of Directors at the 2025 Annual Shareholders meeting.

What markets does TriMas serve?

TriMas manufactures products primarily for consumer products, aerospace, and industrial markets.