CLEVELAND--(BUSINESS WIRE)--Insert after the quote in the fourth paragraph, first sentence: said Peter T. Thomas, Chairman, President and Chief Executive Officer of Ferro.
The corrected release reads:
FERRO ANNOUNCES ORGANIZATIONAL CHANGES TO FACILITATE GROWTH
Ferro Corporation (NYSE: FOE) today announced corporate appointments and management changes to facilitate the Company’s ongoing growth.
Benjamin Schlater, who has served as Ferro’s Vice President, Corporate Development and Strategy since September 2015, has been named Vice President and Chief Financial Officer, succeeding Jeffrey Rutherford, who stepped down from the position on September 1. James Barna, Ferro’s Corporate Controller, has been appointed to the additional role of Chief Accounting Officer of the Company. Lori Saviers, who was Ferro’s Chief Procurement Officer, has been named Vice President, Sourcing and Global Supply Chain. In addition, Sandy Frydryk has been named Director, Corporate Development and Integration.
Mr. Rutherford is expected to remain with the Company as an advisor to Mr. Schlater through the end of 2016 to ensure a smooth transition of responsibilities.
“The management changes announced today reflect the progress we have made executing our value creation strategy and our intensified focus in the current phase on growth,” said Peter T. Thomas, Chairman, President and Chief Executive Officer of Ferro. “Ben has the right combination of financial, strategic and acquisitions experience to accelerate our success. He already has had a significant impact on the business as our corporate development lead, and I’m excited to work with him in his new role.”
Mr. Thomas continued, “I want to thank Jeff Rutherford for his many contributions to Ferro during the business turnaround and portfolio rationalization phases of our strategy. Jeff was key to our efforts to aggressively reduce the cost structure of the Company. We’re grateful to Jeff for his leadership and we look forward to his continued support as we transition to a new CFO.”
Mr. Thomas further commented, “Jim Barna has been a highly effective leader of our global accounting operations. Shifting the chief accounting officer responsibilities from the CFO to Jim reflects our recognition of Jim’s skill and experience, and it will allow Ben to focus more intensely on our growth priorities.” Mr. Thomas added, “Lori Saviers already has made significant contributions to our earnings growth by driving efficiencies and making other improvements in Ferro’s procurement function. We expect she will drive additional efficiencies as we combine our procurement and supply chain operations under her leadership.
“We are focused, now more than ever, on growth. Along with the changes we announced today, our operating vice presidents – Matthias Bell, Dieter Binder, Julio Garcia, and Barry Misquitta – together with our external advisors, have been charged with identifying and assessing acquisition targets. They and their teams will work closely with Sandy Frydryk to execute the robust processes we have established to integrate acquired businesses into Ferro. In addition, our operating vice presidents have technical directors and commercial teams driving organic growth through development of high-value product solutions and new product applications utilizing our color and glass science, product formulation and surface application technology expertise.”
“Our priority is growth and leadership as a global functional coatings and color solutions provider, and we are structuring the organization to seize the exciting opportunities before us,” Mr. Thomas said. “Our teams understand and are invested in our value creation strategy, and we are in an excellent position to achieve our value creation targets.”
Mr. Schlater joined Ferro in September 2015. He has nearly 20 years of corporate finance experience, with extensive background in treasury, strategic planning, mergers, acquisitions and divestitures and implementing strategies and financial objectives to support growth for multi-billion-dollar global companies. His experience includes serving as treasurer and head of corporate development, strategic and financial planning, and risk management at Veyance Technologies, a $2 billion global manufacturing company then owned by The Carlyle Group. Prior to Veyance, he was a managing director at FTI Consulting, focused on financial and strategic advisory services for large multinational companies. Prior to that, he was a manager at PricewaterhouseCoopers in its corporate finance practice. Mr. Schlater earned his Bachelor of Business Administration in Accounting and Business Law from Ohio University and is a Certified Public Accountant.
Mr. Barna joined the Company in December 2011 as Director, External Reporting, and has served as Corporate Controller since June 2012. Prior to joining Ferro, Mr. Barna spent nine years at PriceWaterhouseCoopers, where he worked with a number of public and private companies providing accounting, transaction advisory and assurance services. He is a CPA and holds an MBA and a Bachelor of Science degree in Accountancy from John Carroll University.
Ms. Saviers joined Ferro in June 2015 as Chief Procurement Officer. Prior to joining the Company, she was Global Sourcing Director for the Performance Chemicals Division at OMNOVA Solutions. Prior to OMNOVA, she held senior procurement, marketing, and sales management positions with Associated British Foods, Witco Corporation, and Engelhard. She holds an MBA from Case Western Reserve University and a Bachelor of Science in Operations Management from the University of Akron.
Ms. Frydryk joined Ferro in 1997. She has held positions of increasing responsibility in manufacturing, EHS, project management, and international business management, including working for Ferro in China. She served as Regional Commercial Director in North America for the Pigments, Powders and Oxides and the Performance Colors and Glass businesses and Global Strategy Director for the Pigments, Powders and Oxide portfolio before taking the role of Director, Business Development, in the Company’s Corporate Development group in 2015. Ms. Frydryk holds an MBA from Kent State University and a Bachelor of Science degree in Biology from Mount Union College.
About Ferro Corporation
Ferro Corporation (http://www.ferro.com) is a leading global functional coatings and color solutions company that supplies technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials. Ferro products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products markets. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,880 employees globally and reported 2015 sales of $1.1 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks, and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:
- Ferro’s ability to successfully implement and/or administer its cost-saving initiatives, including its restructuring programs, and to produce the desired results;
- demand in the industries into which Ferro sells its products may be unpredictable, cyclical, or heavily influenced by consumer spending;
- the effectiveness of the Company’s efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques;
- currency conversion rates and economic, social, political, and regulatory conditions around the world;
- Ferro’s ability to successfully introduce new products or enter into new growth markets;
- Ferro’s ability to complete acquisitions, effectively integrate the businesses and achieve the expected synergies (including the Pinturas Benicarló, Ferer, Al Salomi, Nubiola and Vetriceramici transactions), as well as the acquisitions being accretive and Ferro achieving the expected returns on invested capital;
- the impact of interruption, damage to, failure, or compromise of the Company’s information systems;
- restrictive covenants in the Company’s credit facilities could affect its strategic initiatives and liquidity;
- Ferro’s ability to access capital markets, borrowings, or financial transactions;
- the availability of reliable sources of energy and raw materials at a reasonable cost;
- increasingly aggressive domestic and foreign governmental regulations on hazardous materials and regulations affecting health, safety and the environment;
- sale of products into highly regulated industries;
- limited or no redundancy for certain of the Company’s manufacturing facilities and possible interruption of operations at those facilities;
- competitive factors, including intense price competition;
- Ferro’s ability to protect its intellectual property or to successfully resolve claims of infringement brought against it;
- the impact of operating hazards and investments made in order to meet stringent environmental, health and safety regulations;
- management of Ferro’s general and administrative expenses;
- Ferro’s multi-jurisdictional tax structure and its ability to reduce its effective tax rate, including the impact of the Company’s performance on its ability to utilize significant deferred tax assets;
- the effectiveness of strategies to increase Ferro’s return on invested capital, and the short-term impact that acquisitions may have on return on invested capital;
- stringent labor and employment laws and relationships with the Company’s employees;
- the impact of requirements to fund employee benefit costs, especially post-retirement costs;
- implementation of new business processes and information systems, including the outsourcing of functions to third parties;
- risks associated with the manufacture and sale of material into industries making products for sensitive applications;
- exposure to lawsuits in the normal course of business;
- risks and uncertainties associated with intangible assets;
- Ferro’s borrowing costs could be affected adversely by interest rate increases;
- liens on the Company’s assets by its lenders affect its ability to dispose of property and businesses;
- Ferro may not pay dividends on its common stock in the foreseeable future;
- amount and timing of any repurchase of Ferro’s common stock; and
- other factors affecting the Company’s business that are beyond its control, including disasters, accidents and governmental actions.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.
This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our Annual Report on Form 10-K for the period ended December 31, 2015.