BUFFALO, N.Y.--(BUSINESS WIRE)--Columbus McKinnon Corporation (Nasdaq:CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced its Board of Directors further advanced its long-term succession plan with the appointment of Richard H. Fleming as Chairman of the Board of Directors. Ernest R. Verebelyi, who was re-elected for another term at the Company’s Annual Meeting on July 23, 2018, will continue to serve as a Director and has been named Chairman Emeritus.
Ernest R. Verebelyi, Chairman Emeritus, said, “It has been my honor to serve Columbus McKinnon as Chairman over these last 13 years and to participate in the Company’s growth and improved performance during that period. We have been systematically implementing the Board’s long-term succession plan to provide for continuity and to enable a composition best suited not only for now, but also well into the future. Ricks’ history with the Company and strong leadership and governance skills enable us to advance our plan while also affording the Company stability through change.”
Richard H. Fleming, Chairman of the Board, commented, “Ernie has made substantial contributions to the Company during his 13 years as Chairman. On behalf of the Board, I want to thank him for his leadership, which has been instrumental in defining the future potential of Columbus McKinnon. We believe management has created a clear roadmap with the Blueprint 2021 strategy to strengthen earnings power and is executing to plan. Concurrently, the Board is driving continuous improvement of our governance practices. In addition to the change in chairmanship, we have brought on two new directors, appointed new Audit and Compensation Committee chairs last year and are now rotating our Governance Committee chair in July as well.”
“Ernie and I also want to thank and congratulate Stephen Rabinowitz on his retirement as a Columbus McKinnon Director at the Annual Meeting. He has been a great contributor over the 14 years he has served on our Board and we appreciate the wisdom and experience he has provided.”
Mr. Verebelyi has been a member of Columbus McKinnon’s Board of Directors since January 2003 and Chairman of the Board since August 2005. Mr. Fleming joined the Board in March 1999.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies, systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators, rigging tools, light rail work stations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at http://www.cmworks.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the effect of operating leverage, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the capabilities to develop and launch new products, the ability to integrate digital technology into products and the effectiveness of new products and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.