SEGUIN, Texas, Dec. 16, 2015 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) today announced that, as previously indicated,
James B. Skaggs and Jerry E. Goldress will retire from the Board of
Directors effective January 5,
2016.
Mr. Skaggs joined the Board in 1996 and has served as Chairman
of the Board since 2011. Mr. Goldress has been a director
since 2000. Both have contributed significantly to
Alamo's success during this
dynamic period in which the Company's revenues have grown more than
400%.
As previously announced, Eric
Etchart, Senior Vice President of Business Development of
the Manitowoc Company, Inc., and Robert
Bauer, President, CEO and a director of L. B. Foster Company
were appointed to Alamo's Board in
August in anticipation of the retirement of Messrs. Skaggs and
Goldress.
Alamo Group is also pleased to announce that Gary Martin, who has been a member of the Board
of Directors since 2007, has been named Chairman of the Board
effective January 5, 2016.
Ron Robinson, Alamo Group's
President and CEO said, "We will certainly miss both Jim and
Jerry. They have been great directors who always provided a
voice of reason, put shareholders' interests first, challenged the
management to move forward and set a tone of honesty and
integrity. They have also been great friends and a pleasure
to serve with. Their absence will be felt on many levels and
we wish them all the best in their future activities, which I know
will be varied and interesting.
"We are pleased that Eric and Bob had the opportunity to overlap
for several meetings with Jim and Jerry as that has helped with
their transition onto Alamo's
Board. They are both already demonstrating their ability to
contribute to the Company's ongoing success.
"We are also very pleased to have Gary assume the role of
Chairman. He has been on the Alamo Board for eight years and
has served at various times as chairman of the Compensation
Committee and the Corporate Governance Committee. He was
previously President, CEO and Chairman of the Board of Capital
Southwest Corporation until his retirement in 2013. Gary's
background, maturity and knowledge of Alamo position him to be effective immediately
as Chairman. We all look forward to benefiting from his guidance
going forward."
Jim and Jerry offered the following joint comments: "We feel
extremely fortunate for the opportunity to work with this great
Board and management team in achieving Alamo's remarkable growth and success.
As we retire, we are delighted with our highly capable replacements
and have strong confidence this team will continue to excel in the
years ahead."
Alamo Group is a leader in the design, manufacture, distribution
and service of high quality equipment for infrastructure
maintenance, agriculture and other applications. Our products
include truck and tractor mounted mowing and other vegetation
maintenance equipment, street sweepers, snow removal equipment,
excavators, vacuum trucks, other industrial equipment, agricultural
implements and related after-market parts and services. The
Company, founded in 1969, has approximately 3,100 employees and
operates 25 plants in North
America, Europe,
Australia and Brazil as of September
30, 2015. The corporate offices of Alamo Group Inc.
are located in Seguin, Texas and
the headquarters for the Company's European operations are located
in Salford Priors, England.
This release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. Among those factors which could
cause actual results to differ materially are the following: market
demand, competition, weather, seasonality, currency-related issues,
and other risk factors listed from time to time in the Company's
SEC reports. The Company does not undertake any obligation to
update the information contained herein, which speaks only as of
this date.
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SOURCE Alamo Group Inc.