Lindsay Chief Executive Officer, Rick Parod, Announces Intention to Retire
February 08 2017 - 6:45AM
Business Wire
Lindsay Corporation (NYSE: LNN), a leading provider of
irrigation systems and infrastructure products, announced today
that its president and chief executive officer, Rick Parod, 63, has
informed the Board of Directors of his intention to retire on
December 1, 2017 to spend time with his family, travel and pursue
other interests.
“I am extremely proud to have been a part of the Lindsay
Corporation family for nearly 17 years. We have a wonderful team of
dedicated people throughout our global organization who exemplify
our core values and work hard to provide valuable services to our
customers and value for our shareholders. Lindsay has a very bright
future and is poised for continued, profitable
growth,” said Parod.
Chairman of the Board Michael Nahl commented, “Rick Parod has
been a tremendous leader for Lindsay. Under his leadership, Lindsay
has grown from a single plant generating approximately $100 million
in revenues to an international leader in irrigation solutions,
water management and infrastructure products with revenues of over
$500 million. During his tenure he and
his talented management team have created over $1
billion in shareholder value as measured by share price
appreciation, share buybacks and dividends. Rick's compassion for
our customers and coworkers, his strong sense of values and ethics
and his professional and sincere approach to everything he does has
solidified a strong foundation for the company that shows deep
respect and a commitment to excellence for our shareholders,
customers and coworkers.
“The Board of Directors has retained Spencer Stuart, a leading
executive recruiting firm to assist in the search for a CEO. The
Board will conduct a thorough search, considering both internal and
external candidates, to identify a new CEO who can lead the Company
to continued growth and success while maintaining the culture of
professionalism and integrity that Rick has instituted throughout
the organization.”
About the Company
Lindsay manufactures and markets irrigation equipment primarily
used in agricultural markets which increase or stabilize crop
production while conserving water, energy, and labor. The Company
also manufactures and markets infrastructure and road safety
products under the Lindsay Transportation Solutions trade name. As
of December 16, 2016 Lindsay had approximately 10.7 million shares
outstanding, which are traded on the New York Stock Exchange under
the symbol LNN.
For more information regarding Lindsay Corporation, see the
Company’s Web site at www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are
subject to risks and uncertainties and which reflect management’s
current beliefs and estimates of future economic circumstances,
industry conditions, company performance and financial results. You
can find a discussion of many of these risks and uncertainties in
the annual, quarterly and current reports that the Company files
with the Securities and Exchange Commission. Forward-looking
statements include information concerning possible or assumed
future results of operations of the Company and those statements
preceded by, followed by or including the words “anticipate,”
“estimate,” “believe,” “intend,” "expect," "outlook," "could,"
"may," "should," “will,” or similar expressions. For these
statements, the Company claims the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The Company undertakes no obligation
to update any forward-looking information contained in this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170208005266/en/
Lindsay Corporation:Brian Ketcham, 402-827-6579Vice
President & Chief Financial OfficerorHalliburton Investor
Relations:Hala Elsherbini or Geralyn DeBusk, 972-458-8000
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