Tennant Company CEO Janet Dolan Announces Plans to Retire in 2006
Annual Meeting Webcast at 11:30 a.m. ET Today; Investor Conference Call Webcast
at 3:30 p.m. ET Today
MINNEAPOLIS, May 5 /PRNewswire-FirstCall/ -- Tennant Company (NYSE:TNC) today
announced that Janet Dolan, president and chief executive officer, intends to
retire in 2006. A specific date has not yet been set in order to accommodate a
smooth transition. A committee of the board of directors has commenced the
search for a successor, which will include internal and external candidates.
"This is a good time for a leadership change," said Dolan. "Tennant is
well-positioned to deliver sustained and profitable growth." Dolan added, "My decision to retire from Tennant within the next year reflects
a personal desire to take on new challenges. I have worked closely with the
board on our succession planning process to ensure a thoughtful, comprehensive
approach. Once a new CEO is named, I will remain flexible and work with the
board on a seamless transition to my successor." In 2006, Dolan will mark her 20th year with Tennant, including seven years as
CEO. Under Dolan's leadership, Tennant has expanded into the commercial and
outdoor markets, and launched breakthrough cleaning technologies such as
FaST(TM) and ReadySpace(TM). The company ended 2004 with $507.8 million in
revenues, posting double-digit revenue growth versus 2003. These results were
due to the introduction of 20 new products in 2004, contributions from the
Walter-Broadley acquisition and strengthening economies in most of Tennant's
geographic regions. Tennant also made significant progress in improving its
asset utilization and reported a 20 percent rise in cash flow from operations
in 2004. For the first quarter ended March 31, 2005, Tennant reported a 39
percent increase in diluted earnings per share over the prior-year quarter.
Dolan was named president and CEO of Tennant in 1999. She joined the company in
1986 as associate general counsel, advancing to vice president, secretary and
general counsel in 1990, and to senior vice president and general counsel in
1995. Dolan was promoted to executive vice president in 1996, and subsequently
assumed the role of president and chief operating officer in 1998. Before
joining Tennant, Dolan spent 10 years as a trial lawyer.
Dolan continues to serve on the boards of Donaldson Company, Inc., The St. Paul
Travelers Companies, Inc. and the United Way, Greater Twin Cities. She will
continue her work as chair of the Minnesota Business Partnership and is a
member of the NYSE Listed Company Advisory Committee.
Additionally, Dolan was recently named and will maintain her role on the
Securities and Exchange Commission's (SEC) committee charged with examining the
effects of SEC regulations on smaller public companies. Dolan is heading the
related SEC subcommittee focused on internal controls (SOX 404).
Annual Meeting and Investor Conference Call Webcasts Tennant will Webcast its annual meeting today at 10:30 a.m. Central Time (11:30
a.m. ET). In addition, the company will host an investor conference call today
to discuss its CEO transition process at 2:30 p.m. Central Time (3:30 p.m. ET). These investor forums will be Webcast on the investor portion of Tennant's Web
site. To listen to the annual meeting or investor conference call live on the
Web, go to http://www.tennantco.com/ at least 15 minutes before the scheduled
start time and, if necessary, download and install audio software. Taped
replays of the annual meeting and conference call will be available at
http://www.tennantco.com/ for about two weeks after the call.
Company Profile Minneapolis-based Tennant Company (NYSE:TNC) is a world leader in designing,
manufacturing and marketing solutions that help create a cleaner, safer world. Its products include equipment for maintaining surfaces in industrial,
commercial and outdoor environments; and coatings for protecting, repairing and
upgrading concrete floors. Tennant's global field service network is the most
extensive in the industry. Tennant has manufacturing operations in Minneapolis,
Minn., Holland, Mich., Uden, The Netherlands and Northampton, United Kingdom
and sells products directly in 15 countries and through distributors in more
than 50 countries. For more information, visit http://www.tennantco.com/ .
This news release contains statements that are considered "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and
provide current expectations or forecasts of future events. Any such
expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market
as well as matters specific to us and the markets we serve. Particular risks
and uncertainties presently facing us include: the potential for soft markets
in certain regions, including North America, Asia, Latin America and Europe;
geo-political and economic uncertainty throughout the world; changes in laws
and regulations, including changes in accounting standards and taxation
changes, such as the effects of the American Jobs Creation Act of 2004;
inflationary pressures; the potential for increased competition in our
business; the relative strength of the U.S. dollar, which affects the cost of
our products sold internationally; fluctuations in the cost or availability of
raw materials; the success and timing of new products; our ability to achieve
projections of future financial and operating results; successful integration
of acquisitions; the ability to achieve operational efficiencies, including
synergistic and other benefits of acquisitions; unforeseen product quality
problems; the effects of litigation, including threatened or pending
litigation; and our plans for growth. We caution that forward-looking
statements must be considered carefully and that actual results may differ in
material ways due to risks and uncertainties both known and unknown. Shareholders, potential investors and other readers are urged to consider these
factors in evaluating forward-looking statements and are cautioned not to place
undue reliance on such forward-looking statements. For additional information
about factors that could materially affect Tennant's results, please see the
company's Securities and Exchange Commission filings.
We do not undertake to update any forward-looking statement, and investors are
advised to consult any further disclosures by us on this matter in our filings
with the Securities and Exchange Commission and in other written statements we
make from time to time. It is not possible to anticipate or foresee all risk
factors, and investors should not consider that any list of such factors to be
an exhaustive or complete list of all risks or uncertainties. DATASOURCE: Tennant Company CONTACT: Investors, Tony Brausen, Vice President and Chief Financial Officer, +1-763-540-1553, or Media, Kathryn Lovik, Director, Communications, +1-763-540-1212, both of Tennant Company, or Shawn Brumbaugh of Padilla Speer Beardsley Inc., +1-612-455-1754 Web site: http://www.tennantco.com/
|