Barnes Announces Appointment of Thomas J. Hook as President and Chief Executive Officer; CEO Patrick Dempsey to Become Executive Vice Chairman of Barnes
June 21 2022 - 7:07AM
Business Wire
Board Names Medical Technology CEO and Barnes Director as
Company’s New Leader After Dempsey’s Nearly 10 Years as Barnes’
CEO
Barnes Group Inc. (NYSE: B), a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, today announced that its Board of Directors
has appointed Thomas J. Hook, (59), as President and Chief
Executive Officer, effective as of July 14, 2022.
Patrick J. Dempsey, who began a leave of absence on March 8,
2022 from his position as President & CEO of the Company to
address health matters affecting an immediate family member, will
transition to the newly created role of Executive Vice Chairman of
the Company until his retirement on December 31, 2022, to help
effect a smooth leadership transition. Dempsey is expected to
continue serving as a member of the Company’s Board of Directors
following his retirement as Executive Vice Chairman of the
Company.
Julie K. Streich, whom the Company appointed on March 8, 2022 as
Interim Chief Executive Officer during Dempsey’s leave of absence,
will remain in that position through July 13, 2022, and will
continue to serve as the Company’s Senior Vice President, Finance
and Chief Financial Officer thereafter.
“Tom has over 25 years of senior leadership experience,
including more than a decade as a public company CEO, and we are
delighted that he will be leading Barnes into the future. He has
extensive experience in the medical technology and healthcare
automation sectors and proven success at the helm of companies that
focus on manufacturing highly engineered, precision products and
innovative technology solutions. This, combined with his in-depth
understanding of our strategy and business operations, make him
well-prepared and ideal to advance the Company forward. This
includes seeking out new opportunities that push the boundaries of
what’s possible at Barnes and position the Company for long-term
profitable growth. We are thrilled to have Tom Hook leading this
mission,” said Thomas O. Barnes, Chairman of the Board.
“I am excited to have the opportunity to accelerate the
transformation that Patrick successfully initiated as President and
CEO, and lead Barnes in pioneering a new generation of technologies
that help change the world,” said Hook. “It has been inspiring to
work with Patrick during my tenure as a Barnes Director for the
past six years. I am honored by the confidence he and my fellow
directors have expressed in me. I look forward to working closely
with Patrick, the board, and our leadership team during the
upcoming transition.”
"Although we are saddened that Patrick will be retiring at the
end of the year, we understand, respect and support Patrick’s
decision," said Barnes. “The Board expresses its deep appreciation
for Patrick’s leadership and contributions to the Company’s success
for nearly the past 10 years. Thanks to Patrick’s vision, the
Company embarked upon a strategy to transform our business
portfolio, focusing on end markets driven by strong growth and
innovation, and supporting customers in those markets with highly
differentiated, next-generation products and innovative
solutions.
“On behalf of the Board, I also extend my sincere thanks to
Julie Streich for serving as Interim Chief Executive Officer for
the past four months,” said Barnes. “We look forward to benefiting
from Julie’s ongoing leadership and expertise as she continues in
her role as Senior Vice President, Finance and Chief Financial
Officer.”
“It truly has been a privilege to work with Tom Barnes and the
other members of our Board, as well as the Senior Leadership Team
and the entire Barnes team this past decade, and I am grateful for
the opportunity to contribute to the Company’s future achievements
in my continuing role as a director,” said Dempsey. “I am delighted
to be extending my long and productive partnership with Tom Hook
during the upcoming transition and upon my retirement.”
Named a Barnes Group Director in 2016, Thomas Hook serves on the
Audit Committee and Corporate Governance Committee. He will step
down from his current position as Chief Executive Officer and
director of SaniSure, Inc., a global leader in the design and
manufacturing of single-use systems and components for drug and
vaccine manufacturing and other biotech applications, in July 2022.
Hook also serves as a director of Q Holding Company (where he
previously served as Chief Executive Officer) and NeuroNexus, Inc.
He formerly served as the President and Chief Executive Officer and
Chief Operating Officer of Integer (formerly Greatbatch), and
previously held leadership positions at CTI Molecular Imaging and
General Electric Medical Systems. His prior experience also
includes service as Chairman of the Board and member of the
Executive Committee of HealthNow New York, Inc., and as a director
of Tactiva Therapeutics, Inc.
About Barnes Barnes Group Inc. (NYSE: B) pioneers
technologies to help change the world. Leveraging world-class
manufacturing capabilities and market-leading engineering, we
develop advanced processes, automation solutions and applied
technologies for industries ranging from medical and personal care
to mobility, packaging and aerospace. Customers benefit from our
integrated hardware and software capabilities focused on improving
the processing, control, service and sustainability of engineered
plastics, factory automation technologies and precision components.
For more information, please visit www.barnesgroupinc.com.
Forward-Looking Statements This press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements address
our expected future operating and financial performance and
financial condition, and often contain words such as "anticipate,"
"believe," "expect," "plan," "estimate," "project," “continue,”
“will,” “should,” and similar terms. These forward-looking
statements do not constitute guarantees of future performance and
are subject to a variety of risks and uncertainties that may cause
actual results to differ materially from those expressed in the
forward-looking statements. These risks include uncertainties
relating to conditions in financial markets; future financial
performance of the industries or customers that we serve; risks
associated with international sales and operations; the ability to
maintain adequate liquidity and financing sources; and general
economic conditions affecting the industries we serve. A detailed
discussion of these and other factors that may affect our future
results is contained in Barnes Group Inc.’s filings with the U.S.
Securities and Exchange Commission, including its most recent
reports on Form 10-K, 10-Q, and 8-K. The Company assumes no
obligation to update our forward-looking statements.
Category: General
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Investors: Barnes Group Inc. William Pitts Vice President,
Investor Relations 860.583.7070
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