LSB Industries, Inc. Announces CEO Transition
January 02 2019 - 7:00AM
Business Wire
Mark Behrman, Executive Vice President and
CFO, named to CEO position
Cheryl Maguire, Vice President of Finance
named CFO
LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today
announced that Dan Greenwell elected not to enter into a new
employment agreement and has stepped down from his role as Chairman
and Chief Executive Officer. The Board of Directors has appointed
Mark Behrman, LSB’s current Executive Vice President and Chief
Financial Officer, to serve as the Company’s new President and
Chief Executive Officer and join its Board of Directors, effective
immediately.
Richard Roedel today was appointed Chairman of the Board of
Directors. Additionally, Cheryl Maguire, LSB’s current Vice
President of Finance, was promoted to Senior Vice President and
Chief Financial Officer.
“We are pleased to welcome Mark and Cheryl into their new roles
as CEO and CFO, respectively,” said Richard Roedel, LSB’s Chairman.
“The Board of Directors has a strong focus on talent management,
and the internal appointments of Mark and Cheryl demonstrate the
strength of the existing team. We expect that the promotion of
these two experienced company executives will help to ensure a
smooth transition into these important leadership roles and drive
the continued advancement of the Company’s initiatives to deliver
improved financial performance through the increasing reliability
of its chemical manufacturing facilities and the continued growth
in product sales. Mark brought a wealth of experience when he
joined LSB nearly five years ago and has been a critical part of
the Company’s progress. He is a seasoned executive with excellent
leadership skills, and has built strong relationships with LSB’s
employees, customers and shareholders. Cheryl is highly regarded
and has an extensive accounting and finance background. Both Mark
and Cheryl have been extremely successful over the course of their
careers, and they possess the commitment, vision and values to
build on our solid foundation and to lead LSB Industries into the
future.”
Mr. Roedel continued, “I want to thank Dan for his leadership
over the past three years. He led many critical initiatives that
have resulted in improved performance of the Company’s three
facilities and have positioned LSB well for future improvement in
profitability and cash flow. The Board appreciates the progress LSB
Industries has made under Dan, and we wish him well in his future
endeavors.”
“I’m excited to become LSB’s next CEO,” said Mr. Behrman. “The
Company has good potential for profitable growth and I look
forward to working with the Board and our talented and dedicated
team to build on the solid foundation we have in place. We will
continue to execute on our existing strategy to further enhance the
value we provide to our customers and shareholders.”
Mr. Behrman continued, “I’ve worked closely with Cheryl for the
past three years and am highly confident in her abilities as a
talented finance professional with deep expertise and a strong
commitment to operational excellence. I’m happy that the Board has
endorsed this important promotion, and I look forward to a
continued collaboration with Cheryl and other members of the senior
leadership team."
Mr. Behrman has been LSB’s Executive Vice President and Chief
Financial Officer since June 2015. He joined LSB in April 2014 as
Senior Vice President, Corporate Development. Mr. Behrman had more
than 25 years of investment banking experience, prior to joining
LSB, and started his career at Paine Webber, Inc. and Drexel
Burnham Lambert, Inc. He has been involved with originating,
structuring and financing many public and private equity and debt
offerings, as well as numerous merger and acquisition and advisory
assignments. His industry experience includes chemicals,
manufacturing and distribution and business services, among
others.
Ms. Maguire has been LSB’s Vice President of Finance since 2016.
She joined LSB in November of 2015 as Vice President, Financial
Planning and Accounting. She is a strong financial executive who
knows the Company well, has worked side-by-side with Mr. Behrman,
and is well known to the Board of Directors. As a Certified Public
Accountant, Ms. Maguire has extensive experience living and working
abroad for such global organizations as LyondellBasell, Petroplus
and PricewaterhouseCoopers. She has strong experience in financial
planning and analysis, external reporting and GAAP compliance.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural,
mining, and industrial markets. The Company owns and operates
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma, and operates a facility for a global chemical company in
Baytown, Texas. LSB’s products are sold through distributors and
directly to end customers throughout the United States. Additional
information about the Company can be found on its website at
www.lsbindustries.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements generally are
identifiable by use of the words “may,” “believe,” “expect,”
“intend,” “plan to,” “estimate,” “project” or similar expressions,
and include but are not limited to: financial performance
improvement; view on sales to mining customers; estimates of
consolidated depreciation and amortization and future Turnaround
expenses; our expectation of production consistency and enhanced
reliability at our Facilities; our projections of trends in the
fertilizer market; improvement of our financial and operational
performance; our planned capital expenditures for; reduction of
SG&A expenses; volume outlook and our ability to complete plant
repairs as anticipated.
Investors are cautioned that such forward-looking statements are
not guarantees of future performance and involve risk and
uncertainties. Though we believe that expectations reflected in
such forward-looking statements are reasonable, we can give no
assurance that such expectation will prove to be correct. Actual
results may differ materially from the forward-looking statements
as a result of various factors. These and other risk factors are
discussed in the Company’s filings with the Securities and Exchange
Commission (SEC), including those set forth under “Risk Factors”
and “Special Note Regarding Forward-Looking Statements” in our Form
10-K for the year ended December 31, 2017 and, if applicable, our
Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.
All forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary
statements. We expressly disclaim any obligation to update, amend
or clarify any forward-looking statement to reflect events, new
information or circumstances occurring after the date of this press
release except as required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190102005125/en/
Investor Relations Contact:Fred Buonocore, CFA (212)
836-9607Kevin Towle (212) 836-9620The Equity Group Inc.
LSB Industries (NYSE:LXU)
Historical Stock Chart
From Mar 2024 to Apr 2024
LSB Industries (NYSE:LXU)
Historical Stock Chart
From Apr 2023 to Apr 2024