MEC Announces Retirement Plan of CEO Robert D. Kamphuis
March 31 2022 - 5:30PM
Business Wire
Kamphuis to Retire on September 30, 2022 After
17 years as CEO
Mayville Engineering Company, Inc. (NYSE: MEC)
(“MEC”), a leading U.S.-based value-added manufacturing partner
that provides a broad range of prototyping and tooling, production
fabrication, coating, assembly and aftermarket services, today
announced that Robert D. Kamphuis has informed the company of his
plan to retire from his current roles as Chairman, President and
Chief Executive Officer on September 30, 2022.
Mr. Kamphuis joined MEC as President and CEO in 2005 and became
Chairman in 2007. Under his leadership, the Company has grown from
approximately $62 million in revenue with 660 employees based in
three facilities in 2004 to approximately $450 million in revenues
with 2,250 employees in 20 facilities in 2021. During that time,
the Company completed four important acquisitions, most notably,
the acquisitions of Center Manufacturing in 2012 and Defiance Metal
Products (DMP) in 2018.
Mr. Kamphuis also oversaw the Company’s transition from a 100%
employee-owned organization via its ESOP to a public company via
its initial public offering in May 2019, improving the financial
position of the Company, and providing additional liquidity options
for employee shareholders in the process.
MEC has received numerous accolades during Mr. Kamphuis’ tenure,
including being named one of the top 5,000 fastest growing private
companies in the U.S. by Inc. magazine during three consecutive
years; and being recognized as the largest fabricator in the United
States by The FABRICATOR magazine for eleven consecutive years.
“On behalf of the Board and everyone associated with MEC, I
would like to congratulate Bob on his planned retirement and thank
him for his steadfast leadership and remarkable accomplishments
during his more than 16 years leading the company,” noted Tim
Christen, a member of MEC’s Board of Directors. “Bob has had a
tremendous influence on the company’s success, helping drive
significant growth as well as completing its transition to a
publicly traded company in 2019. We are particularly proud of the
significant financial security Bob’s leadership has created for our
employee-owners. We are grateful for all Bob has done for MEC and
wish him the best for the future.”
“It has truly been an honor and privilege to lead this company
and play my part in its proud 76-year history,” said Robert D.
Kamphuis, Chairman, President, and CEO of MEC. “We have made
significant progress as a company on all fronts, including
investments in leading-edge technology and capacity which will
support our market leadership for years to come. I want to thank
the board of directors, leadership teams, all of our employee
shareholders, customers, supplier partners, and advisors for their
support and contributions over the years. Having navigated the
pandemic- related challenges over the past two years, today MEC is
in a strong financial position with a positive outlook and numerous
opportunities to grow. I believe it is the right time for me to
step aside and let a new leader guide the company to continued
future success. I know the next CEO will inherit a world-class team
of people from the shop floor to senior leadership.”
MEC will be retaining the services of a nationally recognized
executive search firm to conduct a nationwide search for a new
Chief Executive Officer.
Forward Looking Statements
This press release includes forward-looking statements that
reflect plans, estimates and beliefs. Such statements involve risk
and uncertainties. Actual results may differ materially from those
contemplated by these forward-looking statements as a result of
various factors. Important factors that could cause actual results
or events to differ materially from those expressed in
forward-looking statements include, but are not limited to: the
negative impacts the COVID-19 pandemic has had and will continue to
have on our business, financial condition, cash flows, results of
operations and supply chain, including the supply chain issues
encountered by our original equipment manufacturer customers, the
current inflationary pressures on wages, benefits, components, and
manufacturing supplies and future uncertain impacts; risks relating
to developments in the industries in which our customers operate;
risks related to scheduling production accurately and maximizing
efficiency; failure to compete successfully in our markets; our
ability to realize net sales represented by our awarded business;
our ability to maintain our manufacturing, engineering and
technological expertise; the loss of any of our large customers or
the loss of their respective market shares; risks related to
entering new markets; our ability to recruit and retain our key
executive officers, managers and trade-skilled personnel;
volatility in the prices or availability of raw materials critical
to our business; manufacturing risks, including delays and
technical problems, issues with third-party suppliers,
environmental risks and applicable statutory and regulatory
requirements; our ability to successfully identify or integrate
acquisitions; our ability to develop new and innovative processes
and gain customer acceptance of such processes; risks related to
our information technology systems and infrastructure; political
and economic developments, including foreign trade relations and
associated tariffs; results of legal disputes, including product
liability, intellectual property infringement and other claims;
risks associated with our capital-intensive industry; risks related
to our treatment as an S Corporation prior to the consummation of
our initial public offering; risks related to our employee stock
ownership plan’s treatment as a tax-qualified retirement plan; and
other factors described in “Risk Factors” in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2021. We
undertake no obligation to update or revise any forward-looking
statements after the date on which any such statement is made,
whether as a result of new information, future events or otherwise,
except as required by federal securities laws.
About Mayville Engineering Company
Founded in 1945, MEC is a leading U.S.-based value-added
manufacturing partner that provides a broad range of prototyping
and tooling, production fabrication, coating, assembly and
aftermarket components. Our customers operate in diverse end
markets, including heavy- and medium-duty commercial vehicle,
construction & access equipment, powersports, agriculture,
military, and other end markets. Along with process engineering and
development services, MEC maintains an extensive manufacturing
infrastructure with 20 facilities, of which 19 are in operation,
across seven states. These facilities make it possible to offer
conventional and CNC (computer numerical control) stamping,
shearing, fiber laser cutting, forming, drilling, tapping,
grinding, tube bending, machining, welding, assembly and logistic
services. MEC also possesses a broad range of finishing
capabilities including shot blasting, e-coating, powder coating,
wet spray and military grade chemical agent resistant coating
(CARC) painting.
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Nathan Elwell Lincoln Churchill Advisors (847) 530-0249
nelwell@lincolnchurchilladvisors.com
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