Oil-Dri Increases Dividend for 16th Year in a Row and Announces Changes to its Board of Directors
June 12 2019 - 4:07PM
Oil-Dri Corporation of America (NYSE: ODC) announced that effective
today, John Steven Cole, President, Cole & Associates will
retire from the company’s Board of Directors. Paul M.
Hindsley, Managing Director and Partner, William Blair &
Company, has been appointed to replace Mr. Cole on its Board and
Audit Committee.
John Steven Cole joined the Board in 1981 and served as a member
of both the Audit and Executive Committees. Mr. Cole is President
of Cole & Associates, an international consulting firm, and is
an accomplished advisor, providing leadership in product &
technical development and general management to many companies and
organizations.
Daniel S. Jaffee, President and Chief Executive Officer, stated,
"It has been a privilege to have Steve serve on our Board of
Directors for the past 38 years. He has made many significant
contributions during his tenure, and his insights and experience
have been invaluable to Oil-Dri. On behalf of the entire
company and the Board, I would like to extend our deepest gratitude
to Mr. Cole for his commitment to the success of our organization.
We wish him well in his retirement.”
Paul M. Hindsley is currently Managing Director and Partner,
Investment Banking at William Blair & Company where he
specializes in merger & acquisitions and equity & debt
transactions. Prior to joining William Blair & Company,
Mr. Hindsley was Director of Investment Banking at BMO Capital
Markets from 1989-1997 and served as Vice President, Commercial
Banking at Harris Trust and Savings Bank from 1981-1989.
Mr. Hindsley received his bachelor’s degree in Management
Science from Duke University in 1981 and earned a Masters in
Management from the Kellogg Graduate School of Management at
Northwestern University in 1986.
Daniel S. Jaffee commented, "I am very pleased to welcome Paul
Hindsley to our Board of Directors. I have known Paul
professionally for over 25 years, and his financial perspective on
the consumer products and packaging industries will be a tremendous
asset to our Board. With his experience in the investment
banking arena, Paul will support and complement our risk/reward
appetite as we seek to grow.”
In addition to the board member changes, the Board of Directors
declared quarterly cash dividends of $0.25 per share of the
Company’s Common Stock and $0.1875 per share of the Company’s Class
B Stock, an approximate 4% increase for both classes of stock. The
dividends declared today will be payable on August 30, 2019 to
stockholders of record at the close of business on August 16, 2019.
The Company has paid cash dividends continuously since 1974. This
declaration marks the sixteenth consecutive year Oil-Dri has
increased dividends.
Oil-Dri expects to release earnings for its fourth quarter of
fiscal 2019 after the close of the U.S. stock market on Thursday,
October 10, 2019 and to host an Investor Teleconference on Friday,
October 11, 2019. Teleconference details will be communicated via
web alert and posted on the Events page of the Company’s website
(investors.oildri.com/events) approximately one week prior to the
call.
While Oil-Dri’s founding product was granular clay floor
absorbents, it has since greatly diversified its portfolio. The
Company’s mission to “Create Value from Sorbent Minerals” is
supported by its wide array of consumer and business to business
product offerings. In 2016, Oil-Dri celebrated its
seventy-fifth year of business and looks forward to the next
milestone. To learn more about the Company, visit oildri.com.
Leslie A. GarberInvestor Relations
ManagerOil-Dri Corporation of
AmericaInvestorRelations@oildri.com(312) 321-1515
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