A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today that its Board of Directors has named Bernard Rzepka as President and Chief Executive Officer of the Company, effective January 1, 2015. In addition, the Board has nominated Joseph M. Gingo, the Company's current Chairman, President and Chief Executive Officer, to continue as Chairman of the Board after his retirement as President and Chief Executive Officer on December 31, 2014.
The changes are part of the Company's succession planning process, and the nomination of Gingo as Board Chairman is subject to his re-election as a director by shareholders at the Company's annual meeting this December.
David G. Birney, A. Schulman's Lead Director, stated, "This transition is the result of a rigorous, disciplined and multi-year succession planning process led by the Board, and we are confident in Bernard's leadership. As a critical member of A. Schulman's leadership team, we are certain that Bernard will continue to execute our proven strategies to drive growth at A. Schulman. On behalf of the Board of Directors, I would like to thank Joe for his seven years of successful leadership and transformation of the Company as well as his strategic vision and steadfast dedication to future growth. Not only does Joe leave behind a sound strategy but also a sustainable results-oriented culture. Therefore, it is with great pleasure that we nominate Joe to continue as Chairman of the Board and we look forward to his continued contributions."
"Throughout Bernard's 22-year career with A. Schulman, he has shown outstanding leadership and dedication to customer relationships. His operational expertise and strong commitment to our growth strategy have helped create significant value for our customers and shareholders," Gingo said. "Most recently, as Executive Vice President and Chief Operating Officer, he has successfully led our global operations as we have continued to execute our aggressive organic growth initiatives and integrate various acquisitions that have strengthened our Company. Prior to his role as COO, Bernard successfully managed our largest and most profitable business segment – Europe, Middle East and Africa (EMEA). Here, he effectively created and executed regional growth strategies as well as restructurings during the economic downturn in Europe. The Board and I are confident in Bernard's ability to continue to lead A. Schulman during what we believe will be an exciting time of accelerated progress for the Company. It has been my privilege to serve as Chairman, President and CEO of this great Company for almost seven years, and I look forward to continuing to work with Bernard through the remainder of this year as we transition the role of CEO to him."
Rzepka said, "Joe has transformed our Company and we built exceptional teams over the years. I am honored to be chosen to lead A. Schulman and together we will continue to execute on our strategy through our unwavering focus on safety, smart sales and smart savings. We are committed to further strengthening our Company's position to serve high-value, high-growth markets in the specialty chemicals industry."
Rzepka, 54, was named Executive Vice President, Chief Operating Officer of A. Schulman in April 2013. In this position, he has been responsible for implementing corporate strategy and growth plans within the global operations as well as promoting excellence in the Company's procurement and marketing organizations. During his career with the Company, he has served in a variety of global management and technology positions including Vice President and General Manager, Europe, Middle East, Africa (EMEA); head of the Europe Engineered Plastics and Masterbatch business units; and as Managing Director of Germany. The Company intends to enter into an employment agreement with Rzepka setting forth terms and conditions, including compensation and benefits, for serving in the role of President and Chief Executive Officer effective January 1, 2015.
Gingo, 69, has been Chief Executive Officer and President of A. Schulman since January 1, 2008, and was named Chairman of the Board on February 26, 2008. Gingo will retire on December 31, 2014, at the expiration of the term of his employment agreement. During Gingo's leadership tenure, A. Schulman has grown diluted adjusted earnings per share from $0.87 in fiscal 2007 to a currently estimated range of up to $2.28 at the end of fiscal 2014. This represents a compounded annual growth rate of approximately 15 percent.
In addition, the Company has successfully completed eight acquisitions and three joint ventures and recently announced an agreement to acquire Ferro Corporation's Specialty Plastics business. The Company has successfully implemented continuous improvement in its global operations and intensified its focus on high-margin products and growth markets. Previously, Gingo was employed at the Goodyear Tire & Rubber Company for more than 40 years, where he served as Executive Vice President, Quality Systems and Chief Technical Officer from 2003 to 2007, and held numerous other domestic and global leadership positions in Goodyear's technical organization and various business units.
www.aschulman.com
