-- Scott Barbour to serve as President and Chief Executive Officer
-- C. Robert Kidder to serve as Chairman of the Board
HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE:WMS) (“ADS” or the “Company”), a
leading global manufacturer of water management products and solutions
for commercial, residential, infrastructure and agricultural
applications, today announced several leadership changes in accordance
with its previously communicated succession plan, which will become
effective September 1, 2017. The Company’s Board of Directors has named
Scott Barbour to serve as President and Chief Executive Officer,
succeeding Joe Chlapaty, who has served in that capacity since 2004. The
Board also named C. Robert Kidder, its current lead independent
director, as Chairman of the Board, and Scott Barbour as a Director.
Scott will be replacing Joe Chlapaty who will become Chairman Emeritus
of the Board.
Mr. Kidder said, “This announcement comes at the right time as we enter
the next chapter of the Company’s evolution. Over the years, ADS has
proven its ability to thrive on change and we are excited to have Scott
lead the team and our Company forward. Scott is a well-rounded executive
whose leadership style and skill set aligns well with ADS’ culture and
its objectives to drive growth and operational excellence. I am
confident that his expertise and experience honed while leading Emerson
Electric’s $4.5 billion global Network Power business will position ADS
well for future success.”
“I am very excited to join the ADS team and to continue the Company’s
legacy of revolutionizing the water management industry,” said Mr.
Barbour. “ADS is a great business with outstanding prospects for the
future. I look forward to building upon the Company’s industry
leadership, commitment to innovation and recent initiatives that drive
operating performance improvements by leveraging its talented team and
strong financial position.”
Mr. Kidder continued, “On behalf of the Board and management, we thank
Joe for his countless contributions and dedication to the Company. Under
his leadership, ADS has grown from a private organization with $50
million in sales to an industry leader, with an exceptionally strong
brand and more than $1.2 billion in sales across multiple end markets
and geographies. Over the past 37 years, Joe’s passion for the business
and his leadership helped position ADS at the forefront of the markets
we serve today.”
Mr. Barbour has over 25 years of experience in the industrials sector.
Most recently, he worked for Emerson Electric, a global technology and
engineering company that provides solutions for customers in industrial,
residential and commercial markets as President and CEO of its $4.5
billion Network Power business. Mr. Barbour was responsible for managing
major multi-million dollar contract negotiations, leading and
implementing a global profitability optimization program, expanding
Emerson’s geographic footprint, introducing new product lines, and
managing the spin-off and subsequent sale of the Network Power business,
now Vertiv. During his tenure at Emerson, Mr. Barbour also held several
leadership positions including Group Vice President of Emerson Client
Technologies Group, President, Emerson Client Technologies Asia Pacific
Division, and President, Emerson Client Technologies Air Conditioning
Division. In these roles, Mr. Barbour drove significant technology
initiatives, increased profitability and led new product development.
Mr. Barbour began his career at Colt Industries, where he worked as a
product engineer. Mr. Barbour received his Bachelor of Science in
Mechanical Engineering from Southern Methodist University and his Master
of Business Administration from the Owen Graduate School of Management,
Vanderbilt University.
About the Company
Advanced Drainage Systems is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a comprehensive
suite of water management products and superior drainage solutions for
use in the construction and infrastructure marketplace. Its innovative
products are used across a broad range of end markets and applications,
including non-residential, residential, agriculture and infrastructure
applications. The Company has established a leading position in many of
these end markets by leveraging its national sales and distribution
platform, its overall product breadth and scale and its manufacturing
excellence. Founded in 1966, the Company operates a global network of
approximately 60 manufacturing plants and over 30 distribution centers.
To learn more about the ADS, please visit the Company’s website at www.ads-pipe.com.
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These statements are not historical
facts but rather are based on the Company’s current expectations,
estimates and projections regarding the Company’s business, operations
and other factors relating thereto. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” “confident” and similar expressions are used to identify
these forward-looking statements. Factors that could cause actual
results to differ from those reflected in forward-looking statements
relating to our operations and business include: fluctuations in the
price and availability of resins and other raw materials and our ability
to pass any increased costs of raw materials on to our customers in a
timely manner; volatility in general business and economic conditions in
the markets in which we operate, including, without limitation, factors
relating to availability of credit, interest rates, fluctuations in
capital and business and consumer confidence; cyclicality and
seasonality of the non-residential and residential construction markets
and infrastructure spending; the risks of increasing competition in our
existing and future markets, including competition from both
manufacturers of high performance thermoplastic corrugated pipe and
manufacturers of products using alternative materials; our ability to
continue to convert current demand for concrete, steel and PVC pipe
products into demand for our high performance thermoplastic corrugated
pipe and Allied Products; the effect of weather or seasonality; the loss
of any of our significant customers; the risks of doing business
internationally; the risks of conducting a portion of our operations
through joint ventures; our ability to expand into new geographic or
product markets; our ability to achieve the acquisition component of our
growth strategy; the risk associated with manufacturing processes; our
ability to manage our assets; the risks associated with our product
warranties; our ability to manage our supply purchasing and customer
credit policies; the risks associated with our self-insured programs;
our ability to control labor costs and to attract, train and retain
highly-qualified employees and key personnel; our ability to protect our
intellectual property rights; changes in laws and regulations, including
environmental laws and regulations; our ability to project product mix;
the risks associated with our current levels of indebtedness; our
ability to meet future capital requirements and fund our liquidity
needs; the risk that additional information may arise that would require
the Company to make additional adjustments or revisions or to restate
the financial statements and other financial data for certain prior
periods and any future periods, any further delay in the filing of any
filings with the SEC; the review of potential weaknesses or deficiencies
in the Company’s disclosure controls and procedures, and discovering
further weaknesses of which we are not currently aware or which have not
been detected and the other risks and uncertainties described in the
Company’s filings with the Securities and Exchange Commission. New risks
and uncertainties emerge from time to time and it is not possible for
the Company to predict all risks and uncertainties that could have an
impact on the forward-looking statements contained in this press
release. In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by the Company or
any other person that the Company’s expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors are
cautioned not to place undue reliance on the Company’s forward-looking
statements and the Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
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Investors / Media
Advanced Drainage Systems, Inc.
Michael
Higgins, 614-658-0050
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.