LSI Industries Inc. Appoints Robert A. Steele to the Board of Directors and Announces the Upcoming Retirement of Two Board Me...
21 Juli 2016 - 12:45PM
LSI Industries Inc. (NASDAQ:LYTS)
today announced the appointment of Robert A.
Steele (Rob), to the Board of Directors. In 2011, Mr. Steele
retired from Procter & Gamble as the company’s Vice Chairman
Health Care. During his 35-year tenure with Procter &
Gamble, he served in a variety of executive leadership positions,
including Vice Chairman Global Health and Well-being, Group
President Global Household Care, and Group President of North
American Operations. Mr. Steele, 61 years old, is a board
member of Keurig/Green Mountain Coffee, where he serves on its
Audit and Finance Committee and its Compensation and Organizational
Development Committee. Mr. Steele has also served on the
board of Berry Plastics Group since 2014, where he is a member of
its Nominating & Corporate Governance Committee. Mr.
Steele was previously a member of the Board of Directors of Beam
Inc. and Kellogg Company. Mr. Steele holds a Bachelor’s
Degree in Economics from the College of Wooster and an M.B.A. from
Cleveland State University.
LSI also announced that Dennis B. Meyer and Mark A.
Serrianne, each members of the LSI Board, notified the Company of
their intention not to stand for re-election to the Board at LSI’s
2016 Annual Meeting of Shareholders. Mr. Meyer and Mr.
Serrianne will continue to serve as members of the Board until
LSI’s 2016 Annual Meeting of Shareholders. Both Mr. Meyer and
Mr. Serrianne are stepping down for personal reasons and not in
connection with any disagreement with the company or its
management. Mr. Meyer and Mr. Serrianne have served as
directors since 2001 and 2004, respectively.
Dennis W. Wells, Chief Executive Officer and President,
commented, "On behalf of the entire LSI team, I want to extend my
sincerest appreciation and gratitude to both Denny Meyer and Mark
Serrianne for their dedicated service and valuable contributions
over many years. The Company has gone through significant
changes during the past two years as we position LSI for future
growth, and both Denny and Mark have provided invaluable guidance
during this period. I wish them a well-earned, fulfilling
retirement.”
Dennis further commented, "I am pleased to welcome Rob Steele to
the LSI Board of Directors. I am very impressed with the
breadth of management experience that Rob has amassed during his
very successful career at Procter & Gamble. This
background well-positions Rob to provide meaningful insight to LSI
as we continue to mature and grow as a company, and I look forward
to gaining the benefit of his contributions going forward. In
addition, and as part of our program to maintain and build a strong
Board, during the fourth quarter of fiscal 2016 we appointed John
K. Morgan to the LSI Board of Directors. John previously
served as Chairman, President and CEO of Zep Inc. from October 2007
until his retirement in June 2015. Prior to joining Zep, he
held several positions at Acuity Brands from 2001 through 2007,
including Executive Vice President and CEO of Acuity Specialty
Products. We are already benefiting from his knowledge, as
well as his extensive experience in the lighting industry."
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking statements that
are subject to numerous assumptions, risks or
uncertainties. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified
by words such as “estimates,” “anticipates,” “projects,” “plans,”
“expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should”
or the negative versions of those words and similar expressions,
and by the context in which they are used. Such
statements, whether expressed or implied, are based upon current
expectations of the Company and speak only as of the date
made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and
uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market
acceptance risks, potential costs associated with litigation and
regulatory compliance, reliance on key customers, financial
difficulties experienced by customers, the cyclical and seasonal
nature of our business, the adequacy of reserves and allowances for
doubtful accounts, fluctuations in operating results or costs
whether as a result of uncertainties inherent in tax and accounting
matters or otherwise, unexpected difficulties in integrating
acquired businesses, the ability to retain key employees of
acquired businesses, unfavorable economic and market conditions,
the results of asset impairment assessments, the Company’s ability
to maintain an effective system of internal control over financial
reporting, our ability to remediate any material weaknesses in our
internal control over financial reporting and any other risk
factors that are identified herein. You are cautioned to
not place undue reliance on these forward-looking
statements. In addition to the factors described in this
paragraph, the risk factors identified in our Form 10-K and other
filings the Company may make with the SEC constitute risks and
uncertainties that may affect the financial performance of the
Company and are incorporated herein by reference. The
Company does not undertake and hereby disclaims any duty to update
any forward-looking statements to reflect subsequent events or
circumstances.
About the Company
We are a customer-centric company that positions itself as a
value-added, trusted partner in developing superior image solutions
through our world-class lighting, graphics, and technology
capabilities. Our core strategy of "Lighting + Graphics +
Technology = Complete Image Solutions" differentiates us from our
competitors.
We are committed to advancing solid-state LED technology to make
affordable, high performance, energy-efficient lighting and custom
graphic products that bring value to our customers. We have a
vast offering of innovative solutions for virtually any lighting or
graphics application. In addition, we provide sophisticated
lighting and energy management control solutions to help customers
manage their energy performance. Further, we provide a full
range of design support, engineering, installation and project
management services to our customers.
We are a vertically integrated U.S.-based manufacturer
concentrating on serving customers in North America and Latin
America. Our major markets include commercial / industrial
lighting, petroleum / convenience store and multi-site retail
(including automobile dealerships, restaurants and national retail
accounts). Headquartered in Cincinnati, Ohio, LSI has
facilities in Ohio, California, Kansas, Kentucky, New York, North
Carolina, Oregon, Rhode Island and Texas. The Company’s
common shares are traded on the NASDAQ Global Select Market under
the symbol LYTS.
For further information, contact Dennis Wells,
Chief Executive Officer and President, at (513) 793-3200.
Additional note: Today’s news
release, along with past releases from LSI Industries, is available
on the Company’s internet site at www.lsi-industries.com or by
email or fax, by calling the Investor Relations Department at (513)
793-3200.
CONTACT: DENNIS WELLS
(513) 793-3200
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