Liberty Safe and Security Products, Inc. Promotes Kim Waddoups To
Chief Executive Officer
PAYSON, Utah, Jan. 3, 2013 /PRNewswire/ -- Liberty Safe
and Security Products, Inc. ("Liberty" or the "Company") today
announced that Kim Waddoups has been
promoted to Chief Executive Officer (CEO), effective immediately.
He succeeds Jeff Talley, who has
stepped down from his role with the Company to take a sabbatical as
planned.
Mr. Waddoups has approximately 10 years of experience at
Liberty. Previously, Mr. Waddoups served as President, where he led
the Company's sales and marketing initiatives. He joined Liberty in
2003 as Chief Financial Officer (CFO) and was promoted in 2012 to
President. From 1989 to 2003, Mr. Waddoups held various
senior-level positions at Easton Technical Products, a sports
equipment manufacturer and division of Jas
D. Easton, Inc.
"We are proud to promote Kim as our new CEO," said Alan Offenberg, CEO of Compass Diversified
Holdings and Chairman of Liberty. "Since joining our Company
approximately 10 years ago, Kim has played a key role increasing
sales and profitability while strengthening Liberty's brand
recognition. His deep knowledge of our Company and successful track
record provide an ideal fit and will help to ensure a seamless
transition. We are confident Kim's extensive experience and proven
dedication, combined with his strategic vision, will lead Liberty
to continued success."
Mr. Offenberg added, "Jeff has served approximately 17 years at
Liberty, including 11 years as CEO. During this time, Liberty has
evolved into a market leader for premium home and gun safes,
achieving significant financial growth and establishing a solid
foundation for the future. We thank Jeff for his tireless efforts
and valuable contributions, and support his desire to take a
well-earned sabbatical."
"I am excited to assume the leadership role at Liberty," said
Mr. Waddoups. "The Company has built a premier reputation for
providing customers with high-quality safes that are manufactured
in the U.S. and is well positioned for further growth. With the
investments we have made in strengthening our operational platform
and expanding our product offerings, we expect to maintain
Liberty's positive momentum in the market. I look forward to
working closely with our talented staff and driving future
performance."
In addition to his new responsibilities as CEO, Mr. Waddoups
will join the Company's Board of Directors along with Steve Allred, Senior Vice President and Chief
Operations Officer at Liberty.
The Company also announced it has promoted Greg Clements to CFO. Mr. Clements joined
Liberty in 2001 and previously served as the Company's Controller.
In his new capacity, he will be responsible for managing Liberty's
operational and financial reporting initiatives, developing and
maintaining budgets, and more. He will report to Mr. Waddoups.
"Greg's appointment to CFO is well deserved based on his
numerous accomplishments in the past 12 years and demonstrates our
ongoing commitment to promote internally," said Mr. Offenberg. "Our
dedicated and experienced team of professionals serves as a core
differentiator and we look forward to benefitting from Greg's
expanded focus over the long term."
About Liberty Safe and
Security Products, Inc.
Based in Payson, Utah and
founded in 1988, Liberty is the premier designer, manufacturer and
marketer of home and gun safes in North
America. From its over 200,000 square foot manufacturing
facility, the Company produces a wide range of home and gun safe
models in a broad assortment of sizes, features and styles.
Products are marketed under the Liberty brand, as well as a
portfolio of licensed and private label brands, including
Remington, Cabela's and John Deere. The Company's products
are the market share leader and are sold in various sporting goods,
farm and fleet, and home improvement retailers. Liberty also has
the largest independent dealer network in the industry. For more
information, please visit the Company's website at
www.libertysafe.com.
Liberty is a subsidiary of Compass Diversified Holdings (NYSE:
CODI), an owner of leading middle market businesses. For more
information on CODI, please visit
www.compassdiversifiedholdings.com.
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the Company. Words such as "believes," "expects,"
"projects," and "future" or similar expressions, are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements, and some of these factors are
enumerated in the risk factor discussion in the Form 10-K filed by
CODI with the Securities and Exchange Commission for the year ended
December 31, 2011 and other filings
with the Securities and Exchange Commission. CODI undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Liberty Safe and Security
Products, Inc.