Advanced Drainage Systems Announces Board of Directors Changes and Adds Sustainability Committee
19 Mai 2022 - 12:47PM
Business Wire
Chair C. Robert Kidder to Retire from Board
of Directors
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the
“Company”), a leading provider of innovative water management
solutions in the stormwater and on-site septic wastewater
industries announced today that Chair of the Board of Directors
(the “Board”), C. Robert Kidder, will not stand for re-election at
the Annual Meeting of Shareholders to be held on July 21, 2022
(“2022 Annual Meeting”), with his term ending at the 2022 Annual
Meeting. The Board has elected current Director Robert M. Eversole
to succeed Kidder as Board Chair.
The Company also announced the formation of a formal
Sustainability Committee. Previously a sub-committee of the
Nominating and Corporate Governance Committee, the newly formed
Sustainability Committee will be responsible for board oversight of
ADS’ sustainability and environmental strategies and policies,
including progress towards the Company’s science based targets to
reduce overall greenhouse gas emissions. Director Michael Coleman
will chair the committee, serving alongside Directors Anesa Chaibi
and Anil Seetharam.
Scott Barbour, President and Chief Executive Officer of ADS
commented, “We would like to express our gratitude to Bob Kidder
for his longstanding service to the ADS Board of Directors. Since
becoming a director in 2014 and serving as Board Chair since 2017,
he has provided tremendous leadership and imparted timely advice
throughout ADS’ journey as a public company. His board knowledge
and management experience are unmatched, and I am very grateful for
his guidance and partnership since I joined ADS in 2017. It is ADS’
good fortune to have had Bob Kidder serve as Board Chair over the
last five years.”
“I am confident in the future of ADS under the leadership of the
Board and management teams and am excited for what their future
holds,” said Bob Kidder. “I believe the timing is right for me to
retire following the positive strides ADS has made over the last
several years, including the successful acquisition and integration
of Infiltrator Water Technologies, the strong investor conviction
in ADS’ market position and, importantly, the depth and breadth of
the leadership teams. I have full confidence that Bob Eversole will
be a great leader in his new role as Board Chair.”
Bob Eversole said, “I greatly appreciate the Board’s confidence
in me and look forward to continuing my work with my fellow
directors and the management team. On behalf of the entire Board, I
thank Bob Kidder for his exceptional work as Chair and unwavering
commitment to the success of ADS.”
C. Robert Kidder joined the ADS Board in 2014, becoming Lead
Independent Director and Board Chair in 2017. Mr. Kidder served as
Chairman and Chief Executive Officer of 3Stone Advisors LLC, a
private investment firm, from 2006 to 2011, and as non-executive
Chairman of the Board of Chrysler Group LLC from 2009 to 2011. He
was a Principal at Stonehenge Partners, Inc. from 2001 to 2003. He
was Chairman of the Board from 1995 to 2004 and Chief Executive
Officer from 1995 to 2002 of Borden Chemical, Inc. (formerly
Borden, Inc.), a forest products and industrial chemicals company.
Mr. Kidder currently serves on the board of directors of Microvi
Biotech Inc., Wildcat Discovery Technologies, Cohn Robbins Holdings
Corp. and Andelyn Biosciences, and previously served on the boards
of directors of Morgan Stanley from 1997 to 2015, Schering-Plough
Corporation from 2005 to 2009 and Merck and Co., Inc. from 2005 to
2017. Mr. Kidder earned a B.S. in Industrial Engineering from
University of Michigan and a graduate degree in Industrial
Economics from Iowa State University.
Robert M. Eversole joined the ADS Board in 2008 and is currently
the Chair of the Audit Committee. Mr. Eversole is a Managing
Partner of Stonehenge Partners, Inc., a private investment capital
firm and has been continuously employed as such since 2007. Prior
to joining Stonehenge Partners, Mr. Eversole spent 22 years with
Fifth Third Bank, most recently as President and Chief Executive
Officer of Central Ohio, and additionally served as a Regional
President for Fifth Third Bancorp affiliate banks in Western Ohio,
Central Florida and Ohio Valley. He also served as a member of the
Fifth Third Bancorp Operating Committee. Mr. Eversole currently
serves on the board of directors for certain privately-held
companies. Mr. Eversole previously served on the boards of Fifth
Third Bank, Central Ohio, Fifth Third Bank, South Florida, United
Retirement Plan Consultants, Inc., Red Capital Group, and other
board representation/observation roles. Mr. Eversole is a graduate
of The Ohio State University and has completed a number of
executive education programs.
About Advanced Drainage
Systems
Advanced Drainage Systems is a leading provider of innovative
water management solutions in the stormwater and on-site septic
wastewater industries, providing superior drainage solutions for
use in the construction and agriculture marketplace. For over 50
years, the Company has been manufacturing a variety of innovative
and environmentally friendly alternatives to traditional materials.
Its innovative products are used across a broad range of end
markets and applications, including non-residential, residential,
infrastructure and agriculture applications. The Company has
established a leading position in many of these end markets by
leveraging its national sales and distribution platform, overall
product breadth and scale and manufacturing excellence. Founded in
1966, the Company operates a global network of approximately 60
manufacturing plants and 30 distribution centers. To learn more
about ADS, please visit the Company’s website at
www.adspipe.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220519005265/en/
Michael Higgins VP, Corporate Strategy & Investor Relations
(614) 658-0050 Mike.Higgins@adspipe.com
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