Advanced Drainage Systems Announces Key Management Changes
17 August 2017 - 8:45PM
Business Wire
-- Scott Barbour to serve as President and
Chief Executive Officer
-- C. Robert Kidder to serve as Chairman of the
Board
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 / MediaAdvanced Drainage Systems, Inc.Michael
Higgins, 614-658-0050Mike.Higgins@ads-pipe.com
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