OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 29, 2015--
LSB Industries, Inc. (NYSE:LXU) (“LSB” or “the Company”) today announced
that its Board of Directors has appointed Interim Chief Executive
Officer Daniel D. Greenwell as President and Chief Executive Officer,
effective immediately. Mr. Greenwell has served as Interim Chief
Executive Officer since September 2015.
Mr. Greenwell commented, “Since joining LSB’s Board of Directors in
March 2014, and then assuming the Interim Chief Executive role this past
September, I’ve spent a great deal of time learning about the Company,
inspecting our facilities, analyzing operational systems and processes,
and talking to our employees. While we still have much to accomplish to
meet our goals, I firmly believe that LSB is a business with tremendous
potential to generate value for our shareholders as we implement our
strategic growth initiatives. Our El Dorado facility expansion
represents a particularly significant opportunity to drive increasing
profitability, and we are pleased to reaffirm that the project remains
on track for mechanical completion in February 2016 with ammonia
production beginning in the second quarter of 2016.”
About Daniel D. Greenwell
Mr. Greenwell has served as a Partner and Chief Financial Officer of a
private equity investment and advisory firm since September 2014. Mr.
Greenwell previously served as the Chief Financial Officer and Executive
Vice President of Sabre Industries Inc., a private equity-held
manufacturer of utility and cell towers, from April 2013 until May 2014.
Mr. Greenwell focused on operational change and value creation
opportunities and was responsible for all financial aspects of a
fast-growing manufacturing and service business. From January 2012 until
March 2013, Mr. Greenwell served as Senior Vice President and Chief
Financial Officer of Tronox Limited, a leading global producer and
marketer of titanium dioxide pigment. Mr. Greenwell led Tronox to a
public listing on the NYSE in 2012. Prior to that, Mr. Greenwell served
as Senior Vice President and Chief Financial Officer of Terra
Industries, Inc., from 2005 until its acquisition by CF Industries
Holdings, Inc. in April 2010. He also served on the Board of Directors
of Terra Nitrogen Company, L.P., a Master Limited Partnership, from
March 2008 until April 2010. Mr. Greenwell has over 20 years of
industrial, financial and operational experience and has held various
executive leadership positions at a number of public companies,
including Belden Inc., Zoltek Companies Inc., and Sigma Chemical
Company. He also served as Senior Manager of KPMG from 1985 to 1992. Mr.
Greenwell is a Certified Public Accountant. He received a Bachelor of
Science degree in Accounting from Truman State University.
LSB Industries, Inc.
LSB is a manufacturing company. LSB’s principal business activities
consist of the manufacture and sale of chemical products for the
agricultural, mining, and industrial markets, and the manufacture and
sale of commercial and residential climate control products, such as
water source and geothermal heat pumps, hydronic fan coils, modular
chillers, large custom air handlers and make-up air units.
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements generally are identifiable by use of the
words “will,” “believe,” “expects,” “intends,” “anticipates,” “plans
to,” “should,” “estimates,” “projects” or similar expressions,
including, without limitation, benefits of the strategic and operational
initiatives we are implementing; potential for increased shareholder
value; the El Dorado expansion project representing a significant
opportunity to drive increasing profitability; and the El Dorado
expansion project remains on track for mechanical completion in February
2016 with production beginning in the second quarter of 2016. Actual
results may differ materially from the forward-looking statements for
many reasons, including, without limitation, general economic
conditions; increased competitive pressures; labor conditions; loss of
significant customers or customers’ failure to abide by conditional
terms; legislative or regulatory changes; and the various factors
described in the “Special Note Regarding Forward-Looking Statements” and
“Risk Factors” contained in our 10-K for the year ended December 31,
2014, and our 10-Q Reports and other filings with the U.S. Securities
and Exchange Commission. These forward looking statements speak
only as of the date of this press release, and LSB expressly disclaims
any obligation or undertaking to disseminate any updates or revisions to
any forward-looking statement contained herein to reflect any change in
LSB’s expectations with regard thereto or any change in events
conditions or circumstances on which any such statement is based.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151229005066/en/
Source: LSB Industries, Inc.
For LSB Industries Inc.
Chief Financial Officer
The Equity Group Inc.
Linda Latman, 212-836-9609