Mark Behrman, Executive Vice President and CFO, named to CEO position
Cheryl Maguire, Vice President of Finance named CFO
OKLAHOMA CITY--(BUSINESS WIRE)--Jan. 2, 2019--
LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced
that Dan Greenwell elected not to enter into a new employment agreement
and has stepped down from his role as Chairman and Chief Executive
Officer. The Board of Directors has appointed Mark Behrman, LSB’s
current Executive Vice President and Chief Financial Officer, to serve
as the Company’s new President and Chief Executive Officer and join its
Board of Directors, effective immediately.
Richard Roedel today was appointed Chairman of the Board of Directors.
Additionally, Cheryl Maguire, LSB’s current Vice President of Finance,
was promoted to Senior Vice President and Chief Financial Officer.
“We are pleased to welcome Mark and Cheryl into their new roles as CEO
and CFO, respectively,” said Richard Roedel, LSB’s Chairman. “The Board
of Directors has a strong focus on talent management, and the internal
appointments of Mark and Cheryl demonstrate the strength of the existing
team. We expect that the promotion of these two experienced company
executives will help to ensure a smooth transition into these important
leadership roles and drive the continued advancement of the Company’s
initiatives to deliver improved financial performance through the
increasing reliability of its chemical manufacturing facilities and the
continued growth in product sales. Mark brought a wealth of experience
when he joined LSB nearly five years ago and has been a critical part of
the Company’s progress. He is a seasoned executive with excellent
leadership skills, and has built strong relationships with LSB’s
employees, customers and shareholders. Cheryl is highly regarded and has
an extensive accounting and finance background. Both Mark and Cheryl
have been extremely successful over the course of their careers, and
they possess the commitment, vision and values to build on our solid
foundation and to lead LSB Industries into the future.”
Mr. Roedel continued, “I want to thank Dan for his leadership over the
past three years. He led many critical initiatives that have resulted in
improved performance of the Company’s three facilities and have
positioned LSB well for future improvement in profitability and cash
flow. The Board appreciates the progress LSB Industries has made under
Dan, and we wish him well in his future endeavors.”
“I’m excited to become LSB’s next CEO,” said Mr. Behrman. “The Company
has good potential for profitable growth and I look forward to working
with the Board and our talented and dedicated team to build on the solid
foundation we have in place. We will continue to execute on our existing
strategy to further enhance the value we provide to our customers and
shareholders.”
Mr. Behrman continued, “I’ve worked closely with Cheryl for the past
three years and am highly confident in her abilities as a talented
finance professional with deep expertise and a strong commitment to
operational excellence. I’m happy that the Board has endorsed this
important promotion, and I look forward to a continued collaboration
with Cheryl and other members of the senior leadership team."
Mr. Behrman has been LSB’s Executive Vice President and Chief Financial
Officer since June 2015. He joined LSB in April 2014 as Senior Vice
President, Corporate Development. Mr. Behrman had more than 25 years of
investment banking experience, prior to joining LSB, and started his
career at Paine Webber, Inc. and Drexel Burnham Lambert, Inc. He has
been involved with originating, structuring and financing many public
and private equity and debt offerings, as well as numerous merger and
acquisition and advisory assignments. His industry experience includes
chemicals, manufacturing and distribution and business services, among
others.
Ms. Maguire has been LSB’s Vice President of Finance since 2016. She
joined LSB in November of 2015 as Vice President, Financial Planning and
Accounting. She is a strong financial executive who knows the Company
well, has worked side-by-side with Mr. Behrman, and is well known to the
Board of Directors. As a Certified Public Accountant, Ms. Maguire has
extensive experience living and working abroad for such global
organizations as LyondellBasell, Petroplus and PricewaterhouseCoopers.
She has strong experience in financial planning and analysis, external
reporting and GAAP compliance.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural, mining,
and industrial markets. The Company owns and operates facilities in
Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates
a facility for a global chemical company in Baytown, Texas. LSB’s
products are sold through distributors and directly to end customers
throughout the United States. Additional information about the Company
can be found on its website at www.lsbindustries.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally are identifiable by use of
the words “may,” “believe,” “expect,” “intend,” “plan to,” “estimate,”
“project” or similar expressions, and include but are not limited to:
financial performance improvement; view on sales to mining customers;
estimates of consolidated depreciation and amortization and future
Turnaround expenses; our expectation of production consistency and
enhanced reliability at our Facilities; our projections of trends in the
fertilizer market; improvement of our financial and operational
performance; our planned capital expenditures for; reduction of SG&A
expenses; volume outlook and our ability to complete plant repairs as
anticipated.
Investors are cautioned that such forward-looking statements are not
guarantees of future performance and involve risk and uncertainties.
Though we believe that expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectation will prove to be correct. Actual results may differ
materially from the forward-looking statements as a result of various
factors. These and other risk factors are discussed in the Company’s
filings with the Securities and Exchange Commission (SEC), including
those set forth under “Risk Factors” and “Special Note Regarding
Forward-Looking Statements” in our Form 10-K for the year ended December
31, 2017 and, if applicable, our Quarterly Reports on Form 10-Q and our
Current Reports on Form 8-K. All forward-looking statements included in
this press release are expressly qualified in their entirety by such
cautionary statements. We expressly disclaim any obligation to update,
amend or clarify any forward-looking statement to reflect events, new
information or circumstances occurring after the date of this press
release except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190102005125/en/
Source: LSB Industries, Inc.
Investor Relations Contact:
Fred Buonocore, CFA (212)
836-9607
Kevin Towle (212) 836-9620
The Equity Group Inc.
