Jack E. Golsen Appointed Executive Chairman Effective January 1,
2015
Barry H. Golsen Appointed President and CEO Effective January 1,
2015
Tony M. Shelby Plans to Retire in Twelve Months and Will
Transition from CFO to Executive VP Effective as of the 2015 Annual
Meeting of Shareholders
Mark T. Behrman Appointed Executive VP and CFO Effective as of the
2015 Annual Meeting of Shareholders
OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 23, 2014--
LSB Industries, Inc. (NYSE:LXU) (“LSB or the Company”), a manufacturer
of chemical products for the agricultural, mining and industrial markets
and a leading manufacturer of commercial and residential climate control
products, today announced that its Board of Directors has approved a
leadership transition plan that capitalizes on the strength and depth of
management.
Jack E. Golsen, currently Chairman of the Board and Chief Executive
Officer and the founder of LSB, will step down as CEO and assume the
role of Executive Chairman of the Board of Directors, effective January
1, 2015. At that time, Barry H. Golsen, currently President and Chief
Operating Officer, will assume the role of President and Chief Executive
Officer. Barry Golsen will remain a Director of the Company.
LSB also announced that Mark T. Behrman, Senior Vice President of
Corporate Development, has been appointed Executive Vice President and
Chief Financial Officer, effective as of the 2015 Annual Meeting of
Shareholders. Mr. Behrman will succeed Tony M. Shelby, LSB’s Executive
Vice President and Chief Financial Officer, who plans to retire in
twelve months. Effective as of the 2015 Annual Meeting of Shareholders,
Tony Shelby will transition from CFO to the role of Executive Vice
President to ensure a methodical and successful transition.
“The Board regularly discusses succession planning to ensure that LSB
has the leadership it needs to succeed, and these appointments are a
testament to the strength of our management team,” said Robert H. Henry,
Chairman of the Nominating and Corporate Governance Committee of the
Board. “Jack has been an exceptional CEO in guiding the company since
its founding in 1969. With Jack at the helm, LSB has grown into a
leading climate control and chemicals business, with deep customer
relationships. We look forward to continuing to benefit from his
significant business and industry expertise as LSB executes on its
strategic growth initiatives.
“Furthermore, we believe that Barry will excel as LSB’s next CEO given
his depth of knowledge and understanding of the Company’s businesses and
his demonstrated leadership abilities throughout his 36 years with the
Company.”
Jack E. Golsen, Chairman and CEO of LSB said, “It has been an honor and
a privilege to serve as LSB’s CEO for the past 45 years and I look
forward to continuing to work with the Board and management team as LSB
enters its next chapter of growth and success. We are fortunate to have
a strong executive team in place with a deep bench of leadership talent
to aid in a seamless transition. On behalf of the Board of Directors and
management team, I want to thank Tony for his leadership and significant
contributions to the growth of LSB as CFO, and prior to that as a
director. He is an integral part of our executive leadership team and we
look forward to continuing to benefit from his skills and experience
during the next year.”
Barry H. Golsen, President and COO of LSB said, “LSB has a range of
exciting initiatives underway and great prospects for growing and
creating value for our shareholders. I am looking forward to continuing
to work with LSB’s team, our customers, shareholders, and other
stakeholders as we continue to execute our strategy to develop world
class operations. I want to thank Tony for his leadership over the past
45 years which has been instrumental in building LSB and strengthening
our finance organization. I also want to congratulate Mark. Since
joining LSB earlier this year, he has quickly become an important member
of the management team. He has strong relationships and is well
respected by the financial community for his extensive industry and
financial experience. I look forward to working closely with the
talented LSB team as we remain focused on driving sales and profit
growth and increased long-term value for our shareholders.”
About Jack Golsen
Jack Golsen founded LSB Industries in 1969 and has served as Chairman of
the Board of Directors and Chief Executive Officer since the Company’s
inception. Mr. Golsen previously served as the Company’s President from
1969 until 2004. Mr. Golsen was inducted into the Oklahoma Commerce and
Industry Hall of Honor as one of Oklahoma’s leading industrialists in
1996. Mr. Golsen is a Trustee of Oklahoma City University and has served
on its Finance Committee for many years. Mr. Golsen previously served on
the boards of insurance companies, several banks and was Board Chairman
of Equity Bank for Savings N.A., which was formerly owned by the
Company. In 1972, he was nationally recognized as the person who
prevented a widespread collapse of the Wall Street investment banking
industry, as referenced in “The Second Crash” by Charles Ellis, and six
additional books about the Wall Street crisis. Mr. Golsen has a Bachelor
of Science degree from the University of New Mexico.
About Barry Golsen
Barry Golsen is Board Vice-Chairman, President and Chief Operating
Officer of LSB Industries. Mr. Golsen joined LSB Industries in 1978 as a
product manager at International Environmental Corp. (IEC) where he was
responsible for the development and introduction of LSB’s first water
source heat pump product line and the startup of CHP Corp. to
manufacture and market those products. He became Executive Vice
President of IEC in 1979 and IEC’s President in 1980. Mr. Golsen
spearheaded the growth of LSB’s Climate Control Business with a number
of business startups as well as the acquisition of Climate Master, Inc.
(and its merger with CHP Corp. and subsequent move to Oklahoma City).
Under his leadership, LSB’s Climate Control Business attained leading
shares of the U.S. markets for water source and geothermal heat pumps
and hydronic fan coils. Mr. Golsen has served on the LSB Board of
Directors since 1981, has been Board Vice-Chairman of LSB since 1993,
and became LSB’s President and Chief Operating Officer in 2004. A native
of Oklahoma City, Mr. Golsen attended Cornell University College of
Engineering prior to earning both his B.A. and J.D. degrees from the
University of Oklahoma. He was admitted to the Oklahoma Bar in 1978. Mr.
Golsen is a past Director of the Oklahoma City Branch of the Federal
Reserve Bank of Kansas City. Mr. Golsen served on the Board of Directors
of Equity Bank for Savings, and on many of the bank’s committees
including the loan committee and investment committee. His professional
affiliations have included the Oklahoma Bar Association, the American
Bar Association, and the American Society of Heating, Refrigeration and
Air-conditioning Engineers, Young Presidents Organization, and World
Presidents Organization.
About Mark Behrman
Mark Behrman joined LSB as Senior Vice President, Corporate Development
in March 2014. Mr. Behrman has over 20 years of investment banking
experience with a primary focus on the industrial and business services
sectors, previously serving as a Managing Director at Sterne Agee &
Leach, Inc., leading the firm’s industrials, transportation, and energy
practices. During his career, Mr. Behrman has originated and executed
numerous merger and acquisition transactions, equity and debt capital
market transactions and private capital raises for U.S. corporate
clients in these sectors. Mr. Behrman was previously a Founder and
Senior Managing Director of BlueStone Capital Partners, LP, where he was
part of a team that created Trade.com Global Markets, Inc., and Founder
and Director of the BlueStone/AFA Private Equity Fund. He began his
investment banking career at PaineWebber, Incorporated and at Drexel
Burnham Lambert, Inc. Additionally, he has been a director of three
public companies including Noble International, Ltd. where he served as
a Director for over 8 years and as Chairman of its Audit Committee for
three years. Mr. Behrman holds a Masters of Business Administration from
Hofstra University and a Bachelor of Science in Accounting from
Binghamton University.
About Tony Shelby
Tony Shelby is Executive Vice President of Finance and Chief Financial
Officer of LSB Industries, a position he has held since 1971. Mr. Shelby
has served as a member of the LSB executive management team since
inception in 1969 and served as a Director from 1971 until 2014. Mr.
Shelby, along with Jack Golsen, guided the formation of and the growth
of LSB’s Chemical Business through a number of acquisitions and
construction projects beginning with the acquisition of the El Dorado
Facility in 1984. Mr. Shelby served on the Board of Directors and the
Executive Committee of Equity Bank for Savings. N.A. Prior to joining
LSB, Mr. Shelby was with the accounting firm of Arthur Young & Co., a
predecessor to Ernst & Young LLP. Mr. Shelby has a Bachelor of Science
in Business degree from Oklahoma City University, is a certified public
accountant, a member of the Oklahoma Society of CPAs, and the American
Institute of CPAs.
About LSB Industries, Inc.
LSB is a manufacturing and marketing 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 Reform Act of 1995.
These forward-looking statements generally are identified by use of the
words “believes”, “expects”, “intends”, “anticipates”, “plans to”,
“estimates”, “projects”, or similar expressions, including, without
limitation changes in position for certain referenced executives of the
Company, and ability to excel in the new executive position, LSB
executes on its strategic growth initiatives, prospects for growing and
increasing and creating value for our shareholders, sales and profit
growth, a successful transition, and strengthens our financial
organization over the next 12 months. Actual results may differ
materially from the forward-looking statements as a result of various
future events, including without limitation, the various factors
described in the “Special Note Regarding Forward-Looking Statements,”
and the “Risk Factors” contained in our most recent 10-K for the year
ended December 31, 2013, and Form 10-Qs for quarters ended March
31, June 30 and September 30, 2014. 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.
Source: LSB Industries, Inc.
LSB Industries, Inc.
Tony M. Shelby, 405-235-4546
Chief
Financial Officer
or
Mark Behrman, 405-235-4546
Senior
Vice President, Corporate Development
or
Investor Relations:
The
Equity Group Inc.
Fred Buonocore, 212-836-9607
or
Linda
Latman, 212-836-9609