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ALAMO GROUP ANNOUNCES CEO RETIREMENT PLAN
Dec. 17, 2020
Source: Alamo Group news release
Seguin, TX - Alamo Group Inc. (NYSE: ALG) announced today that Ron Robinson, the Company's President and CEO, has informed the Board of Directors of his intention to retire preferably by mid-year 2021 and upon the appointment of his successor.
As part of its succession planning efforts, the Company's Board of Directors has been preparing for such a transition and anticipates naming a new President and CEO as Mr. Robinson's replacement within the next several months. It is Mr. Robinson's intention to continue on in his role as a member of the Company's Board following his retirement as President and CEO.
In announcing his retirement, Mr. Robinson stated, "Having served as Alamo's President and CEO for more than 21 years, I feel this is the right time for a change in leadership and for me to spend more time with my family. It has been my absolute honor and privilege to lead such a great organization. I have been fortunate to work alongside a very talented and dedicated group of people who I am sure will continue Alamo's growth and future success. I also have great confidence in the Board's succession process given our focus on this important objective over the last few years."
On behalf of the Board of Directors, Roderick R. Baty, Alamo Group's Chairman said, "We would like to extend our gratitude to Ron for his extraordinary leadership during his 21 years of service as President and CEO. Under his guidance and strategic vision, Alamo Group has grown from a small domestically-focused company with 9 manufacturing locations, 9 distinct brands, 1,100 employees and sales of $177 million, to a multinational Company with 27 global manufacturing locations, more than 40 distinct brands, almost 4,000 employees and sales in excess of $1.1 billion.
"Corresponding net income and earnings per share grew from $6.1 million and $0.63 to $63.0 million and $5.33, respectively. Because of Ron's stewardship, Alamo Group today is positioned as a financially sound and operationally strong company with significant opportunities for continued growth in the future. To our stakeholders - customers, dealers, employees, suppliers and shareholders, we wish to thank you for your support and acknowledge your contributions to the remarkable success of Alamo Group during Ron's tenure.
"While we will surely miss Ron's leadership as CEO, we look forward to his ongoing participation as a member of the Board of Directors. The Board has given careful consideration to succession planning and we are confident that our planning will result in an orderly and successful transition with ongoing steady leadership for Alamo Group."
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