Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or
“Hillman”), a leading provider of hardware products and
merchandising solutions, announced that Jon Michael Adinolfi
(“JMA”), Hillman’s current Chief Operating Officer, will transition
to the role of President and Chief Executive Officer; and Doug
Cahill, Hillman’s current Chairman, President, and Chief Executive
Officer, will transition to the Role of Executive Chairman
effective January 1, 2025. This planned leadership succession
ensures the continuity of Hillman’s current leadership and
strategy.
“Over the past 60 years, Hillman has provided its customers with
unparalleled service, brought innovative products and creative
solutions to market, and has grown to be a trusted partner for
hardware stores and home improvement centers across North America,”
stated Jon Michael Adinolfi. “We love our customers and as the next
CEO, I look forward to continuing to build on Hillman’s legacy of
service and growth as we seek to find new ways to serve and deepen
our partnerships with them.”
“I am grateful for Doug’s mentorship and guidance having worked
side-by-side with him since joining Hillman five years ago.
Together, we helped the team successfully navigate COVID, supply
chain volatility, and inflation while regularly winning new
business, expanding our range of products, and improving our
competitive moat. As I look to Hillman’s next chapter, we have our
sights set on the goal of achieving $2 billion in net sales through
organic growth and M&A. I am confident that we have the right
team in place to achieve our goals while continuing to take great
care of our customers.”
Mr. Adinolfi has a track record of success in the hardware and
home improvement industry and has proven to be an effective,
strategic and forward-thinking leader. Prior to JMA’s role as COO,
he served as Divisional President, Hillman U.S. since joining the
Company in 2019. Prior to that, he held leadership roles with
ever-increasing responsibility at Stanley Black & Decker
starting in 2011, culminating with his role of President of U.S.
Retail. Prior to that, JMA served as President of Crown Bolt, when
Crown Bolt was the fastener supplier for Home Depot.
Doug Cahill, Hillman’s chairman, president, and chief executive
officer added: “Leading Hillman for the past ten years as Chairman
and the past five as CEO, has been a remarkable highlight of my
career. From expanding our product offerings to include power
screws and builder’s hardware, to becoming public in 2021 and
paying down over $900 million of debt – it has been a great
experience working with the warriors at Hillman. Throughout my
tenure, we have upheld our commitment to the Hillman family legacy
– putting our customers first. As JMA takes the reins, I have the
utmost confidence that he will further strengthen Hillman’s
relationship with our customers and investors while driving Hillman
forward with profitable growth.”
Cahill continued: “JMA is a great leader and has excellent
rapport with the Hillman team and our customers. We hired JMA five
years ago and felt strongly that he would be a perfect fit as
Hillman’s next leader, now becoming just the sixth CEO in Hillman’s
60-year history. I love this company and am very proud of this
leadership handoff. Hillman is in excellent hands under his
leadership, and I look forward to continuing to support JMA and the
Hillman team as I step into the executive chairman role.”
Hillman’s Second Quarter 2024 Financial
Results
Later today, Tuesday, August 6, 2024, at 8:30 am ET, Hillman’s
management team will discuss its results for the thirteen and
twenty-six weeks ended June 29, 2024, as well as its leadership
succession plans.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman
Solutions Corp. (“Hillman”) and its subsidiaries are leading North
American providers of complete hardware solutions, delivered with
outstanding customer service to over 40,000 locations. Hillman
designs innovative product and merchandising solutions for complex
categories that deliver an outstanding customer experience to home
improvement centers, mass merchants, national and regional hardware
stores, pet supply stores, and OEM & industrial customers.
Leveraging its leading distribution and sales network, Hillman
delivers a “small business” experience with “big business”
efficiency. For more information on Hillman, visit
www.hillman.com.
Forward-Looking StatementsAll statements made
in this press release that are consider to be forward-looking are
made in good faith by the Company and are intended to qualify for
the safe harbor from liability established by Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of 1995.
You should not rely on these forward-looking statements as
predictions of future events. Words such as "expect," "estimate,"
"project," "budget," "forecast," "anticipate," "intend," "plan,"
“target”, “goal”, "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to future performance. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside the Company's control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) unfavorable economic conditions that may affect operations,
financial condition and cash flows including spending on home
renovation or construction projects, inflation, recessions,
instability in the financial markets or credit markets; (2)
increased supply chain costs, including raw materials, sourcing,
transportation and energy; (3) the highly competitive nature of the
markets that we serve; (4) the ability to continue to innovate with
new products and services; (5) direct and indirect costs associated
with the May 2023 ransomware attack, and our receipt of expected
insurance receivables associated with that cyber security incident;
(6) seasonality; (7) large customer concentration; (8) the ability
to recruit and retain qualified employees; (9) the outcome of any
legal proceedings that may be instituted against the Company; (10)
adverse changes in currency exchange rates; or (11) regulatory
changes and potential legislation that could adversely impact
financial results. The foregoing list of factors is not exclusive,
and readers should also refer to those risks that are included in
the Company’s filings with the Securities and Exchange Commission
(“SEC”), including the Annual Report on Form 10-K filed on February
22, 2024. Given these uncertainties, current or prospective
investors are cautioned not to place undue reliance on any such
forward looking statements.
Except as required by applicable law, the Company does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
in this communication to reflect any change in its expectations or
any change in events, conditions or circumstances on which any such
statement is based.
Contacts:
InvestorsMichael KoehlerVice President of
Investor Relations &
Treasury513-826-5495IR@hillmangroup.com
Source: Hillman Solutions Corp.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b29ae8c5-5c2b-43dc-a6c2-a47872fcca8d
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