Synalloy Solidifies Leadership Structure and Appoints New Independent Director to the Board
21 Marzo 2022 - 6:00AM
Business Wire
Ben Rosenzweig Named as Executive Chairman;
Chris Hutter Confirmed as President and CEO
Aldo Mazzaferro Appointed as Independent
Director, Brings Over Three Decades of Steel and Metals Industry
Expertise
Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the
“Company”), an industrials company focused on the production and
distribution of piping, tubing and specialty chemicals, has named
Ben Rosenzweig, who previously served as chairman since May 2021,
as executive chairman of the board and appointed Chris Hutter, who
previously served as interim president and CEO since November 2020,
as president and CEO, both effective as of March 18, 2022.
Additionally, the Company has appointed Aldo Mazzaferro as an
independent director to the board, effective March 18, 2022.
Synalloy’s board of directors now consists of five members, with
three serving independently.
Ben Rosenzweig, executive chairman of Synalloy, commented:
“Chris has been leading Synalloy since we first embarked on this
journey in November 2020, delivering notable improvements in our
financial results and significantly enhancing the operations of our
organization. I’m pleased that Chris will be leading our company as
we strive for sustained profitable growth.”
Hutter stated: “Working alongside Ben to lead this organization
since the initial days of the turnaround and being one of the
largest shareholders, I’m proud of the meaningful improvements that
we’ve made across our business and the many talented executives
we’ve been able to bring to the organization. While we’ve laid a
strong foundation, we are just getting started in unlocking the
true potential Synalloy has to offer. I’m honored to lead this
company and look forward to continuing to transform Synalloy into a
best-in-class organization.”
Rosenzweig added: “As we execute on our transformation strategy,
it was important that we continued to strengthen our board of
directors with relevant industry expertise and solidify our
leadership structure. Aldo is one of the foremost experts in the
steel and metals sectors, and we firmly believe he will provide
invaluable guidance to our board and executive team as we enter our
next phase of growth.”
Mazzaferro commented: “It’s been inspiring to see the
substantial progress that the team at Synalloy has made in a
relatively short period of time. Having analyzed hundreds of
companies throughout my career, I can attest to the significant
opportunity at-hand to further capitalize on its capabilities to
drive meaningful profitable growth. I look forward to contributing
to the value creation effort as we enter this next stage of
Synalloy’s evolution.”
Mazzaferro is a former equity research analyst with more than 35
years of experience covering the global steel and metals sectors at
several prominent investment banks, including Goldman Sachs,
Macquarie Group and Deutsche Bank. Over the course of his career,
Mazzaferro was selected six times by Institutional Investor
Magazine as an All-Star Steel Analyst and was ranked four times by
The Wall Street Journal for superior stock picking. He currently
sits on the board and is chair of the audit committee for Arctic
Canadian Diamond Co., which owns and operates a diamond mining
complex in the Northwest Territories of Canada. Mazzaferro is a
Chartered Financial Analyst, and he earned his BA from Holy Cross
College and holds an MBA from Northeastern University.
About Synalloy
Corporation
Synalloy Corporation (Nasdaq: SYNL) is a company that engages in
a number of diverse business activities including the production of
stainless steel and galvanized pipe and tube, the master
distribution of seamless carbon pipe and tube, and the production
of specialty chemicals. For more information about Synalloy
Corporation, please visit its web site at www.synalloy.com.
Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and other applicable federal securities laws. All statements that
are not historical facts are forward-looking statements. Forward
looking statements can be identified through the use of words such
as "estimate," "project," "intend," "expect," "believe," "should,"
"anticipate," "hope," "optimistic," "plan," "outlook," "should,"
"could," "may" and similar expressions. The forward-looking
statements are subject to certain risks and uncertainties,
including without limitation those identified below, which could
cause actual results to differ materially from historical results
or those anticipated. Readers are cautioned not to place undue
reliance on these forward-looking statements. The following factors
could cause actual results to differ materially from historical
results or those anticipated: adverse economic conditions,
including risks relating to the impact and spread of and the
government’s response to COVID-19; inability to weather an economic
downturn; the impact of competitive products and pricing; product
demand and acceptance risks; raw material and other increased
costs; raw material availability; financial stability of the
Company’s customers; customer delays or difficulties in the
production of products; loss of consumer or investor confidence;
employee relations; ability to maintain workforce by hiring trained
employees; labor efficiencies; risks associated with acquisitions;
environmental issues; negative or unexpected results from tax law
changes; inability to comply with covenants and ratios required by
the Company’s debt financing arrangements; and other risks detailed
from time-to-time in Synalloy Corporation's Securities and Exchange
Commission filings, including our Annual Report on Form 10-K, which
filings are available from the SEC. Synalloy Corporation assumes no
obligation to update any forward-looking information included in
this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220321005094/en/
Company Contact Aaron Tam
Chief Financial Officer 1-804-822-3260 Investor Relations Cody Slach and Cody Cree
Gateway Group, Inc. 1-949-574-3860 SYNL@gatewayir.com
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