GrafTech Announces Appointment of Timothy K. Flanagan as Chief Executive Officer and President
26 Marzo 2024 - 2:30PM
Business Wire
GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the
“Company”) announced today that the Company’s Board of Directors
(the “Board”) has appointed Timothy K. Flanagan as the Company’s
Chief Executive Officer and President, and has elected Mr. Flanagan
to the Board, all effective March 26, 2024.
“The Board is pleased to announce Tim’s appointment as Chief
Executive Officer and President,” said Henry R. Keizer, Chair of
the Board of GrafTech. “After completing a comprehensive search,
conducted with the assistance of a leading executive search firm,
that considered both internal and external candidates, the Board is
confident that Tim is the right person to lead GrafTech forward to
capitalize on the Company’s competitive advantages and deliver
long-term growth. Since joining the Company, Tim has demonstrated
strong leadership, helping to guide GrafTech throughout this
pivotal period in the Company’s history. In addition, Tim’s
extensive steel industry experience, reflecting his numerous
leadership positions at Cleveland-Cliffs for more than a decade,
will serve the Company, its stockholders, its customers and its
other stakeholders well as GrafTech moves ahead.”
Mr. Flanagan has served as GrafTech’s interim Chief Executive
Officer and President since November 2023. He joined the Company in
November 2021, upon being appointed GrafTech’s Chief Financial
Officer, Vice President Finance and Treasurer. Mr. Flanagan
previously served as Executive Vice President, Chief Financial
Officer of Cleveland-Cliffs Inc., a flat-rolled steel producer and
supplier of iron ore pellets, from January 2017 to February 2019.
Prior to being promoted to Executive Vice President, Chief
Financial Officer of Cleveland-Cliffs, he held a variety of
financial leadership roles at Cleveland-Cliffs since joining in
2008. More recently, he served as Chief Financial Officer of
Benesch, Friedlander, Coplan & Aronoff, LLP, an AmLaw 200 law
firm, from June 2019 to November 2021.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of
high-quality graphite electrode products essential to the
production of electric arc furnace steel and other ferrous and
non-ferrous metals. The Company has a competitive portfolio of
low-cost, ultra-high power graphite electrode manufacturing
facilities, with some of the highest capacity facilities in the
world. We are the only large-scale graphite electrode producer that
is substantially vertically integrated into petroleum needle coke,
our key raw material for graphite electrode manufacturing. This
unique position provides us with competitive advantages in product
quality and cost.
Cautionary Note Regarding Forward‑Looking Statements
This press release may contain forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements reflect our current views with respect to, among other
things, financial projections, plans and objectives of management
for future operations, and future economic performance. Examples of
forward-looking statements include, among others, statements we
make regarding future estimated volume, pricing and revenue,
anticipated levels of capital expenditures and cost of goods sold,
and guidance relating to adjusted EBITDA and free cash flow. You
can identify these forward-looking statements by the use of
forward-looking words such as “will,” “may,” “plan,” “estimate,”
“project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,”
“should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” “are confident,” or the negative versions of those
words or other comparable words. Any forward-looking statements
contained in this press release are based upon our historical
performance and on our current plans, estimates and expectations
considering information currently available to us. The inclusion of
this forward-looking information should not be regarded as a
representation by us that the future plans, estimates, or
expectations contemplated by us will be achieved. Our expectations
and targets are not predictions of actual performance and
historically our performance has deviated, often significantly,
from our expectations and targets. These forward-looking statements
are subject to various risks and uncertainties and assumptions
relating to our operations, financial results, financial condition,
business, prospects, growth strategy and liquidity. Accordingly,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
statements. We believe that these factors include, but are not
limited to, the proxy contest by Nilesh Undavia and its outcome.
Additional factors are described in the “Cautionary Note Regarding
Forward-Looking Statements” and “Risk Factors” sections in reports
and statements filed by the Company with the Securities and
Exchange Commission (the “SEC”). The forward-looking statements
made in this press release relate only to events as of the date on
which the statements are made. Except as required by law, we do not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
Additional Information and Where to Find It
The Company has filed with the SEC a preliminary proxy statement
on Schedule 14A (the “Proxy Statement”), containing a form of WHITE
proxy card, with respect to its solicitation of proxies for the
2024 Annual Meeting of Stockholders (the “Annual Meeting”).
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED
BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION.
Investors and security holders may obtain copies of these documents
and other documents filed with the SEC by the Company free of
charge through the website maintained by the SEC at www.sec.gov.
Copies of the documents filed by the Company are also available
free of charge by accessing the Company’s website at
http://ir.graftech.com.
Participants
GrafTech, its directors, including its director nominees, and
certain of its executive officers and employees are participants in
the solicitation of proxies with respect to the solicitation by the
Company in connection with the Annual Meeting. The identity, their
direct or indirect interests (by security holdings or otherwise),
and other information relating to the participants is available in
the Proxy Statement filed with the SEC on March 13, 2024, in the
section entitled “Security Ownership of Certain Beneficial Owners
and Management” (on page 23 and available here) and Appendix B (on
page B-1 and available here). To the extent holdings by the
participants in the solicitations reported in the Proxy Statement
have changed, such changes have been or will be reflected on
“Statements of Change in Ownership” on Forms 3, 4 or 5 filed with
the SEC (to the extent such participant is subject to Section 16 of
the Securities Exchange Act of 1934). These documents are or will
be available free of charge at the SEC’s website at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20240326906441/en/
Michael Dillon 216-676-2000 investor.relations@graftech.com
GrafTech (NYSE:EAF)
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