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ESCO Corporation Announces CEO Transition Plan

Dépèche transmise le 8 juin 2011 par Business Wire

ESCO Corporation Announces CEO Transition Plan

PORTLAND, Ore.--(BUSINESS WIRE)--ESCO Corporation, a leading designer, manufacturer and provider of highly engineered wear parts and replacement products used in mining, infrastructure development, power generation, aerospace and industrial applications, today announced that current President and Chief Operating Officer Cal Collins will assume the Chief Executive Officer role in January 2012 as part of a planned transition.

“I look forward to working with the rest of the management team as we build upon our strong foundation and execute on well-defined strategies and business objectives.”

Current CEO, Steve Pratt, will step down after almost 40 years with the company. Pratt will continue to serve as the Chairman of the Board of Directors following his retirement as CEO.

“Cal Collins is the ideal candidate to take on the CEO role. He has a strong institutional knowledge of ESCO and has honed his operational skills and strategic acumen over the past decade with the company,” said Steve Pratt. “His dedication and commitment to ESCO’s success is a testament to his leadership abilities and I am confident he will excel in this role. I look forward to a seamless transition and the continued success that ESCO will achieve under his leadership.”

Collins joined ESCO in 2000 as Assistant General Counsel. In 2001, he became General Counsel, Vice President and Corporate Secretary and, in 2003, he added the role of Vice President of Administration with additional responsibilities for human resources, tax and risk management. As an executive, he has been involved in significant financing, acquisition and divestiture transactions and corporate strategy. In 2007, Collins became Group Vice President – Engineered Products, North American Operations before being named President – Engineered Products in 2009. He was promoted into his current role in January 2011 and was elected to the Board of Directors in May 2011. Before joining ESCO, Collins was an attorney in private practice focused on general business and corporate matters.

Pratt added, “I have thoroughly enjoyed the 40 years in which I have had the privilege to work with the talented individuals that make up the ESCO family. It’s been my honor to help build this organization into a global leader in the industry and I look forward to continuing to support the company in 2012 and beyond as Chairman of the Board.”

“Everyone at ESCO truly appreciates the exceptional leadership Steve has provided over the years and I have great respect for the legacy I inherit,” said Cal Collins. “I look forward to working with the rest of the management team as we build upon our strong foundation and execute on well-defined strategies and business objectives.”

Pratt has been employed with ESCO for his entire career, beginning in 1972. His nearly 40 years of service includes plant management roles, President of the Engineered Products Group, and Executive Vice President and Chief Operating Officer. He joined the Board of Directors in 1993, was named President and Chief Executive Officer in 1995 and became Chairman of the Board in 2003.

About ESCO Corporation:

Headquartered in Portland, Oregon, ESCO Corporation is a leading independent designer, manufacturer and provider of highly engineered wear parts and replacement products used in mining, infrastructure development, power generation, aerospace and industrial applications. The company operates in 19 countries on six continents, including an expansive network of 28 manufacturing locations and 36 sales and distribution facilities.