Today the board of directors of Tredegar Corporation (NYSE:TG) announced
that effective immediately, Nancy M. Taylor, president and CEO, and
Kevin A. O’Leary, vice president, CFO and treasurer, have stepped down
from their respective positions. Taylor also resigned her position on
the board of directors.
“For the past 23 years, Nancy has provided invaluable leadership in a
wide variety of positions at Tredegar,” said William M. Gottwald,
chairman of the board, Tredegar Corporation. “We are extremely grateful
for her tireless efforts, especially the dedication she has shown which
has enabled us to grow the company and build on our strengths.”
The board also expressed its gratitude to O’Leary. “Today Tredegar
continues to be in a strong financial position due in no small part to
Kevin’s leadership,” said Gottwald. “We want to express our sincere
gratitude for his service to this company and we wish him well in the
future.”
The company announced that board member John D. Gottwald, who served for
seventeen years as Tredegar’s president and CEO, will assume the duties
of president and CEO on an interim basis until the Board completes a
search for a new leader. D. Andrew Edwards, formerly vice president, CFO
and treasurer of Tredegar Corporation from 2003 to 2009, will return to
the company to serve as vice president, CFO and treasurer, effective the
end of July.
“John was a natural choice by the board to serve as interim president
and CEO given his long history with the company and his understanding of
the needs of our customers,” said Gottwald. “We also are grateful that
Drew has agreed to return to Tredegar and appreciate the proven track
record of success he brings to our executive team. The focus of the
leadership team will be to execute on the global investments we’ve made
over the past several years to drive customer and shareholder value.”
About Tredegar Corporation
Tredegar Corporation is a manufacturer of plastic films and aluminum
extrusions. A global company headquartered in Richmond, Virginia,
Tredegar had 2014 sales of $952 million. With approximately 2,700
employees, the company operates manufacturing facilities in North
America, South America, Europe, and Asia.
Safe Harbor Statement
Some of the statements made in this press release are forward-looking
statements that involve a number of risks and uncertainties and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based upon Tredegar’s current expectations and projections about future
events and generally relate to Tredegar’s plans, objectives and
expectations for the development of its business. Although management
believes that the plans and objectives reflected in or suggested by
these forward-looking statements are reasonable, all forward-looking
statements involve risks and uncertainties and actual future results may
be materially different from the plans, objectives and expectations
expressed in this press release. For a discussion of the risks and
uncertainties, and other important factors, any of which could cause
Tredegar’s actual results to differ from those contained in the
forward-looking statements, see the section entitled “Risk Factors” in
Tredegar’s Annual Report on Form 10-K for the year ended December 31,
2014, as well as discussions of potential risks, uncertainties, and
other important factors in Tredegar’s subsequent filings with the
Securities and Exchange Commission. All information in this press
release is as of the date of the release, and Tredegar undertakes no
duty to update this information unless required by law.
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