SIFCO Industries, Inc. (NYSE MKT: SIF) (“SIFCO or Company”), a leading
international provider of highly engineered forgings and machined
components for the military and commercial aerospace and energy markets,
today announced that Michael S. Lipscomb will retire as CEO of the
Company in the second half of 2016. Executive recruiting firm, Spencer
Stuart, has been retained to conduct a thorough search for a successor
CEO with the skills and experience to lead the Company forward. Mr.
Lipscomb will remain in his role until a successor is named and will
continue as Chairman of the Board during a transition period.
Lipscomb, who turns 70 this summer, has been the Company’s CEO since
2009. He was elected to the Board of Directors in 2010 and appointed
Chairman of the Board in 2015.
“I am proud to have been part of SIFCO and of the important things my
team and I have accomplished during a period of both successes and
challenges,” Lipscomb said. “Now is the right time for a new leader to
continue to build on the growth foundation we have put in place.”
Lead Director Norman E. Wells, Jr. said, “The Board is grateful for
Mike’s leadership of SIFCO during a transformative period for the
Company. He has been instrumental in focusing the Company’s strategy and
expanding its forging footprint and end markets. Looking ahead, we
intend to continue to drive growth and operational excellence throughout
the Company.”
Forward-Looking Language
Certain statements contained in this press release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements relating to financial results and
plans for future business development activities, and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties include,
but are not limited to, economic conditions, challenges associated with
any management transition, competition and other uncertainties detailed
from time to time in the Company's Securities and Exchange Commission
filings.
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