Trex CFO to Succeed Ron Kaplan, Who Will Remain Chairman;
Trex
Senior Executive Bryan Fairbanks to Succeed Jim Cline as CFO;
Tim
Reese, SVP, Operations to Retire
WINCHESTER, Va.--(BUSINESS WIRE)--May 8, 2015--
Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of
wood-alternative decking and railing products, today announced changes
in its executive leadership team, including the appointment of James E.
Cline, currently senior vice president and chief financial officer of
Trex, as president and chief executive officer effective August 17, 2015
upon the retirement of Ronald W. Kaplan. Mr. Cline will also join the
Trex board of directors. Trex Company is pleased to announce that Mr.
Kaplan will continue as chairman.
(Photo:Business Wire)
Trex Company also announced that Bryan H. Fairbanks, senior director,
supply chain and executive director, international business development,
will succeed Mr. Cline as chief financial officer effective August 17,
2015, and that F. Timothy Reese, senior vice president, operations will
retire.
Mr. Kaplan commented, “The Board has completed a rigorous search for the
right CEO to lead the next stage of Trex’s growth. We are delighted to
have found that person in Jim Cline, who has been chief financial
officer since 2008, was key to our successful turnaround and has been
instrumental in our recent successes. Among many other attributes, he
brings to his new role an extensive knowledge of the industry and the
proven ability to lead. Jim will do an outstanding job extending our
exceptional track record of building value for shareholders and
employees.”
Lead Director Frank H. Merlotti, Jr. added, “I would first like
to express the board’s deep gratitude to Ron for the superb job he has
done over the last eight years. After joining Trex at a very difficult
time in its history, Ron completely transformed the company,
establishing it as the pre-eminent leader in high-performance decking
and railing products with best-in-class operations, industry-leading
innovation and a strong financial profile. Working hand in hand with
Jim, he also built a world-class leadership team that is totally focused
on achieving our strategic plan. We congratulate Jim and look forward to
Ron’s continued contributions as chairman.”
Mr. Cline remarked, “I am honored by my appointment, excited about the
opportunity to take Trex to the next level, and look forward to
continuing to work with Ron as chairman. Our company is a market leader
with a premium brand, great products, unparalleled distribution and a
passion to succeed at every level of the organization. I look forward to
building further on Trex’s many competitive advantages and compelling
growth opportunities.”
Before joining Trex in March 2008, Mr. Cline served for three years as
president of Harsco GasServ, a division of Harsco Corporation and a
manufacturer of containment and control equipment for the global gas
industry, with annual revenues of approximately $400 million, 15
manufacturing locations on four continents, and more than 1,700
employees. From 1994 through 2005, he was the vice president and
controller of Harsco GasServ. From 1976 to 1994, he served in various
capacities with Huffy Corporation, including as the director of finance
of its True Temper Hardware subsidiary, a manufacturer of lawn care and
construction products with nine manufacturing locations in the United
States, Canada and Ireland. Mr. Cline received a B.S.B.A. degree in
accounting from Bowling Green State University.
Mr. Fairbanks, who joined Trex in 2004, has served as senior director,
supply chain from 2006 through the present, and as executive director,
international business development, since 2012. From 2004 to 2006, he
held the position of director, financial planning and analysis. For the
prior 10 years, Mr. Fairbanks served in numerous senior finance roles
with Ford Motor Company. Mr. Fairbanks earned a B.S. Degree in
accounting from the University of Dayton and an M.B.A. degree from the
University of Pittsburgh.
Mr. Cline commented, “Bryan has more than a decade of business,
operational and financial experience with Trex, and has done an
outstanding job in each of the roles he has held. With his diverse
background and successful track record, he is perfectly positioned to
become Trex’s chief financial officer. I look forward to working with
Bryan in his new role.”
Mr. Kaplan concluded, “All of us are indebted to Tim Reese for the key
role he played over the past eight years in helping Trex Company achieve
best-in-class manufacturing capabilities. His unrelenting focus on
bottom-line disciplines has enabled us to realize major productivity
improvements and cost reductions. Tim’s continuous focus on
manufacturing efficiencies has been instilled throughout our operations
team, which is well positioned to continue to deliver superior
manufacturing improvements and innovation. We are grateful for Tim’s
leadership and wish him the best in his retirement.”
Forward-Looking Statements
The statements in this press release regarding the Company's expected
future performance and condition constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These statements are
subject to risks and uncertainties that could cause the Company's actual
operating results to differ materially. Such risks and uncertainties
include the extent of market acceptance of the Company's products; the
costs associated with the development and launch of new products and the
market acceptance of such new products; the sensitivity of the Company's
business to general economic conditions; the impact of weather-related
demand fluctuations on inventory levels in the distribution channel and
sales of the Company’s products; the Company's ability to obtain raw
materials at acceptable prices; the Company's ability to maintain
product quality and product performance at an acceptable cost; the level
of expenses associated with product replacement and consumer relations
expenses related to product quality; and the highly competitive markets
in which the Company operates. Documents filed with the Securities and
Exchange Commission by the Company, including in particular its latest
annual report on Form 10-K and quarterly reports on Form 10-Q, discuss
some of the important factors that could cause the Company's actual
results to differ materially from those expressed or implied in these
forward-looking statements. The Company expressly disclaims any
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
About Trex Company
Trex Company is the world’s largest manufacturer of wood-alternative
decking and railing, with more than 20 years of product experience.
Stocked in more than 6,700 retail locations throughout the world, Trex®
outdoor living products offer a wide range of style options with fewer
ongoing maintenance requirements than wood, as well as a truly
environmentally responsible choice. For more information, visit trex.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150508005068/en/
Source: Trex Company, Inc.
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