WESTFORD, Mass.--(BUSINESS WIRE)--Mar. 26, 2015--
Kadant Inc. (NYSE:KAI) announced that Michael J. McKenney has been named
Senior Vice President and Chief Financial Officer effective June 30,
2015, succeeding Thomas M. O’Brien, whose planned retirement as Chief
Financial Officer was announced in September 2014. Mr. McKenney, 53, is
currently the Company’s Vice President, Finance and Chief Accounting
Officer, and will be succeeded by Ms. Deborah S. Selwood, 46, who has
been named Vice President and Chief Accounting Officer effective June
30, 2015. Ms. Selwood is currently the Company’s Corporate Controller.
Mr. McKenney, 53, has been the Company’s Vice President, Finance and
Chief Accounting Officer since 2002, and previously served as Corporate
Controller from 1997 to 2002. He joined the Company in 1993 upon the
acquisition of the AES water management business (now part of the Kadant
Solutions Division) from Albany International Corp., where he had served
as Controller of AES. Ms. Selwood joined the Company in 2004 as
Assistant Corporate Controller and was promoted to Corporate Controller
in 2007. Prior to joining the Company, she was an auditor at Arthur
Andersen LLP for ten years and the director of external reporting at
Genuity Inc. for three years. Both Mr. McKenney and Ms. Selwood are
certified public accountants.
“After conducting a thorough executive search that included external and
internal candidates, the board selected Mike based on his understanding
of the Company and his extensive financial experience,” said Jonathan W.
Painter, president and chief executive officer of Kadant Inc. “Mike has
played a key role in our financial management function over many years
and has been an integral part of the financial integration of our recent
acquisitions. He also was a key contributor to our successful spin out
from Thermo Electron Corporation (now Thermo Fisher Scientific) in 2001
and was directly involved in establishing our SEC reporting, cash
management, treasury, and tax functions at that time. We are very
pleased that Mike will be moving into the CFO position.”
Mr. Painter continued, “These appointments ensure continuity in our
financial management function and demonstrate the depth of the financial
management team put together by Tom O’Brien. I want to thank Tom for his
years of service to Kadant and for his contributions to building
shareholder value. It's been a pleasure working directly with Tom since
I’ve been CEO and I wish him all the best in his retirement.”
“I want to thank Jon and the board, and especially our chairman, Bill
Rainville, who hired me 24 years ago, for the opportunity to serve as
the Company’s CFO and to be a part of this great company,” said Mr.
O’Brien. “I’m especially pleased that Mike and Deb will take over from
me and that the financial organization I’ve put in place over the years
will continue to support the Company’s growth plans, both internally and
through acquisitions.”
“I am honored to have the opportunity to serve as Kadant’s next CFO, and
excited to lead our efforts to build on the foundation that Tom put in
place,” said Mr. McKenney. “I look forward to working with Deb in her
new role as CAO. Deb has been a strong leader in our financial reporting
team and has particularly excelled in her dedication to and preparation
of our SEC reporting requirements. I am pleased that she will be
succeeding me as CAO.”
Kadant Inc. is a global supplier of high-value, critical components and
engineered systems used in process industries worldwide. The Company’s
products, technologies, and services play an integral role in enhancing
process efficiency, optimizing energy utilization, and maximizing
productivity in resource-intensive industries. Kadant is based in
Westford, Massachusetts, with revenues of $402 million in fiscal 2014
and 1,800 employees in 18 countries worldwide. For more information,
visit www.kadant.com.
The following constitutes a “Safe Harbor” statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward-looking statements that involve a number of risks and
uncertainties, including forward-looking statements about our business
and financial performance. Our actual results may differ materially from
these forward-looking statements as a result of various important
factors, including those set forth under the heading "Risk Factors" in
Kadant’s annual report on Form 10-K for the year ended January 3, 2015.
These include risks and uncertainties relating to adverse changes in
global and local economic conditions; the variability and difficulty in
accurately predicting revenues from large capital equipment and systems
projects; the variability and uncertainties in sales of capital
equipment in China; currency fluctuations; our customers’ ability to
obtain financing for capital equipment projects; changes in government
regulations and policies; oriented strand board market and levels of
residential construction activity; development and use of digital media;
price increases or shortages of raw materials; dependence on certain
suppliers; international sales and operations; disruption in production;
our acquisition strategy; our internal growth strategy; competition;
soundness of suppliers and customers; our effective tax rate; future
restructurings; soundness of financial institutions; our debt
obligations; restrictions in our credit agreement; loss of key
personnel; reliance on third-party research; protection of patents and
proprietary rights; failure of our information systems or breaches of
data security; fluctuations in our share price; and anti-takeover
provisions. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Source: Kadant Inc.
Kadant Inc.
Investor contact:
Thomas M. O’Brien, 978-776-2000
or
Media
contact:
Wes Martz, 269-278-1715
