WESTFORD, Mass.--(BUSINESS WIRE)--Aug. 18, 2009--
Kadant Inc. (NYSE: KAI) announced that William A. Rainville will become
executive chairman and Jonathan W. Painter will be named chief executive
officer and a director effective January 3, 2010, as part of a
succession plan adopted by the board of directors. Mr. Painter also has
been promoted to president and chief operating officer of the company
effective September 1, 2009. The company also announced that Eric T.
Langevin will become chief operating officer and an executive vice
president effective January 3, 2010. Both Mr. Painter and Mr. Langevin
are currently executive officers of the company.
Mr. Painter, 50, has been an executive vice president of the company for
12 years, and served in several capacities, most recently as head of the
company’s fiberline businesses, consisting of its stock preparation and
fiber-based product lines. He was also responsible for merger and
acquisition activity until 2008, and negotiated the successful
acquisition of The Johnson Corporation, now Kadant Johnson Inc., in
2005. In addition, Mr. Painter served as the treasurer of Thermo
Electron Corporation and the company from 1994 to 1997. Mr. Langevin,
46, has been a senior vice president and head of the company’s paperline
businesses, consisting of its paper machine accessory equipment,
fluid-handling, and water management product lines, since 2006. Mr.
Langevin joined the company in 1986 as a product development engineer
and has held several managerial roles before becoming president of the
paper machine accessory business in 2001.
The succession plan is designed to retain the services of Mr. Rainville,
67, and Edward J. Sindoni, who turns 65 in October and is currently
executive vice president and chief operating officer, for one year from
the appointment of their successors. In the newly created position of
executive chairman, Mr. Rainville will continue to participate in
strategic planning and acquisition activities, consult with management
on operational matters and be responsible for corporate governance
matters. Mr. Rainville is expected to continue as a director in a
non-executive role after his retirement at the end of the 2010 fiscal
year. Mr. Sindoni will consult and advise on strategic and operational
matters before retiring as an employee on September 1, 2010.
“After 27 years of leading Kadant and its predecessors, I am confident
that the changes announced today put in place a strong team of leaders
to build on Kadant’s successes,” said Mr. Rainville, chairman and chief
executive officer. “The board had the opportunity to consider several
strong candidates and I believe the board has made outstanding choices
in the selection of Jon as CEO and Eric as COO, and they have my full
and unqualified support. The board and I also wanted to ensure a smooth
transition to the next generation of leadership of the company, at a
time when Ed and I can share our accumulated experience in our new
roles. I want to thank Ed for the terrific job he has done over his
22-year career with Kadant, most recently as my right-hand, as we
developed and grew the company.”
“In adopting this succession plan, the board wanted to provide for
continuity of leadership,” said Dr. John M. Albertine, chairman of the
board’s compensation committee. “Speaking on behalf of the entire board,
we are enormously grateful to Bill and Ed for their leadership and many
accomplishments in transforming Kadant into a worldwide industrial
equipment supplier, and we recognize the importance of an orderly
transition as senior management nears retirement. We are pleased that
the culmination of the succession planning process has yielded the
continued availability of both Bill and Ed during this transition.”
“I am deeply honored to follow Bill as the next CEO of Kadant,” said Mr.
Painter. “Bill has had a long and successful career and enjoys the
respect of his peers and competitors in the paper industry. I am
particularly pleased that Kadant will continue to benefit from his and
Ed’s years of experience. We are a proud company with a strong
reputation for quality and innovation in our products and services and
dedication to our customers, built through Bill’s exemplary leadership
and dedication. I look forward to building on this foundation.”
Kadant Inc. is a leading supplier to the global pulp and paper industry,
with a range of products and services for improving efficiency and
quality in pulp and paper production, including paper machine
accessories and systems for stock preparation, fluid handling, and water
management. Our fluid-handling products are also used to optimize
production in the steel, rubber, plastics, food, and textile industries.
In addition, we produce granules from papermaking byproducts for
agricultural and lawn and garden applications. Kadant is based in
Westford, Massachusetts, with revenues of $329 million in 2008 and 1,600
employees in 16 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 succession
plan and future prospects. There can be no assurance that we will be
able to record and recognize revenue on pending orders. Important
factors that could cause actual results to differ materially from those
indicated by such statements are set forth under the heading “Risk
Factors” in Kadant’s quarterly report on Form 10-Q for the period ended
July 4, 2009. These include risks and uncertainties relating to
worldwide and local economic conditions as well as the pulp and paper
industry; our debt obligations; restrictions in our credit agreement and
compliance with covenants; future restructurings; significance of sales
and operation of manufacturing facilities in China; international sales
and operations; competition; soundness of suppliers and customers;
soundness of financial institutions; litigation and warranty costs
related to our discontinued operation; our acquisition strategy; factors
influencing our fiber-based products business; protection of patents and
proprietary rights; 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
