ALAMO GROUP INC. ANNOUNCES BOARD EXPANSION AND APPOINTMENT OF NEW DIRECTOR

Rhea-AI Summary

Alamo Group Inc. (NYSE: ALG) has expanded its Board of Directors from eight to nine members with the appointment of Colleen Haley as a new independent director effective December 4, 2024. Haley, 57, currently serves as CEO of Quality Metalcraft/Experi-Metal, Inc. (QMC-EMI), a metal fabrication company serving automotive, commercial vehicle, aerospace, and defense industries.

Her extensive career includes roles as Group VP, Operations at Parker Hannifin (2016-2021), various senior positions at Yazaki (2000-2016), and managerial positions at ALCOA and Alcoa Fujikura (1991-2000). She holds both Bachelor and Master of Science degrees from Michigan State University.

Positive

• Board expansion indicates company growth and governance enhancement
• Addition of director with extensive automotive and manufacturing industry experience
• New director brings global operational and strategic management expertise

Negative

• None.

News Market Reaction – ALG

-2.33%

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-2.33% News Effect

On the day this news was published, ALG declined 2.33%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SEGUIN, Texas, Dec. 4, 2024 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that it has expanded the membership of its Board of Directors from eight to nine members and has appointed Colleen Haley as a new independent member of the Board effective December 4, 2024. 

Ms. Haley, 57, has been Chief Executive Officer of Quality Metalcraft/Experi-Metal, Inc. ("QMC-EMI") since March 2021. Based in Livonia, Michigan, QMC-EMI is a leading metal fabrication company serving the automotive, commercial vehicle, aerospace, and defense industries. Prior to her role with QMC-EMI, Ms. Haley was Group VP, Operations, with Parker Hannifin Corporation from 2016 to 2021. From 2000 to 2016, Ms. Haley held various senior managerial positions with Yazaki Corporation, including leading Yazaki's business in South America. From 1991 to 1995, Ms. Haley held managerial positions with ALCOA, and from 1995 to 2000, with a joint venture, Alcoa Fujikura Ltd. Ms. Haley holds both a Bachelor of Science and Master of Science from Michigan State University.

Rick Parod, Alamo Group's Independent Board Chair, said "Colleen brings valuable global experience gained working in various managerial positions with several sophisticated companies. Her career has progressed through a variety of strategy, commercial, operational, and human resources functional roles prior to her managerial roles, giving her a broad perspective that will be an asset to the Board. We are extremely pleased that Colleen has joined Alamo Group's Board."

About Alamo Group

Alamo Group is a leader in the design, manufacture, distribution, and service of high-quality equipment for vegetation management, infrastructure maintenance and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,000 employees and operates 28 plants in North America, Europe, Australia, and Brazil as of September 30, 2024. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

View original content:https://www.prnewswire.com/news-releases/alamo-group-inc-announces-board-expansion-and-appointment-of-new-director-302323008.html

SOURCE Alamo Group Inc.

FAQ

Who is the new board member appointed to Alamo Group (NYSE: ALG)?

Colleen Haley, the current CEO of Quality Metalcraft/Experi-Metal, Inc., was appointed as a new independent board member effective December 4, 2024.

How many members are now on Alamo Group's (ALG) board of directors?

Alamo Group's board has expanded from eight to nine members with the appointment of Colleen Haley.

What is Colleen Haley's professional background before joining Alamo Group's (ALG) board?

Haley was CEO of QMC-EMI since 2021, Group VP at Parker Hannifin (2016-2021), held senior positions at Yazaki (2000-2016), and worked at ALCOA and Alcoa Fujikura (1991-2000).