ALAMO GROUP INC. ANNOUNCES MICHAEL A. HABERMAN PLANS TO RETIRE AS EXECUTIVE VICE PRESIDENT OF THE INDUSTRIAL EQUIPMENT DIVISION; KEVIN THOMAS APPOINTED AS SUCCESSOR
Alamo Group (NYSE: ALG) has announced that Michael A. Haberman, the Executive Vice President of the Industrial Equipment Division, will retire effective August 6, 2024.
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Rhea-AI Summary
Alamo Group (NYSE: ALG) has announced that Michael A. Haberman, the Executive Vice President of the Industrial Equipment Division, will retire effective August 6, 2024. Kevin Thomas, who joined Alamo Group in February 2022 as Vice President of the Excavator and Vacuum Truck Group, will succeed him. Thomas previously held significant roles at Navistar International, culminating as President of Navistar Defense CEO Jeffery A. Leonard praised Haberman's impactful leadership and expressed confidence in Thomas's capability to drive future growth.
Positive
- Kevin Thomas has a robust background with extensive experience in the industry from Navistar International.
- Thomas has been with Alamo Group since February 2022, providing some internal continuity.
- CEO Jeffery A. Leonard has expressed strong confidence in Kevin Thomas’s leadership abilities.
- The company recognizes Michael Haberman’s contributions, indicating a smooth transition and appreciation for his service.
Negative
- The retirement of Michael A. Haberman could create a temporary disruption in the leadership of the Industrial Equipment Division.
- There is no mention of a transition plan or strategy to mitigate potential short-term impacts on the division.
Details
News Market Reaction – ALG
The recorded move for ALG in the trading session of this news was -2.01%.
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Chief Executive Officer and President, Jeffery A. Leonard, commented on the above changes as follows, "Mike has been a valuable part of the executive team for several years, as well as a great leader in several previous capacities during his long and highly successful tenure within the Company. His proactive approach to leadership has helped position the Industrial Equipment Division for continued growth. He will be missed. We are excited for Kevin Thomas to step into the Executive Vice President role leading the Industrial Equipment Division. I am confident Kevin will be successful in this expanded role and I look forward to working with him in this new context."
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for infrastructure maintenance, agriculture 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 4,350 employees and operates 29 plants in
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
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