MSC INDUSTRIAL SUPPLY CO. ELECTS ROB AARNES TO BOARD OF DIRECTORS AS AN INDEPENDENT MEMBER

Rhea-AI Summary

MSC Industrial Supply Co. (NYSE: MSM) has announced the addition of Rob Aarnes to its Board of Directors as an independent member. This move strengthens MSC's corporate governance profile and aligns with the reclassification agreement with shareholders. Aarnes, currently the President of ADI Global Distribution, brings extensive experience in operations management and a track record of driving profitable growth across various C-level roles. His background in distribution business models similar to MSC's is expected to provide valuable insights as the company works towards achieving its full potential and creating shareholder value.

Aarnes has led ADI, a $4.6B global wholesale distributor, since 2017. ADI is part of Resideo Technologies, Inc. (NYSE: REZI), a $7.3B manufacturer and distributor of smart-living products. Aarnes' diverse experience includes roles in private equity, specialty retail, and big box consumer electronics retail. He is a graduate of the United States Naval Academy and holds an MBA from San Diego State University.

Positive

• Addition of an independent member to the Board of Directors, strengthening corporate governance
• New board member brings extensive experience in operations management and profitable growth
• Aarnes' background in distribution business models similar to MSC's could provide valuable insights
• Alignment with shareholder agreements, potentially improving investor relations

Negative

• None.

News Market Reaction – MSM

-0.95%

1 alert

-0.95% News Effect

On the day this news was published, MSM declined 0.95%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

MELVILLE, N.Y. and DAVIDSON, N.C., Aug. 27, 2024 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), a premier distributor of Metalworking and Maintenance, Repair and Operations supplies to industrial customers throughout North America, today announced the addition of Rob Aarnes to its Board of Directors.

"We are thrilled to have Rob join our Board of Directors," said Chairman of the Board, Mitchell Jacobson. "The addition of an independent member to our board strengthens MSC's corporate governance profile and represents another beneficial change from the reclassification agreement with our shareholders. Rob brings a wealth of experience in operations management and a strong track record of driving profitable growth across various C-level roles at public and private companies. With his experience at ADI Global Distribution ("ADI"), which serves different end markets but has a distribution business model like ours, Rob will bring a fresh perspective and valuable insights to MSC as we work toward achieving our full potential and creating value for shareholders."

Mr. Aarnes has been President of ADI, a $4.6B global wholesale distributor of commercial and residential security, life safety and audio-visual products, and a leading provider of smart-living products, services, and software, since 2017. ADI is one of the two business segments of Resideo Technologies, Inc. (NYSE: REZI), a $7.3B leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort, security, life safety, and energy efficiency for consumers and homeowners. Before joining ADI, he held various senior leadership roles within private equity, specialty retail and big box consumer electronics retail companies ranging from several hundred million to multi-billion dollar revenue volumes.

Mr. Aarnes graduated from the United States Naval Academy and subsequently served as a Supply Officer in the U.S. Navy, specializing in global supply chain logistics and contracting services. Mr. Aarnes earned an MBA from San Diego State University.

About MSC Industrial Supply Co. 
MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability, and growth with approximately 2.4 million products, inventory management and other supply chain solutions, and deep expertise from more than 80 years of working with customers across industries. Our experienced team of more than 7,000 associates works with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.

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SOURCE MSC Industrial Supply Co.

FAQ

Who is the new board member appointed to MSC Industrial Supply Co (MSM)?

Rob Aarnes has been appointed as a new independent member to the Board of Directors of MSC Industrial Supply Co (NYSE: MSM).

What is Rob Aarnes' current position outside of MSC Industrial Supply Co (MSM)?

Rob Aarnes is currently the President of ADI Global Distribution, a $4.6B global wholesale distributor of security, life safety, and audio-visual products.

How does Rob Aarnes' appointment benefit MSC Industrial Supply Co (MSM)?

Aarnes' appointment strengthens MSC's corporate governance, brings valuable experience in operations management and profitable growth, and offers insights from a similar distribution business model.

What is Rob Aarnes' educational background?

Rob Aarnes graduated from the United States Naval Academy and earned an MBA from San Diego State University.