Simpson Manufacturing Co. Appoints Matt Dunn as Chief Financial Officer and Treasurer

Rhea-AI Summary

Simpson Manufacturing (NYSE: SSD) has appointed Matt Dunn as Chief Financial Officer and Treasurer, effective January 1, 2025. Dunn, currently serving as Senior Vice President of Finance since June 2024, will succeed Brian Magstadt, who will remain as Executive Advisor until his retirement on June 30, 2025. Dunn brings over 23 years of financial management experience, previously serving as Senior VP of Finance at Helen of Troy and holding leadership positions at Inventure Group, Procter & Gamble, and Kimberly-Clark. In his new role, Dunn will oversee financial operations, risk management, capital allocation, and M&A activities.

Positive

• Smooth leadership transition with 6-month overlap period ensuring continuity
• New CFO brings extensive experience from major companies like Helen of Troy, P&G
• Internal promotion indicates successful succession planning

Negative

• Loss of 20-year veteran CFO Brian Magstadt could impact institutional knowledge

PLEASANTON, Calif., Oct. 28, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, today announced it has appointed Matt Dunn as Chief Financial Officer and Treasurer, effective January 1, 2025. Mr. Dunn has served as Simpson's Senior Vice President of Finance since June 2024 and will succeed Brian Magstadt. Mr. Magstadt will continue in his role as CFO through the end of 2024, after which he will remain employed as an Executive Advisor to assist with the transition until his retirement on June 30, 2025. This strategic hire follows a comprehensive search for the ideal candidate with a proven track record of demonstrated leadership, strategic capabilities and values that align with Simpson's core principles of doing business, as inspired by the Company's Founder.

As CFO, Mr. Dunn will oversee the financial and risk management operations of the Company, including the financial strategy, metrics and ongoing monitoring of control systems. He also will manage the Company's capital request, allocation, and budgeting processes; monitor cash balances and cash forecasts; implement cash investment strategies; and maintain and lead its finance, audit, and tax teams. Additionally, Mr. Dunn will be responsible for evaluating potential mergers and acquisitions that align with Simpson's growth goals, supervising acquisition due diligence and negotiating acquisitions.

Mr. Dunn brings more than 23 years of experience in the financial management of numerous high-profile brands in leadership roles spanning corporate finance and strategy. Prior to joining Simpson, he most recently served as Senior Vice President of Finance, North America at Helen of Troy, a $2 billion global consumer products company, where he oversaw the financial performance of its largest region. Preceding that, Mr. Dunn led the retaining wall division of Inventure Group, a privately held civil construction products company. He also spent 12 years in roles of increasing seniority in finance at Procter & Gamble, preceded by three years in operations finance at Kimberly-Clark. Mr. Dunn holds Bachelor of Arts degrees in Finance and Accounting from Cedarville University.

Mike Olosky, Simpson's President and Chief Executive Officer, commented, "We are delighted to appoint Matt as Simpson's new CFO. Matt is a highly accomplished finance professional with an impressive track record of driving strong results and forward thinking. He has already made valuable contributions in his short time at the Company, and I am confident he will be an integral player in further solidifying Simpson as a leader in the building products space. Additionally, I'd like to extend my gratitude to Brian Magstadt for his 20 years of service with the Company. We wish him all the best in his retirement."

"Simpson's proven business model, strong brand recognition, and trusted reputation make it an honor to be named CFO at such an exciting time in the Company's evolution," said Mr. Dunn. "I'd like to extend my appreciation to Brian for his continued guidance over the next several months and support in helping to ensure a seamless transition. I look forward to leveraging my experience to further Simpson's mission and to drive continued success for all of our stakeholders."

About Simpson Manufacturing Co., Inc.

Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "outlook," "target," "continue," "predict," "project," "change," "result," "future," "will," "could," "can," "may," "likely," "potentially," or similar expressions. Forward-looking statements are all statements other than those of historical fact and include, but are not limited to, statements about future financial and operating results, our plans, objectives, business outlook, priorities, expectations and intentions, expectations for sales and market growth, comparable sales, earnings and performance, stockholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, our ongoing integration of ETANCO, our strategic initiatives, including the impact of these initiatives on our strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing.

Forward-looking statements are subject to inherent uncertainties, risks and other factors that are difficult to predict and could cause our actual results to vary in material respects from what we have expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed in or implied by our forward-looking statements include the effect of global pandemics such as the COVID-19 pandemic and other widespread public health crisis and their effects on the global economy, the effects of inflation and labor and supply shortages, on our operations, the operations of our customers, suppliers and business partners, and our ongoing integration of ETANCO, as well as those discussed in the "Risk Factors" and " Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC.

We caution that you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are urged to carefully review and consider the various disclosures made in our reports filed with the SEC that advise of the risks and factors that may affect our business, results of operations and financial condition.

CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400

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SOURCE Simpson Manufacturing Co., Inc.

FAQ

When will Matt Dunn become CFO of Simpson Manufacturing (SSD)?

Matt Dunn will become CFO and Treasurer of Simpson Manufacturing (SSD) effective January 1, 2025.

What is Matt Dunn's current role at Simpson Manufacturing (SSD)?

Matt Dunn currently serves as Senior Vice President of Finance at Simpson Manufacturing (SSD), a position he has held since June 2024.

When will current Simpson Manufacturing (SSD) CFO Brian Magstadt retire?

Brian Magstadt will retire from Simpson Manufacturing (SSD) on June 30, 2025, after serving as Executive Advisor during the transition period.

What was Matt Dunn's previous work experience before joining Simpson Manufacturing (SSD)?

Before joining SSD, Dunn was Senior VP of Finance at Helen of Troy, led the retaining wall division at Inventure Group, and held positions at Procter & Gamble and Kimberly-Clark.