Latham Group Appoints New Independent Director

Rhea-AI Summary

Latham Group, Inc. (NASDAQ:SWIM), a leading designer and manufacturer of in-ground residential pools, has announced the appointment of Frank J. Dellaquila as a new independent member of its Board of Directors and Chair of the Audit Committee. Dellaquila, who replaces the retiring Robert D. Evans, brings extensive financial expertise from his tenure as CFO of Emerson Electric Co. from 2009 to 2023.

Dellaquila's background includes significant roles at Emerson, General Electric, and Joseph E. Seagram and Sons, Inc. He currently serves on the boards of Reliance, Inc. and FM, Inc. Latham's Chairman, James C. Cline, expressed confidence that Dellaquila's experience in supporting transformative growth and knowledge of advanced technologies will benefit Latham's initiatives in fiberglass pools, automatic safety covers, and manufacturing efficiencies.

Positive

• Appointment of experienced financial executive Frank J. Dellaquila to the Board of Directors
• Dellaquila's extensive background as CFO of Emerson Electric, a $60 billion market cap company
• Potential for improved financial oversight as Dellaquila chairs the Audit Committee
• Expectation of valuable insights for growth and technology adoption in Latham's key product areas

Negative

• None.

LATHAM, N.Y., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Latham Group, Inc., (NASDAQ:SWIM), the largest designer, manufacturer, and marketer of in-ground residential pools in North America, Australia, and New Zealand, today announced the appointment of seasoned financial executive Frank J. Dellaquila as a new independent member of its Board of Directors and Chair of the Company’s Audit Committee, effective immediately. Mr. Dellaquila is replacing Robert D. Evans who resigned from the Board.

Mr. Dellaquila served as Chief Financial Officer of Emerson Electric Co. (NYSE:EMR) from 2009 until his retirement in 2023 and was named Executive Vice President in 2012 and Senior Executive Vice President in 2016. Emerson, which has a current market capitalization of over $60 billion, is a global technology and automation leader. Mr. Dellaquila joined Emerson in 1991 as Corporate Vice President and Treasurer. Previously, he held assistant treasurer and financial analyst positions at General Electric and Joseph E. Seagram and Sons, Inc.

Mr. Dellaquila currently serves as a Board member and Audit Committee Chair of Reliance, Inc. and is a Board member and Finance Committee member of FM, Inc., a privately held mutual insurance company.

James C. Cline, Chairman of Latham commented, “We are very pleased to welcome Frank to Latham’s Board. He brings valuable executive leadership skills and financial credentials to the Company. Frank’s experience in supporting transformative growth, and broad knowledge of advanced technologies, will be an excellent resource for us as Latham continues to build awareness and adoption of fiberglass pools and automatic safety covers, while driving efficiencies through lean manufacturing and value engineering initiatives.

“On behalf of the Board of Directors, I would like to recognize Bob Evans for his invaluable contributions to the Company and to thank him and wish him well in his retirement,” Mr. Cline said.

About Latham Group, Inc.

Latham Group, Inc., headquartered in Latham, NY, is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham has a coast-to-coast operations platform consisting of approximately 1,800 employees across 24 locations.

Contact:

Lynn Morgen
Casey Kotary
ADVISIRY Partners
lathamir@advisiry.com
212-750-5800

FAQ

Who is the new independent director appointed to Latham Group's (SWIM) Board?

Frank J. Dellaquila, a seasoned financial executive who previously served as CFO of Emerson Electric Co., has been appointed as a new independent director of Latham Group (SWIM) and Chair of the Company's Audit Committee.

What is Frank J. Dellaquila's background before joining Latham Group's (SWIM) Board?

Dellaquila served as CFO of Emerson Electric from 2009 to 2023, holding executive VP roles. He previously worked at General Electric and Joseph E. Seagram and Sons, Inc. He currently serves on the boards of Reliance, Inc. and FM, Inc.

How might Frank J. Dellaquila's appointment impact Latham Group (SWIM)?

Dellaquila's experience in supporting transformative growth and knowledge of advanced technologies is expected to benefit Latham's initiatives in fiberglass pools, automatic safety covers, and manufacturing efficiencies, potentially driving the company's growth and innovation.

Who did Frank J. Dellaquila replace on Latham Group's (SWIM) Board of Directors?

Frank J. Dellaquila replaced Robert D. Evans, who resigned from the Board of Directors of Latham Group (SWIM).