Trex Company Appoints Ronald W. Kaplan President, CEO and Director; Andrew U. Ferrari Appointed Chairman of the Board
WINCHESTER, Va., Jan 02, 2008 (BUSINESS WIRE) --
Copyright Business Wire 2008
Trex Company, Inc. (NYSE: TWP), manufacturer of Trex(R) decking,
railing, fencing and trim, announced today that Ronald W. Kaplan has
been appointed president, chief executive officer and a director of
Trex, effective January 7, 2008. Andrew U. Ferrari, who previously
served as CEO, has been appointed chairman of the board, replacing
Anthony J. Cavanna, who will continue as a director and interim chief
financial officer.
"Ron brings impressive experience and the proven ability to lead
Trex as we continue our progress toward returning the Company to
strong growth and profitability," said Mr. Ferrari. "Last year, we
made a number of tough decisions and took a series of actions to
position Trex Company for improved profitability and positive
operating cash flow. With these steps completed and a solid plan for
continued improvement in place, our next priority was to find an
executive with the right skills and experience to direct the Company.
"During his 33-year career, Ron returned several large-scale
international businesses to profitability, developing best-in-class
manufacturing capabilities, enhancing their brand identities and
achieving excellent top-line growth. His outstanding operational,
financial and leadership skills make him the ideal person to
strengthen our Company while continuing to build Trex as the
pre-eminent brand in the outdoor living products category."
"The exceptional quality and design of Trex products combined with
the company's commitment to its customers create unparalleled brand
equity in the residential decking, railing, fencing, and trim market,"
stated Ron Kaplan. "I have admired the Company for a number of years,
and I am the very satisfied owner of my own Trex deck. The steps the
management team has taken to refocus the Company and its approach to
the business are already having an impact, as evidenced by Trex's
strong sales in today's tough business environment. I look forward to
fully leveraging the many competitive advantages Trex has developed
over the years and to ensuring that the company's great potential is
fully realized."
Mr. Kaplan, 56, was previously CEO of Continental Global Group,
Inc., a leading manufacturer of material handling systems, with
approximately 1,500 employees in six countries and annual sales of
approximately $370 million. From 1979 to 2005, he held positions of
increasing responsibility in a number of financial and operating
capacities at Harsco Corporation, an international industrial services
and products company. Mr. Kaplan served as corporate senior vice
president-operations and, most recently, as president of Harsco's Gas
Technologies Group, a premier manufacturer of containment and control
equipment for the global gas industry. During his tenure, annual sales
grew to more than $500 million, with over 20 operating sites in North
America, Europe, Asia and Australia. Mr. Kaplan, who is a certified
public accountant, received a B.A. in Economics from Alfred University
and an M.B.A. degree from the Wharton School of Business, University
of Pennsylvania.
Mr. Ferrari added, "The Board and employees of Trex are extremely
grateful to Tony Cavanna for his leadership and countless
contributions over the years. We continue to benefit from his
financial expertise and vast experience as we complete our search for
a permanent CFO."
About Trex Company
Trex Company is the nation's largest manufacturer of composite
decking, railing and fencing, with over 15 years of product
experience. Products are marketed under the brand name Trex(R). Made
from a unique formulation of reclaimed wood and plastic, combined
through a proprietary process, Trex decking, railing and fencing offer
significant design flexibility with fewer ongoing maintenance
requirements than wood. In addition, Trex distributes ultra-low
maintenance PVC decking under the trademark Trex Escapes(TM) and PVC
trim under the trademark Trex Trim(TM). For more information, visit
the Company's website, www.trex.com. Trex(R) is a trademark of Trex
Company, Inc., Winchester, Va.
The statements in this press release regarding the Company's
expected sales performance and operating results, its projections of
net sales, net income, earnings per share and costs, its anticipated
financial condition and its business strategy constitute
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. These statements are subject to risks and uncertainties that
could cause the Company's actual operating results to differ
materially. Such risks and uncertainties include the extent of market
acceptance of the Company's products; the sensitivity of the Company's
business to general economic conditions; the Company's ability to
obtain raw materials at acceptable prices; the Company's ability to
maintain product quality and product performance at an acceptable
cost; the level of expenses associated with product replacement and
consumer relations expenses related to product quality; and the highly
competitive markets in which the Company operates. The Company's
report on Form 10-K filed with the Securities and Exchange Commission
on April 2, 2007 and its subsequent filings on Form 10-Q and Form 8-K
discuss some of the important factors that could cause the Company's
actual results to differ materially from those expressed or implied in
these forward-looking statements. The Company expressly disclaims any
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
SOURCE: Trex Company, Inc.
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