Valmont Announces Executive Leadership Changes
July 11 2023 - 8:00AM
Business Wire
CFO Avner M. Applbaum to Succeed Stephen G.
Kaniewski as President and CEO
Valmont® Industries, Inc. (NYSE: VMI), a global leader that
provides vital infrastructure and advances agricultural
productivity while driving innovation through technology, today
announced that its Board of Directors has named Avner M. Applbaum,
current Executive Vice President and Chief Financial Officer, as
President and Chief Executive Officer, effective immediately. Mr.
Applbaum succeeds Stephen G. Kaniewski, CEO since December 31,
2017, who is stepping down to pursue other opportunities. Mr.
Kaniewski will serve in an advisory capacity as needed to ensure a
seamless transition.
The company also announced the appointment of Timothy P.
Francis, Senior Vice President and Finance Business Partner, Global
Operations, and former SVP, Corporate Controller as Interim Chief
Financial Officer.
Mogens C. Bay, Chairman of the Board, commented, “We have much
to look forward to with Avner as our next President and CEO. During
his tenure, Avner has meaningfully elevated our finance
organization, bringing analytical rigor and increased transparency
to our stakeholders, and has been instrumental in executing our
long-term growth strategy and driving efforts to digitize the way
we do business as we continue to transform into an Industrial Tech
company. He is a servant leader, who is a steward of our purpose
and values. Through Valmont’s robust succession planning process,
the Board had identified Avner as CEO successor and we have every
confidence in his ability to take Valmont to the next level and
deliver value for all our stakeholders.”
Mr. Applbaum commented, “I am humbled and excited for this next
chapter with Valmont, and there is a great deal of momentum as we
continue to execute our Run-Grow-Transform strategic framework. I
am confident that we have the right team, a competitively
advantaged position in the markets we serve and a clear vision to
continue to deliver returns for our stakeholders. I am grateful to
the Board for the opportunity to lead this great organization.”
Mr. Kaniewski said, “My tenure at Valmont in various operating
leadership roles and ultimately as CEO, during which we delivered
significant total shareholder return, has been immensely rewarding.
I am proud of the outstanding team I have built during my five
years as CEO and our collective efforts to advance Valmont in both
business segments. Avner has worked closely with me as a trusted
partner and colleague, and I cannot think of a better person to
serve as Valmont’s next CEO. I am fully confident in the team’s
ability to continue to execute on the company’s growth trajectory
and am committed to doing all I can to support Avner in his new
post and ensure a smooth transition.”
Mr. Bay continued, “On behalf of the board, I want to thank
Steve for his leadership and the positive impact he had on Valmont,
including cultivating a highly talented and experienced executive
team that has been instrumental in positioning Valmont for
long-term, profitable growth. I look forward to following Steve’s
continued success and wish him all the best in his future
endeavors.”
Mr. Applbaum has more than 25 years of experience in senior
operational and financial roles in publicly traded and private
equity-backed companies, including Valmont where he has served as
EVP and CFO since March 2020, and previously Double E Company,
Ametek, Belden, and TE Connectivity, formerly Tyco Electronics. As
EVP and CFO of Valmont, Mr. Applbaum has led the IT infrastructure,
cybersecurity and technology innovation functions and has been
responsible for developing and implementing the company’s financial
strategy and overseeing all financial activities.
About Valmont Industries, Inc.
For over 75 years, Valmont has been a global leader in creating
vital infrastructure and advancing agricultural productivity.
Today, we remain committed to doing more with less by innovating
through technology. Learn more about how we’re Conserving
Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on assumptions that
management has made in light of experience in the industries in
which Valmont operates, as well as management’s perceptions of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate under the
circumstances. As you read and consider this release, you should
understand that these statements are not guarantees of performance
or results. They involve risks, uncertainties (some of which are
beyond Valmont’s control) and assumptions. Although management
believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Valmont’s actual financial results and cause them to differ
materially from those anticipated in the forward-looking
statements. These factors include among other things, the
continuing and developing effects of the pandemic including the
effects of the outbreak on the general economy and the specific
economic effects on the Company’s business and that of its
customers and suppliers, risk factors described from time to time
in Valmont’s reports to the Securities and Exchange Commission, as
well as future economic and market circumstances, industry
conditions, company performance and financial results, operating
efficiencies, availability and price of raw material,
availability and market acceptance of new products, product
pricing, domestic and international competitive environments,
geopolitical risks, and actions and policy changes of domestic and
foreign governments. The Company cautions that any forward-looking
statement included in this press release is made as of the date of
this press release and the Company does not undertake to update any
forward-looking statement.
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Renee Campbell renee.campbell@valmont.com
Valmont Industries (NYSE:VMI)
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