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| March 29, 2010 |
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Beachwood, Ohio, March 29, 2010/PR Newswire/ John Maneely Company (JMC) today announced that Barry Zekelman was named Executive Chairman and Frank A. Riddick III was named Chief Executive Officer effective immediately. In addition Frank A. Riddick III and Todd Newnam of The Carlyle Group were elected to the company’s Board of Directors. The Board of Directors said in a statement: "JMC has accomplished a great deal since Mr. Zekelman became CEO in 2008. Under his leadership the company has firmly established itself as an industry leader, significantly reduced its debt and lowered operating costs in a very difficult economic environment and positioned the company for future growth and profit improvement. Barry will continue to contribute his leadership, industry knowledge and relationships and strategic insights as Executive Chairman. Mr. Riddick joined the company as Chief Operating Officer in August 2009. He was previously the President and CEO of Formica Corporation and President and Chief Operating Officer of Armstrong World Industries, Inc. His extensive experience in the building materials industry and strong financial and strategic background will be important assets to continue the successful growth and improved financial performance of JMC." Mr. Zekelman added, "I am pleased to step into my new role as Executive Chairman of JMC having devoted my entire business career to the Development of Atlas Tube and JMC and the steel structural shapes and pipe industry. Having worked extensively with Frank over the last several months, I am confident his leadership will further our industry position and success. I look forward to our partnership." Mr. Riddick, the new CEO, said "I am rapidly learning the steel pipe and tube industry and am more excited now then when I joined JMC about our future. I have spent considerable time visiting our operations and meeting our customers. JMC has the strongest management team and the best product portfolio and operations in the industry. We are well positioned to enhance our future growth and financial performance as the global economy and our industry continue their recovery. I look forward to leading our company successfully into the future." About John Maneely Company John Maneely Company (JMC) is the largest North American manufacturer of structural steel products and pipe operating through two major divisions, Atlas Tube and Wheatland Tube. Based in Beachwood, Ohio, JMC operates 11 plants in the United States and Canada and had approximately 1,800 employees. For more information, visit www.johnmaneely.com. |