Preformed Line Products Elects a New Director
Products Company (the “Company”) announced today the election of
Gascoigne
seven directors. The election of Mr. Gascoigne was by the Board of Directors
to fill a vacancy on the Board. In accordance with the Company’s Code of
Regulations, Mr. Gascoigne will hold office until this year’s annual meeting
of shareholders. Mr. Gascoigne is expected to be a nominee for election to
the Board by the shareholders at the annual meeting. The Board has determined
that Mr. Gascoigne is independent under the Nasdaq’s corporate governance
rules. As a result, the Company has regained compliance with the Nasdaq rule
requiring that the board be comprised of a majority of independent directors.
Mr. Gascoigne brings over twenty eight years of experience in risk
management to the Board. He is the former Managing Partner of Marsh Inc.,
subsidiary of Marsh & McLennan Co. (“Marsh”), from 1995 until his retirement
in 2008. Prior to that, he had held numerous positions during his
twenty-eight year career at Marsh, including Head of Regional Middle Market
Client Practice and Regional Compliance Officer. Marsh is the Company’s
Insurance Broker.
“We are honored to have Dick join our Board. His vast knowledge of risk
management derived from substantial business and professional experience will
be a valuable addition to the board, and a benefit to the Company and the
shareholders. His appointment demonstrates the Company’s commitment to
enhancing long-term shareholder value with a Board possessing a high level of
personal and professional ethics, sound business judgment and integrity.”
Founded in 1947, Preformed Line Products (Nasdaq: PLPC) is an
international designer and manufacturer of products and systems employed in
the construction and maintenance of overhead and underground networks for
energy, communications and broadband network companies. Headquartered in
centers, located in
North Carolina
operations in
This news release contains “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 regarding the Company, including those statements
regarding the Company’s and management’s beliefs and expectations concerning
the Company’s future performance or anticipated financial results, among
others. Except for historical information, the matters discussed in this
release are forward-looking statements that involve risks and uncertainties
which may cause results to differ materially from those set forth in those
statements. Among other things, factors that could cause actual results to
differ materially from those expressed in such forward-looking statements
include the strength of the economy and demand for the Company’s products,
increases in raw material prices, the Company’s ability to identify, complete
and integrate acquisitions for profitable growth, and other factors described
under the heading “Forward-Looking Statements” in the Company’s Form 10-K
filed with the SEC on
filings with the SEC can be found on the SEC’s website at http://www.sec.gov.
The Company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
SOURCE Preformed Line Products