Dave Basque, Vice President of Special Projects
and Former Vice President in Myers’ Material Handling Segment,
Named Interim President and CEO
Board Has Initiated a Search for a New CEO
Myers Industries Inc. (NYSE: MYE), a leading manufacturer of a
wide range of polymer and metal products and distributor for the
tire, wheel and under-vehicle service industry, today announced a
leadership transition to support the continued transformation of
the Company. The Board of Directors has appointed Dave Basque,
Myers Industries’ Vice President, Special Projects, to the
additional role of Interim President and CEO, replacing Mike
McGaugh, effective immediately. Dave Basque will serve in that role
until a new CEO is appointed. Until September 1, 2024, Dave served
as the Company’s Vice President, Integration and Vice President,
Material Handling Segment – Injection Molding. The Board has
engaged a nationally recognized executive search firm to help
identify a new Chief Executive Officer.
F. Jack Liebau Jr., Chairman of the Myers Industries Board
stated, “Mike has been the driver of our transformation efforts for
four and a half years as our CEO. We are a better Company, with a
better leadership team, than we were when Mike joined us. He built
a strong platform for our growth for which we are grateful. On
behalf of the Board, I want to thank Mike for his valuable
leadership and contributions to Myers.”
Mike McGaugh stated “I’d like to thank the Board of Directors
for the opportunity to have led Myers Industries over these past
several years. I believe the Company is well positioned for long
term success in the future. I am confident that Dave and the Myers
team will continue to drive Myers’ transformation and create
shareholder value.”
Dave Basque commented, “I am very pleased to be named Interim
President and CEO of Myers Industries and look forward to working
closely with the Board and our senior leadership team to continue
to drive the business forward.”
Mr. Liebau continued, “Dave is an industry veteran who has been
a critical part of our leadership team since joining the Company in
2020. Before joining Myers, Dave spent over 35 years in senior
operational and acquisition integration roles with The Dow Chemical
Company. In addition to leading the injection molding division of
Myers’ Material Handling business segment, Dave has been building
the Company’s capability in acquisition integrations. Under his
leadership, the Company will remain focused on executing our
strategy with an emphasis on operational excellence to drive
improved profitability and increased cash flow generation. The
Board and management team are dedicated to delivering share value
improvement and committed to ensuring a smooth transition. I look
forward to working closely with Dave throughout this process.”
About Dave Basque
Mr. Basque joined Myers Industries in August 2020 as Vice
President, Integration and Vice President, Material Handling
Segment – Injection Molding. In addition to overseeing the
Company’s injection molding platform operations, Mr. Basque was
responsible for the Company’s acquisition integrations. Mr. Basque
spent more than 35 years with The Dow Chemical Company in
commercial and technical leadership roles, focusing on growing
Dow’s specialty businesses. In his most recent position at Dow, Mr.
Basque served as Vice President of Dow Global Technologies, Inc.
and was the leader of several acquisition integration teams.
About Myers Industries
Myers Industries Inc., based in Akron, Ohio, is a manufacturer
of sustainable plastic and metal products for industrial,
agricultural, automotive, commercial, and consumer markets. The
Company is also the largest distributor of tools, equipment and
supplies for the tire, wheel, and under-vehicle service industry in
the United States. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements
Statements in this release include contains "forward-looking
statements" within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including
information regarding the Company’s financial outlook, future
plans, objectives, business prospects and anticipated financial
performance. Forward-looking statements can be identified by words
such as "will," "believe," "anticipate," "expect," "estimate,"
"intend," "plan," or variations of these words, or similar
expressions. These forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on the Company’s current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, these statements inherently
involve a wide range of inherent uncertainties, risks and changes
in circumstances that are difficult to predict and many of which
are outside of our control. The Company’s actual actions, results,
and financial condition may differ materially from what is
expressed or implied by the forward-looking statements.
Specific factors that could cause such a difference on our
business, financial position, results of operations and/or
liquidity include, without limitation, raw material availability,
increases in raw material costs, or other production costs; risks
associated with our strategic growth initiatives or the failure to
achieve the anticipated benefits of such initiatives; unanticipated
downturn in business relationships with customers or their
purchases; competitive pressures on sales and pricing; changes in
the markets for the Company’s business segments; changes in trends
and demands in the markets in which the Company competes;
operational problems at our manufacturing facilities or unexpected
failures at those facilities; future economic and financial
conditions in the United States and around the world; inability of
the Company to meet future capital requirements; claims, litigation
and regulatory actions against the Company; changes in laws and
regulations affecting the Company; unforeseen events, including
natural disasters, unusual or severe weather events and patterns,
public health crises, geopolitical crises, and other catastrophic
events; and other risks and uncertainties detailed from time to
time in the Company’s filings with the SEC, including without
limitation, the risk factors disclosed in Item 1A, "Risk Factors,"
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023. Given these factors, as well as other variables
that may affect our operating results, readers should not rely on
forward-looking statements, assume that past financial performance
will be a reliable indicator of future performance, nor use
historical trends to anticipate results or trends in future
periods. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
thereof. The Company expressly disclaims any obligation or
intention to provide updates to the forward-looking statements and
the estimates and assumptions associated with them.
M-INV
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version on businesswire.com: https://www.businesswire.com/news/home/20240909645426/en/
Investor Contact: Meghan Beringer Senior Director
Investor Relations 252-536-5651
Myers Industries (NYSE:MYE)
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