Mayville Engineering Company (NYSE: MEC) (the “Company” or
“MEC”), a leading value-added provider of design, prototyping and
manufacturing solutions serving diverse end-markets, today
announced that Todd Butz, Chief Financial Officer, intends to leave
the Company on June 30, 2025.
Following a rigorous internal and external search process,
Rachele Lehr, Chief Human Resources Officer, has been named to
succeed Mr. Butz as Chief Financial Officer, effective April 22,
2025, following the annual meeting of shareholders.
With more than 25 years of cross-functional experience across
corporate finance, external reporting, strategic planning,
financial planning & analysis, information technology, and
human resources, Ms. Lehr brings a depth of strategic leadership
expertise to her new role as Chief Financial Officer.
Prior to joining MEC in 2023, Ms. Lehr spent nearly 15 years at
Briggs & Stratton, an industrial manufacturing company, where
she held senior finance and corporate roles of increasing scope and
complexity, including Senior Vice President of Administration and
HR, and Controller for a $600 million international business. Ms.
Lehr began her career with PricewaterhouseCoopers (“PwC”) where she
led audit engagements with public companies across diverse
end-markets. Ms. Lehr holds a Bachelor of Science in Business
Administration with a Major in Accounting from Marquette University
and is a certified public accountant (currently inactive).
“Rachele is an accomplished strategic leader whose unique blend
of financial and business acumen remain valuable assets as we
further advance our MBX value creation journey,” stated Jag Reddy,
President and CEO of MEC. “As a trusted business partner with a
proven ability to drive organizational transformation, we’re
excited to have Rachele lead our finance team during this next,
important phase for our business.”
“Since joining our organization in 2008, Todd has built a strong
finance team well-equipped to further advance our multi-year value
creation strategy,” continued Reddy. “I would like to thank Todd
for his many contributions during his 17-year career with MEC and
wish him the very best as he embarks on this next chapter.”
“MEC is a market-leading industrial solutions company with a
clear vision for profitable growth,” stated Rachele Lehr, incoming
Chief Financial Officer. “I am excited to assume the CFO role at a
pivotal moment for the organization and look forward to partnering
with our talented finance team as we seek to drive long-term value
creation for both our customers and loyal shareholders.”
Today, MEC is reaffirming its full-year 2024 financial guidance
provided on November 5, 2024.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that
reflect plans, estimates and beliefs. Such statements involve risk
and uncertainties. Actual results may differ materially from those
contemplated by these forward-looking statements as a result of
various factors. Important factors that could cause actual results
or events to differ materially from those expressed in
forward-looking statements include, but are not limited to:
macroeconomic conditions, including inflation, elevated interest
rates and recessionary concerns, as well as labor availability and
material cost pressures, have had, and may continue to have, a
negative impact on our business, financial condition, cash flows
and results of operations (including future uncertain impacts);
risks relating to developments in the industries in which our
customers operate; risks related to scheduling production
accurately and maximizing efficiency; our ability to realize net
sales represented by our awarded business; failure to compete
successfully in our markets; our ability to maintain our
manufacturing, engineering and technological expertise; the loss of
any of our large customers or the loss of their respective market
shares; risks related to entering new markets; our ability to
recruit and retain our key executive officers, managers and
trade-skilled personnel; volatility in the prices or availability
of raw materials critical to our business; manufacturing risks,
including delays and technical problems, issues with third-party
suppliers, environmental risks and applicable statutory and
regulatory requirements; our ability to successfully identify or
integrate acquisitions; our ability to develop new and innovative
processes and gain customer acceptance of such processes; risks
related to our information technology systems and infrastructure,
including cybersecurity risks and data leakage risks; geopolitical
and economic developments, including foreign trade relations and
associated tariffs; results of legal disputes, including product
liability, intellectual property infringement and other claims;
risks associated with our capital-intensive industry; risks related
to our treatment as an S Corporation prior to the consummation of
our initial public offering; risks related to our employee stock
ownership plan’s treatment as a tax-qualified retirement plan; and
other factors described in “Risk Factors” in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2023, as
such may be amended or supplemented in our subsequently filed
Quarterly Reports on Form 10-Q. This discussion should be read in
conjunction with our audited consolidated financial statements
included in the Company’s previously filed Annual Report on Form
10-K for the year ended December 31, 2023. We undertake no
obligation to update or revise any forward-looking statements after
the date on which any such statement is made, whether as a result
of new information, future events or otherwise, except as required
by federal securities laws.
ABOUT MAYVILLE ENGINEERING COMPANY
Founded in 1945, MEC is a leading U.S. based, vertically
integrated, value-added manufacturing partner providing a full
suite of manufacturing solutions from concept to production,
including design, prototyping and tooling, fabrication, aluminum
extrusion, coating, assembly and aftermarket components. Our
customers operate in diverse end markets, including heavy- and
medium-duty commercial vehicles, construction & access
equipment, powersports, agriculture, military, and other end
markets. Along with process engineering and development services,
MEC maintains an extensive manufacturing infrastructure with 23
facilities across seven states. These facilities make it possible
to offer conventional and CNC (computer numerical control)
stamping, shearing, fiber laser cutting, forming, drilling,
tapping, grinding, tube bending, machining, welding, assembly, and
logistic services. MEC also possesses a broad range of finishing
capabilities including shot blasting, e-coating, powder coating,
wet spray and military grade chemical agent resistant coating
(CARC) painting. For more information, please visit
www.mecinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241211184075/en/
IR CONTACT Noel Ryan or Stefan Neely MEC@val-adv.com
Mayville Engineering (NYSE:MEC)
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