Kadant recently announced that Jeffrey L. Powell will be named president effective April 1, 2019 and chief executive officer and a director effective July 1, 2019, as part of a succession plan adopted by the board of directors. As part of the succession plan, Jonathan W. Painter will become executive chairman of the board of directors effective July 1, 2019. William A. Rainville, the Company’s current chairman of the board of directors, has decided not to stand for reelection as a director of the Company and will cease to be a director and the chairman of the board of directors when his current term ends at the Company’s 2019 annual meeting of stockholders.
Mr. Powell has been a co-chief operating officer since March 2018 and an executive vice president for six years with supervisory responsibility for our Material Processing Group. He joined Kadant in 2008 and served in several capacities, initially having responsibility for our acquisition-related activities. Prior to joining Kadant, Mr. Powell was the chairman and chief executive officer of Castion Corporation, a provider of sustainable wastewater treatment and recovery solutions. Prior to Castion, Mr. Powell held various management positions at Thermo Electron Corporation, including chief executive officer and president of one of its publicly traded subsidiaries.
The succession plan is designed to retain the services of Mr. Painter for one year from the appointment of his successor as CEO. In his new position as executive chairman, Mr. Painter will continue to participate in strategic planning and acquisition activities, consult with management on operational matters, and be responsible for corporate governance matters. Mr. Painter is expected to continue as a director in a non-executive role after his retirement on June 30, 2020.
“After 27 years at Kadant and its predecessors, I am confident the succession plan announced today provides for continuity of leadership and maintains a strong team of leaders who can continue to build on Kadant’s successes,” said Mr. Painter. “I have personally known and worked with Jeff for more than 30 years since our early days at Thermo Electron. I believe the board has made an outstanding choice in the selection of Jeff as CEO. I look forward to continuing to work with Jeff and the board to support our customers and employees and deliver value for our stockholders.”
Mr. Powell commented, “I am honored to be appointed president and chief executive officer of Kadant at such a dynamic time for our Company. Having had the opportunity to work side-by-side with Jon over the past 11 years at Kadant, I have developed a deep appreciation for the unique and leading position Kadant has established throughout the world. I look forward to building on the momentum Jon has created while continuing to drive growth and profitability throughout the business to deliver long-term value.”
Mr. William A. Rainville, chairman of Kadant’s board of directors, noted, “The board has been impressed not only by Jeff’s performance and vision leading the Material Processing Group, but also by his successful track record of acquiring and integrating new businesses that have contributed to Kadant’s growth. Jeff is uniquely qualified to step into this role of CEO and to continue to drive growth across Kadant.
“On behalf of the entire board, I thank Jon for more than 25 years of service to Kadant and the notable contributions made during his tenure. Jon has been a strong advocate of diversifying Kadant’s business portfolio to serve process industries outside of the Company’s traditional pulp and paper segment providing stability and positioning the Company for long-term growth. While I am thankful for my long career at Kadant and the ability to serve the Company as chairman of the board of directors for the last ten years, I look forward to my retirement from the board and Jon’s continued insights and leadership as executive chairman.”
