SEGUIN,
Texas, Dec. 20, 2024 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) announced today that Jeff
Leonard, the Company's President and CEO, has informed the
Board of Directors of his intention to retire preferably by
mid-year 2025 and upon the appointment of his successor. As
part of its succession planning efforts, the Company's Board of
Directors has been preparing for such a transition and anticipates
naming a new President and CEO as Mr. Leonard's replacement within
the next several months.
In announcing his retirement, Mr. Leonard stated, "It has been
an honor being part of Alamo Group since 2011 and serving as Alamo
Group's President and CEO for the last several years. I have
watched the Company experience tremendous growth and am confident
that it will continue to grow. I am also confident in the
leadership in place and that the Board's succession process will
place a strong leader as my successor in the President and CEO
role."
On behalf of the Board of Directors, Rick Parod, the Board's Independent Chair, said,
"We would like to thank Jeff for his leadership and service as
President and CEO, and for his significant involvement in the
growth of the Company during his more than 13 years of
service. Jeff has been instrumental in continuing the success
of Alamo Group and its reputation as a financially sound and
operationally strong company. We wish him the best in his
retirement. The Board has given careful consideration to
succession planning and we are confident that our planning
will result in a successful leadership transition."
About Alamo Group
Alamo Group is a leader in the
design, manufacture, distribution, and service of high-quality
equipment for vegetation management, infrastructure maintenance and
other applications. Our products include truck and tractor mounted
mowing and other vegetation maintenance equipment, street sweepers,
snow removal equipment, excavators, vacuum trucks, other industrial
equipment, agricultural implements, forestry equipment and related
after-market parts and services. The Company, founded in 1969, has
approximately 4,000 employees and operates 28 plants in
North America, Europe, Australia, and Brazil as of September
30, 2024. The corporate offices of Alamo Group Inc. are
located in Seguin, Texas.
Forward Looking Statements
This release contains
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause the Company's actual results in
future periods to differ materially from forecasted results. Among
those factors which could cause actual results to differ materially
are the following: adverse economic conditions which could lead to
a reduction in overall market demand, supply chain disruptions,
labor constraints, increasing costs due to inflation, disease
outbreaks, geopolitical risks, including effects of the war in the
Ukraine and the Middle East, competition, weather,
seasonality, currency-related issues, and other risk factors listed
from time to time in the Company's SEC reports. The Company does
not undertake any obligation to update the information contained
herein, which speaks only as of this date.
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SOURCE Alamo Group Inc.