CHICAGO--(BUSINESS WIRE)--Sep. 24, 2012--
Lawson Products, Inc. (NASDAQ:LAWS) (“Lawson” or the “Company”), a
distributor of products and services to the MRO marketplace, today
announced that Thomas J. Neri has retired as President and Chief
Executive Officer and that the Board of Directors has appointed Michael
G. DeCata to those positions.
Mr. Neri joined the Company in 2003 and has been its President and CEO
since 2007. He earlier served as Chief Financial Officer and Treasurer
and later as Chief Operating Officer.
Since 2009, Mr. DeCata has worked in private equity, conducting
acquisition analysis and due diligence, and has served since June 2008
on the Board of Directors of Crescent Electric Supply, one of the
largest electrical distributors in the U.S. From 2006 to 2009, he was
President of the Chefs’ Warehouse, a $300 million specialty food
distributor.
Prior to his position at the Chefs’ Warehouse, Mr. DeCata led the
Contractor Supplies Division of United Rentals Inc., a $4 billion
construction equipment rental company. Mr. DeCata also led Fleet
Operations at United Rentals.
From 1997 until 2002 he led the eastern region of W.W. Grainer, Inc.
which had annual sales of more than $1.4 billion, 152 branch locations
and 2,000 employees. Mr. DeCata began his career at General Electric Co.
and worked in a variety of cross-functional and cross-business
positions, including industrial sales, from 1979 until 1997.
“Tom Neri has provided Lawson Products with strategic and insightful
leadership in changing -- and often challenging -- economic and industry
conditions,” stated Ronald B. Port, Chairman of the Board. “The Board
extends to him a heartfelt thank you for that leadership and we wish him
continued success.”
Noting that Mr. DeCata is a senior executive with a demonstrated record
of success, Mr. Port added: “We are delighted to welcome Mike DeCata to
Lawson and look forward to the leadership he will bring to our company.
His experience in MRO distribution is the perfect match for Lawson.”
Mr. DeCata stated: “I am very pleased to have this opportunity to join
Lawson Products, a company with a well-deserved reputation built upon
years of service to its stakeholders. The Company has taken many
important steps, including implementing a strategic restructuring
designed to reduce its cost structure, improve operating efficiency,
enhance revenues and improve its liquidity position. These actions
better position the Company to compete in the MRO marketplace, and I
look forward to helping the Company as these objectives come to
fruition.”
About Lawson Products, Inc.
Founded in 1952, Lawson Products, Inc. (NASDAQ:LAWS), is an industrial
distributor of more than 375,000 different maintenance and repair
supplies. Lawson Products serves its customers through a dedicated team
of sales representative and employees. The Company services the
industrial, institutional, commercial and government markets in all 50
U.S. states, Canada and Puerto Rico. You can learn more about the
company on its Website, www.lawsonproducts.com.
Forward-Looking Statements
This Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. The terms “may”, “should”, “could”,
“anticipate”, “believe”, “continues”, “estimate”, “expect”, “intend”,
“objective,” “plan”, “potential”, “project” and similar expressions are
intended to identify forward-looking statements. These statements are
not guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. These statements are
based on management’s current expectations, intentions or beliefs and
are subject to a number of factors, assumptions and uncertainties that
could cause or contribute to such differences or that might otherwise
impact the business and include the risk factors set forth in Item 1A of
the December 31, 2011 Form 10-K filed on March 1, 2012, the March 31,
2012 Form 10-Q filed on April 26, 2012 and the June 30, 2012 Form 10-Q
filed on August 9, 2012. The Company undertakes no obligation to update
any such factor or to publicly announce the results of any revisions to
any forward-looking statements whether as a result of new information,
future events or otherwise.
Source: Lawson Products, Inc.
Investor Contact:
Lawson Products, Inc.
Ronald J. Knutson,
(773) 304-5665
SVP, Chief Financial Officer
or
Media
Contact:
FTI Consulting
Michael Geczi, (312) 553-6735
