Mr. O’Gara is a member of LSI’s Board and currently serves as Chairman of the Audit Committee. He is the Managing Director of
Bill O’Gara commented, “I am honored to accept this role and am excited about the plans that we are putting into place to better serve our customers and ultimately enhance shareholder value. On behalf of the full Board, I would like to thank Mr. Kreider for the wise counsel and leadership which he has provided as Chairman of the Board over the past four years.”
Organization Structure and Leadership Changes
LSI has a rich history of success in the key markets that it serves, such as petroleum, automotive, and quick serve restaurants (QSR). Over time, the business became organized around its core products rather than its customers. As we move forward, LSI’s structure is being aligned around our key markets and customers. This will enable the Company to better package our technology, products and services in a unique way to continue to provide our customers with innovative solutions. We intend to grow the business by: improving and expanding our capabilities to better serve our customers in our targeted markets; and developing and acquiring technologies, products and services to improve the experience for our customers’ customers.
In conjunction with this new organization structure, we are eliminating the positions of President of LSI Lighting, President of Atlas Lighting and President of LSI Graphics, as well as the separate organizations aligned around the products each business produced and sold. The Company is now organizing as one LSI organization, focused on serving key customer markets with its full package of capabilities.
The following structural leadership changes are being implemented in order to align the entire organization and better leverage LSI’s full scope of capabilities (lighting, graphics, digital signage, control and IoT technologies).
A new Chief Commercial Officer role has been created which will be responsible for leading LSI’s sales organizations and market channels for all LSI products, technology and services.
Another newly created key leadership position is the Chief Marketing Officer, whose responsibility will be to develop and implement marketing strategies across our served markets based upon customer needs; manage all of LSI’s marketing efforts; and lead LSI’s new product development. A search is currently underway for the Chief Marketing Officer.
A critical function under the Chief Marketing Officer is product development.
Sales teams will now be organized around key markets where LSI’s total package of technologies, products and services are valued. Leaders for each of these teams will have responsibility for sales and market channel development, strengthening LSI’s position in these markets.
As we orient towards a market-driven organization, we are moving forward to streamline responsibilities in other areas of the business to become more responsive to changing market trends. For example, responsibilities for procurement, sourcing and logistics had been spread through multiple areas and businesses within LSI. This is now being structured under one organization.
LSI Going Forward
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should” or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, tax law changes, failure of an acquisition or acquired company to achieve its plans or objectives generally, unexpected difficulties in integrating acquired businesses, the ability to retain key employees, unfavorable economic and market conditions, the impact of tariffs and trade wars, the results of asset impairment assessments, the ability to maintain an effective system of internal control over financial reporting, the ability to remediate any material weaknesses in internal control over financial reporting and any other risk factors that are identified herein. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the
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Source: LSI Industries Inc.