Trex Names James E. Cline President and CEO Effective August 17, 2015
By Business Wire News
By Business Wire News
Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced changes in its executive leadership team, including the appointment of James E. Cline, currently senior vice president and chief financial officer of Trex, as president and chief executive officer effective August 17, 2015 upon the retirement of Ronald W. Kaplan. Mr. Cline will also join the Trex board of directors. Trex Company is pleased to announce that Mr. Kaplan will continue as chairman.
Trex Company also announced that Bryan H. Fairbanks, senior director, supply chain and executive director, international business development, will succeed Mr. Cline as chief financial officer effective August 17, 2015, and that F. Timothy Reese, senior vice president, operations will retire.
Mr. Kaplan commented, “The Board has completed a rigorous search for the right CEO to lead the next stage of Trex’s growth. We are delighted to have found that person in Jim Cline, who has been chief financial officer since 2008, was key to our successful turnaround and has been instrumental in our recent successes. Among many other attributes, he brings to his new role an extensive knowledge of the industry and the proven ability to lead. Jim will do an outstanding job extending our exceptional track record of building value for shareholders and employees.”
Lead Director Frank H. Merlotti, Jr. added,“I would first like to express the board’s deep gratitude to Ron for the superb job he has done over the last eight years. After joining Trex at a very difficult time in its history, Ron completely transformed the company, establishing it as the pre-eminent leader in high-performance decking and railing products with best-in-class operations, industry-leading innovation and a strong financial profile. Working hand in hand with Jim, he also built a world-class leadership team that is totally focused on achieving our strategic plan. We congratulate Jim and look forward to Ron’s continued contributions as chairman.”
Mr. Cline remarked, “I am honored by my appointment, excited about the opportunity to take Trex to the next level, and look forward to continuing to work with Ron as chairman. Our company is a market leader with a premium brand, great products, unparalleled distribution and a passion to succeed at every level of the organization. I look forward to building further on Trex’s many competitive advantages and compelling growth opportunities.”
Before joining Trex in March 2008, Mr. Cline served for three years as president of Harsco GasServ, a division of Harsco Corporation and a manufacturer of containment and control equipment for the global gas industry, with annual revenues of approximately $400 million, 15 manufacturing locations on four continents, and more than 1,700 employees. From 1994 through 2005, he was the vice president and controller of Harsco GasServ. From 1976 to 1994, he served in various capacities with Huffy Corporation, including as the director of finance of its True Temper Hardware subsidiary, a manufacturer of lawn care and construction products with nine manufacturing locations in the United States, Canada and Ireland. Mr. Cline received a B.S.B.A. degree in accounting from Bowling Green State University.
Mr. Fairbanks, who joined Trex in 2004, has served as senior director, supply chain from 2006 through the present, and as executive director, international business development, since 2012. From 2004 to 2006, he held the position of director, financial planning and analysis. For the prior 10 years, Mr. Fairbanks served in numerous senior finance roles with Ford Motor Company. Mr. Fairbanks earned a B.S. Degree in accounting from the University of Dayton and an M.B.A. degree from the University of Pittsburgh.
Mr. Cline commented, “Bryan has more than a decade of business, operational and financial experience with Trex, and has done an outstanding job in each of the roles he has held. With his diverse background and successful track record, he is perfectly positioned to become Trex’s chief financial officer. I look forward to working with Bryan in his new role.”
Mr. Kaplan concluded, “All of us are indebted to Tim Reese for the key role he played over the past eight years in helping Trex Company achieve best-in-class manufacturing capabilities. His unrelenting focus on bottom-line disciplines has enabled us to realize major productivity improvements and cost reductions. Tim’s continuous focus on manufacturing efficiencies has been instilled throughout our operations team, which is well positioned to continue to deliver superior manufacturing improvements and innovation. We are grateful for Tim’s leadership and wish him the best in his retirement.”
The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include the extent of market acceptance of the Company’s products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the Company’s ability to obtain raw materials at acceptable prices; the Company’s ability to maintain product quality and product performance at an acceptable cost; the level of expenses associated with product replacement and consumer relations expenses related to product quality; and the highly competitive markets in which the Company operates. Documents filed with the Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Trex Company
Trex Company is the world’s largest manufacturer of wood-alternative decking and railing, with more than 20 years of product experience. Stocked in more than 6,700 retail locations throughout the world, Trex® outdoor living products offer a wide range of style options with fewer ongoing maintenance requirements than wood, as well as a truly environmentally responsible choice. For more information, visit trex.com.
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