PITTSBURGH, June 25, 2021 (GLOBE NEWSWIRE) — L.B. Foster Company (NASDAQ: FSTR), announced today that Mr. Robert P. Bauer is retiring from the Company after serving as its President and Chief Executive Officer since 2012. The decision is the culmination of a comprehensive CEO succession planning process resulting in the appointment of Mr. John F. Kasel as the Company’s next President and CEO, effective July 21, 2021, and his election as a member of the Board of Directors with his term commencing on that same date. Mr. Kasel has held senior management positions with L.B. Foster for 18 years, most recently serving as the Chief Operating Officer. In order to ensure a seamless transition, Mr. Bauer will step down from his role as President and CEO and as a director on July 21, 2021, to serve as a senior advisor to Mr. Kasel through December 31, 2021, at which point he will retire from employment with the Company.
“It has been an honor and a privilege to serve as L.B. Foster Company’s CEO for nearly a decade now.” Mr. Bauer said. “I want to express my appreciation to the team of people who take on the challenges and opportunities every day in an effort to build a great future. We have extraordinary talent and a deep sense of teamwork that make this a great company to lead. I am very pleased that the Board of Directors has recognized John Kasel’s accomplishments and his ability to lead this Company going forward. I am confident that his leadership and focus on execution and strategy will reward shareholders.”
Lee B. Foster, Chairman of the Board, said, “This announcement follows a CEO succession planning process developed and executed by the Board of Directors and Bob. The Board is particularly pleased that we have our next CEO talent within the Company. John is a proven leader, and over the course of his 18 years with the Company I have watched him take on increasing responsibilities across all of our business lines. The Board is excited about the opportunities the Company has identified to create shareholder value. During the past year, John has been instrumental in leading strategic planning initiatives, making this an opportune time for him to assume the CEO role.”
“On behalf of the Board, I want to thank Bob for his commitment and dedication to serving this Company as CEO. He has guided us through some challenging times during his tenure, and has created a more technology and solutions oriented company positioned to take advantage of the digital railroad and the need for infrastructure modernization. We are pleased that he will stay on for the remainder of the year to allow for a smooth transition.”
Mr. Kasel, age 56, joined the Company in 2003 as Vice President – Operations and Manufacturing and served in roles of increasing responsibility, most recently as Senior Vice President and Chief Operating Officer since December 2019; Senior Vice President – Rail & Construction from 2017 to December 2019; Senior Vice President – Rail Products & Services from 2012 to 2017; and Senior Vice President – Operations and Manufacturing from 2005 to 2012. In his role as Vice President – Manufacturing and Operations from 2003 to 2005, he introduced LEAN manufacturing and other advancements which improved operating efficiency and reliability. When he assumed the role of Senior Vice President of the Rail business following an alignment of all operations under business leaders with full P&L responsibility, the Rail business was the largest reporting segment by revenue. He then added responsibility for the Construction and Tubular segments prior to being appointed COO.
“I am grateful for the opportunity to lead such a dynamic global company,” said Mr. Kasel. “I have a deep appreciation of the hard work and dedication our employees have exhibited to build a great foundation for growing shareholder value. This Company has a bright future and I am excited to lead it as we continue to strive to be more technology and services oriented, with a focus on increasing profitability. I am looking forward to working with our stakeholders to create value by focusing on higher returns from the most attractive markets we serve. I am honored that the Board has placed their trust and confidence in me to guide L.B. Foster Company as the next CEO.”
About L.B. Foster Company
L.B. Foster Company and its subsidiaries provide products and services for the rail industry, and solutions to support critical infrastructure projects. The Company’s innovative engineering and product development solutions inspire the safety, reliability, and performance of its customer’s challenging requirements. The Company maintains locations in North America, Europe, and Asia. For more information, please visit www.lbfoster.com
