After 37 years of service, James R. Lines
announces plans to retire
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the defense, energy
and chemical/petrochemical industries, today announced that its
Board of Directors has appointed Daniel J. Thoren as its President
and Chief Executive Officer, effective September 1, 2021. Mr.
Thoren will also join the Board of Directors upon assuming the new
role.
Mr. Thoren currently serves as Graham’s President and Chief
Operating Officer. He will succeed James R. Lines, who plans to
retire from the Company and step down from the Board of
Directors.
James J. Malvaso, Graham’s Board Chairman, commented, “We first
met Dan in 2019 when we were evaluating the acquisition of
Barber-Nichols (“BN”), which we completed on June 1, 2021. Dan has
proven his strong leadership skills through the rapid growth of BN
and, since joining Graham, has demonstrated a robust vision for the
future of the Company. Dan had built a strong leadership bench at
BNI enabling this succession plan to be another key benefit of our
transformative acquisition. We are excited to have him take charge
of the next phase of Graham’s future.
“On behalf of the entire board, I thank Jim for more than 37
years of service to Graham and the notable contributions he made as
leading the organization over 15 years. Under his leadership,
Graham has improved its cash generation, expanded into more
geographic and end markets, with the Navy being particularly
noteworthy, and created more flexible and efficient production
processes while building a strong culture of quality. We appreciate
his support through the transition and wish him the very best in
his retirement.”
Mr. Lines commented, “It has been an honor and privilege to
serve as the president and chief executive officer of Graham. I
value the relationships developed through the years with our
employees, customers, and shareholders, and, I appreciate the
support the board of directors has provided all these years. I am
excited about Graham’s future under Dan’s leadership and look
forward to watching the Company transform into a leading defense
industry supplier while further advancing our energy business. We
have enhanced our strong leadership team with the BNI acquisition,
and I expect that, supported by our tremendously talented team of
employees, they will propel Graham to new heights.”
Mr. Thoren commented, “I believe these are incredible times for
Graham as we work to transform the business and pivot toward
growth. I am excited to lead the team as we expand our defense
business, develop new products and capture a larger share of the
defense and energy markets we serve. I am looking forward to
working with our combined team and the Board to drive value for
customers and shareholders.”
Dan Thoren became Graham’s President and Chief Operating Officer
in June 2021. Prior to that, Mr. Thoren served as Barber Nichols’
President and CEO since 1997 and more than quadrupled the size of
the business in that time. From 1991 to 1997, he held Senior
Engineer and Engineering management posts at the company. Mr.
Thoren earned a B.S. degree in Mechanical Engineering from the
University of Wyoming and a M.S. degree in Organizational
Management from the University of Colorado, Denver.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense, aerospace, medical,
technology, automotive and chemical/petrochemical industries. The
Graham and Barber-Nichols’ global brands are built upon
world-renowned engineering expertise in vacuum and heat transfer,
cryogenics, and turbomachinery technologies, as well as the
Company’s responsive and flexible service and unsurpassed
quality.
Graham routinely posts news and other important information on
its website, www.graham-mfg.com, where additional comprehensive
information on Graham Corporation and its subsidiaries can be
found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended.
Forward-looking statements are subject to risks, uncertainties
and assumptions and are identified by words such as “expects,”
“estimates,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “indicates”, “believes,” “appears,” “could,”
“opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look
towards” and other similar words. All statements addressing
operating performance, events, or developments that Graham
Corporation expects or anticipates will occur in the future,
including but not limited to, expected expansion and growth
opportunities within its defense and energy markets, anticipated
revenue, the timing of conversion of backlog to sales, market
presence, profit margins, tax rates, foreign sales operations, its
ability to improve cost competitiveness and productivity, customer
preferences, changes in market conditions in the industries in
which it operates, the effect on its business of volatility in
commodities prices, including, but not limited to changes in
general economic conditions and customer behavior, forecasts
regarding the timing and scope of the economic recovery in its
markets, its acquisition and growth strategy are forward-looking
statements. Because they are forward-looking, they should be
evaluated in light of important risk factors and uncertainties.
These risk factors and uncertainties are more fully described in
Graham Corporation’s most recent Annual Report filed with the
Securities and Exchange Commission, included under the heading
entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize
or should any of Graham Corporation’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation’s forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210810005346/en/
Jeffrey F. Glajch Vice President - Finance and CFO Phone: (585)
343-2216 jglajch@graham-mfg.com
Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908
dpawlowski@keiadvisors.com
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