Griffon Corporation Selects Douglas J. Wetmore as Executive Vice President and Chief Financial Officer
PATRICK L. ALESIA PROMOTED TO CHIEF ADMINISTRATIVE OFFICER
JERICHO, N.Y., August 6, 2009 – Griffon Corporation (NYSE: GFF) announced today that it has selected Douglas J. Wetmore as Executive Vice President and Chief Financial Officer, effective September 1, 2009.
Douglas J. Wetmore will report directly to the Chief Executive Officer. Mr. Wetmore was most recently Senior Vice President, Chief Financial Officer and Treasurer of International Flavors and Fragrances Inc. (IFF), a New York Stock Exchange listed company that is a leading creator and manufacturer of flavors and fragrances used in a variety of consumer products. Mr. Wetmore held such position for over ten years. Prior to that, he was Corporate Controller of IFF for seven years and spent over twelve years at Price Waterhouse. He holds a B.B.A degree from the University of Notre Dame and is a certified public accountant.
Patrick L. Alesia, who presently serves as the Vice President, Chief Financial Officer, Treasurer and Secretary, is being promoted to the position of Chief Administrative Officer effective September 1, 2009. Mr. Alesia will continue to report directly to the Chief Executive Officer. Mr. Alesia will continue to serve as the Vice President, Treasurer and Secretary of the company. Mr. Alesia has been employed by the company for 35 years and has been an executive officer of the company since 1979.
Ronald J. Kramer, Chief Executive Officer, stated “As our CFO, Pat has done a great job and has made many contributions to Griffon’s success. I am confident that he will bring the same determination and commitment to his new position as Chief Administrative Officer. I am pleased that Doug will be joining us to add depth to our management team as we position Griffon to grow. Doug has accumulated a wealth of experience in finance, strategy and planning that will be instrumental in his new position. I expect Doug to play an integral role in the growth of Griffon for years to come.”
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company’s financial position, business strategy and the plans and objectives of the company’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company’s management, as well as assumptions made by and information currently available to the company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including, but not limited to, the credit market, the housing market, results of integrating acquired businesses into existing operations, the results of the company’s restructuring and disposal efforts, competitive factors and pricing pressures for resin and steel, capacity and supply constraints and the ability to consummate the transactions under the investment agreement. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company as previously disclosed in the company’s SEC filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Griffon Corporation, headquartered in Jericho, New York, is a diversified holding company consisting of three distinct business segments: Telephonics Corporation, Clopay Building Products Company and Clopay Plastic Products Company.
- Telephonics’ high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide.
- Clopay Building Products is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains.
- Clopay Plastic Products is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial markets.