Business
Art's Way Manufacturing Announces Transition Plan In Anticipation Of Retirement By CEO Carrie Gunnerson
ARMSTRONG, Iowa, March 11, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW) (the "Company"), a diversified manufacturer and distributor
About this update from Art's-way Manufacturing Co., Inc.
[{"type":"text","content":"ARMSTRONG, Iowa, March 11, 2020 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW) (the \"Company\"), a diversified manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces today an anticipated Chief Executive Officer transition from Carrie Gunnerson to David King, to occur in the third quarter of 2020.\nCarrie Gunnerson, the Company's Chief Executive Officer since 2007, has expressed her desire to transition out of her role as Chief Executive Officer of the Company by mid-2020, pending the Company's identification of a qualified successor. Following an extensive search by the Board of Directors, on March 5, 2020, the Company entered into an offer letter (the \"Offer Letter\") with David King, pursuant to which Mr. King is expected to assume the role of Chief Executive Officer upon the anticipated resignation of Ms. Gunnerson in the third quarter of fiscal year 2020. Mr. King's anticipated start date is March 23, 2020 and he will serve in an interim role prior to assuming the role of Chief Executive Officer. The Company intends to enter into a formal employment agreement with Mr. King prior to his start date. \nMr. King has a proven executive management track record with over 25 years in the agricultural industry. He is currently the Executive Vice President of Sales and Marketing at VES Environmental Solutions, LLC, a designer and manufacturer of energy-efficient agricultural ventilation and lighting systems, a position he has held since November 2019. He was previously Vice President of Sales and Marketing at Salford Group from June 2013 to November 2019, and he held roles in operations, marketing and international business development at Ag Leader Technology from 1996 to June 2013. Mr. King holds a B.S. in Business Administration from Iowa State University and an M.B.A. from Drake University.\nChairman of the Art's Way Board of Directors, Marc H. McConnell reports, \"We would like to express our most sincere gratitude and appreciation for Carrie and her dedication and loyalty to Art's Way since joining the team in 2004. She worked her way from senior accountant to CFO and eventually to CEO where she led the company through times of growth, acquisitions, and development as an organization. Through the difficult times in the ag economy and the more robust times, s...