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L.B. Foster Company Announces CEO Succession Plan
L.B. Foster Company today announced that CEO Robert P. Bauer will retire from the Company, and John F. Kasel, currently COO, will succeed Mr. Bauer as the
About this update from L.b. Foster Company
[{"type":"text","content":"L.B. Foster Company today announced that CEO Robert P. Bauer will retire from the Company, and John F. Kasel, currently COO, will succeed Mr. Bauer as the Company’s next CEO\nPITTSBURGH, June 25, 2021 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “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 t...