ADS President to Retire This Year
Advanced Drainage Systems, Inc. has announced that Joseph A. Chlapaty intends to retire as the company’s President, Chief Executive Officer, and Chairman of the Board by the end of 2017. As part of the company’s succession plan, its Board of Directors has created a search committee and has hired recruiting firm Korn Ferry to identify and evaluate both internal and external candidates to succeed Chlapaty. Chlapaty will remain as President, CEO and Chairman of the Board throughout the search process to ensure an orderly transition.
“It has been my honor and privilege to have served ADS over the past thirty seven years,” Chlapaty said. “As I journey towards my 72nd birthday and look to the bright future of ADS, I believe the timing is right to begin planning for new leadership for our company. Importantly, this announcement comes at a time when ADS is very well positioned for the future. We continue to lead the industry with our complete water management solutions. We have a highly capable management team, tremendous talent across our organization and are in a strong financial position. Since our founding in 1966, our products have been instrumental in revolutionizing water management, beginning with the American agricultural industry to the construction and infrastructure markets we serve today. And while our company’s success to date has been impressive, I believe the best days are still ahead for ADS, and I intend to maintain a significant ownership position in the company. Finally, I would like to thank all of our employees, customers, advisors and shareholders for the incredible support I have received from them over the years.”
Joseph A. Chlapaty joined ADS in 1980 and has served as Chairman of the Board since 2008, Chief Executive Officer since 2004 and President since 1994. From 1980 to 1994, Mr. Chlapaty served as our Vice President and Chief Financial Officer. Before joining ADS, Chlapaty served as Corporate Accounting Manager, Assistant Treasurer, and Treasurer for Lindberg Corporation and prior to that was with Arthur Andersen LLP. He serves on the advisory board to Fifth Third Bank of Columbus, and is also a member or former member of several not-for-profit boards, including Nationwide Children’s Hospital, KIPP Journey Academy, Ohio Foundation of Independent Colleges, the University of Dubuque and Marietta College. Chlapaty holds a bachelor’s degree in Business Administration from the University of Dubuque and an MBA from DePaul University.
“We are grateful to Joe for his valued leadership and the many contributions he has made to ADS’ success and growth over the years,” C. Robert Kidder, ADS’ lead independent director said. “Under Joe’s leadership, ADS has grown from a small, private company with $50 million in sales to an industry leader with an exceptionally strong brand and more than $1.2 billion in sales across multiple end markets and geographies. His thorough knowledge of all facets of our business and operations and his deep understanding of our history, culture and the markets we serve were instrumental in shaping ADS to what it is today.”
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