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Barnes Group prepares for leadership transition, adds new board member

EditorNatashya Angelica
Published 05/03/2024, 21:50
© Reuters.

BRISTOL, Conn. - Barnes Group Inc . (NYSE: NYSE:B), an industrial and aerospace manufacturer, announced the upcoming retirements of its Chairman Thomas O. Barnes and Lead Independent Director Mylle H. Mangum, as per the company's governance policy, to take effect after the Annual Meeting of Stockholders in May 2024. Barnes will be succeeded by Richard J. Hipple as Chair of the Board, pending stockholder re-election.

Concurrently, the company has appointed Adam Katz, Co-Founder of Irenic Capital Management, to its Board of Directors and engaged Larry Lawson, ex-CEO of Spirit AeroSystems (NYSE:SPR) Holdings, Inc., as a Special Advisor. These moves come as part of a cooperation agreement with Irenic Capital Management.

Thomas O. Barnes expressed gratitude for his tenure and optimism for the company's future, highlighting the transformation strategy in place. He also commended Mangum for her contributions over her 21-year tenure with the company.

Richard Hipple's appointment as Chair Elect is seen as a strategic move, with President and CEO Thomas J. Hook noting Hipple's management and board experience will drive value for stockholders. The involvement of Katz and Lawson is aimed at reinforcing investor perspectives and industry expertise, particularly in scaling the Aerospace sector and rationalizing the Industrial unit.

Adam Katz remarked on the significant opportunity to enhance shareholder value as Barnes focuses more on Aerospace, while expressing appreciation for the collaborative approach that led to his board appointment.

The cooperation agreement with Irenic includes standard provisions such as standstill, voting, and confidentiality. It will be documented in a Current Report on Form 8-K to the Securities and Exchange Commission.

Legal and financial advisors have been engaged by both Barnes and Irenic in relation to these changes, with the aim to ensure smooth transitions and strategic alignment.

This leadership transition and strategic cooperation reflect Barnes Group's ongoing efforts to optimize governance and operational focus, particularly within its Aerospace division. The company, founded in 1857, is known for its highly engineered products and differentiated industrial technologies. The information in this article is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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