Jeff Rosenbaum, Portfolio Manager at Elliott Management, said, We are pleased to have worked constructively
with RPMs Board and management team on the initiatives announced today. RPM has an outstanding collection of leading brands, and we believe the company has significant potential for further operating, financial, and balance sheet improvements.
Kirk Andrews brings strong portfolio and operational review and execution experience with his leadership in NRGs recent $855 million cost and margin enhancement program. And John Ballbach brings strong industry know-how and leadership skills from his work as a Valspar senior executive. They will both add immediate value to RPMs Board and newly formed Operating Improvement Committee. We are confident that this
no stone unturned review will lead to several hundred basis points of margin improvement, capital returned to shareholders, and superior overall results for the Company.
The appointments of Messrs. Andrews and Ballbach are effective immediately and expand the size of RPMs Board from 12 to 14 members, 13 of whom are
Under the terms of the cooperation agreement between RPM and Elliott, Elliott has agreed to customary standstill, voting and other
provisions. The full cooperation agreement will be filed on a Form 8-K with the Securities and Exchange Commission.
About Kirkland (Kirk) B. Andrews
Financial Officer of NRG Energy, Inc. (NRG), a Fortune 500 integrated power company, Mr. Andrews leads all of NRGs corporate financial functions, including treasury, financial planning, accounting, risk management, tax,
insurance, supply chain and investor relations. He also plays an instrumental role in formulating and executing NRGs capital allocation strategies and in financing the companys repowering initiatives. Mr. Andrews has also helped
lead NRGs transformation plan, announced in 2017 targeting significant cost and operational enhancements across the company.
Mr. Andrews joined NRG in 2011 after a successful 15-year career in investment banking. Mr. Andrews served
as Managing Director and Head of Power Mergers and Acquisitions and subsequently headed the North American Power Investment Banking group at Citigroup Global Markets. Later, he served as Managing Director and
co-head of Power and UtilitiesAmericas at Deutsche Bank. In his banking career, Mr. Andrews led numerous large and innovative strategic, debt, equity and commodities transactions, including multiple
advisory roles for NRG.
About John M. Ballbach
seasoned chemicals and coatings industry executive, Mr. Ballbach served as an Operating Advisor with Clayton, Dubilier & Rice (Clayton), a private equity investment firm, from 2014 to 2017. In connection with his role as an
Operating Advisor at Clayton, Mr. Ballbach also served as Chairman and director for Solenis, LLC, a specialty chemicals manufacturer and portfolio company of Clayton. Mr. Ballbach served as an independent director at Valspar from 2012
until the companys sale to Sherwin-Williams in 2017. In addition, he is a former corporate officer of Valspar, having served as President and Chief Operating Officer from 2002 to 2004 and in various senior management positions since 1990.
RPM International Inc. (NYSE: RPM) owns subsidiaries that are world leaders in coatings, sealants, building materials and related services. From homes to precious landmarks worldwide, their brands are trusted by consumers and professionals alike to protect, improve and beautify. Among its leading consumer brands are Rust-Oleum, DAP and Zinsser. Learn more about RPM brands >>
RPM is a compelling long-term investment.
The percent by which RPM's 10-year total return has bested the S&P 500. More reasons >>
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