Raven Industries Board Announces Management Succession
SIOUX FALLS, S.D., May 24 /PRNewswire-FirstCall/ -- Raven Industries, Inc. (Nasdaq: RAVN) board of directors today announced that Ronald M. Moquist, current president and chief executive officer, will retire on August 20, 2010. The board has elected Daniel A. Rykhus, executive vice president, to succeed him.
Thomas S. Everist, chairman of the board, said, "Since Ron took over as CEO ten years ago, he has done an extraordinary job building Raven and each of its divisions while delivering value to all stakeholders. Under his leadership, the company has more than doubled its revenues and increased earnings per share by more than five times, sustaining our record of market outperformance compared with our peers. We thank him for his dedication and guidance over the years."
"I'm extremely proud of what we've accomplished since I joined Raven in 1975," Moquist said. "With the company's growth prospects more promising than ever and an experienced executive team that is ready to lead, it's the right time for me to step aside. I'll be 65 in September."
Everist added, "The Board strongly believes that Dan is ideally qualified to be our next president and chief executive officer. Under his leadership the Applied Technology Division's precision agriculture business has grown to more than $100 million in sales, making it our largest operation. We are confident that he will continue Raven's legacy of profitable growth and disciplined capital management.""I'm deeply honored to have the opportunity to lead Raven through its next phase of growth," said Rykhus. "Ron has been a valuable mentor to me over the years. My aim is to uphold his high standards for excellence." Mr. Rykhus has served as Executive Vice President of Raven since 2004 and as a member of the Board of Directors since 2008. He was the General Manager of the Applied Technology Division from 1998 through 2009, joining the Company in 1990 as Director of World Class Manufacturing. He also serves on the boards of the Washington Pavilion and Sioux Empire Junior Achievement, in Sioux Falls, SD. About Raven Industries, Inc. Raven is an industrial manufacturer that provides electronic precision-agriculture products, reinforced plastic sheeting, electronics manufacturing services and specialty aerostats and sewn products to niche markets.
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