Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions, today announced that its Board of Directors has elected Richard L. Simons, President and Chief Executive Officer of Hardinge, to the additional position of Chairman of the Board effective February 14, 2012.
Mr. Simons will succeed Kyle H. Seymour, who announced that he will be resigning as Chairman and as a director, effective February 14, 2012, in order to devote his full time to other commitments. Mr. Seymour has served as a director since 2004 and was appointed Chairman of the Board in 2008.
“The leadership and insight that Kyle has provided during his tenure with our Board has been instrumental in the successful execution of our strategy to expand our global presence, improve our financial position and strengthen our earnings power,” noted Mr. Simons. “We understand his desire to now dedicate his time to other interests, and we are grateful for his service.”
Mr. Seymour noted, “It has been a privilege to serve as Chairman of the Board of Hardinge over these years of challenge, change and expansion. Though I am departing during a time of exciting growth, competing workloads and responsibilities have made it difficult to dedicate the time and effort this role rightly deserves. I am confident that Rick’s industry experience, in depth operating knowledge and strong communication skills will continue to serve the Board and the Company well in his expanded role.”
In conjunction with Mr. Simons’ appointment to Chairman, the Board has appointed Daniel J. Burke as its Lead Independent Director. Mr. Burke, who has served on Hardinge’s Board of Directors since 1998, was previously Lead Director from 2005 through 2008. He currently is Chairman of its Compensation Committee and serves on its Nominating and Governance Committee and its Audit Committee.
Hardinge is a global designer, manufacturer and distributor of machine tools, specializing in
, high performance
, high-end cylindrical and jig
Machines, and technologically advanced
. The Company’s products are distributed to most of the industrialized markets around the world with approximately 75% of its sales outside of North America. Hardinge has a very diverse international customer base and serves a wide variety of end-user markets. This customer base includes metalworking manufacturers which make parts for a variety of industries, as well as a wide range of end users in the aerospace, agricultural, transportation, basic consumer goods, communications and electronics, construction, defense, energy, pharmaceutical and medical equipment, and recreation industries, among others. The Company has manufacturing operations in Switzerland, Taiwan, the United States, China and the United Kingdom. Hardinge’s common stock trades on the NASDAQ Global Select Market under the symbol, “HDNG.”
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