This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Xerium Technologies Announces The Appointment Of A New Chairman And A New CEO

Xerium Technologies, Inc, (NYSE: XRM) a leading global manufacturer of industrial textiles and roll covers used primarily in the paper production process, today announced the appointment of Mr. Harold C. Bevis, as the company’s new Chief Executive Officer, President and Director. Mr. Bevis has been CEO, President and Director of Pliant Corporation and Jordan Telecommunication Products, and has held executive positions with Emerson Electric and General Cable Corporation. He is a 1983 graduate of Iowa State University receiving an Industrial Engineering degree and earned his MBA from Columbia University in 1988.

Coincident with the appointment of Mr. Bevis, Mr. James F. Wilson, currently Xerium’s Lead Director, has been appointed the company’s Chairman of the Board. Mr. Wilson joined the Xerium Board of Directors in June 2010 and has served on the Compensation and Nominating committees since that time. Mr. Wilson is a principal at Carl Marks Management Company, LLC, an investment firm which is a significant shareholder of Xerium stock. As a consequence of the separation of the Chairman and CEO roles, the Board of Directors will no longer have a Lead Director.

As previously announced in December 2011, Stephen R. Light Xerium’s Chairman, Chief Executive Officer and President resigned from his executive and board positions coincident with the appointment of Mr. Bevis and Mr. Wilson. Mr. Light will remain a non-executive employee of the company to facilitate the executive transition until his retirement in February 2013. The company wishes to thank Mr. Light for his leadership and contributions during a time of significant change and progress for Xerium.

In connection with his appointment, Mr. Bevis was awarded 204,208 restricted stock units and options to purchase 781,701 shares of Xerium’s common stock. These awards were made in accordance with the employment inducement award exemption provided by Section 303A.08 of the New York Stock Exchange Listed Company Manual and were therefore not awarded under Xerium’s stockholder approved equity plan. The restricted stock units vest annually in one-third increments, beginning on the second anniversary of the August 15, 2012 grant date. Vested restricted stock units will result in the delivery to Mr. Bevis of one share of Xerium’s common stock per vested unit. The options will vest annually in one-third increments, beginning on the second anniversary of the August 15, 2012 grant date, have a 10-year term and an exercise price of $4.00 per share, the August 15, 2012 closing price of Xerium’s common stock on the New York Stock Exchange.

Stock quotes in this article: XRM 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,355.30 +92.74 0.57%
S&P 500 1,852.84 +9.86 0.54%
NASDAQ 4,063.1330 +28.9720 0.72%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs