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Brady Corporation (NYSE: BRC) today announced the retirement of President and Chief Executive Officer Frank M. Jaehnert and the appointment of current Senior Vice President and Chief Financial Officer Thomas J. Felmer as Interim President and CEO. At the request of the Board, Mr. Jaehnert will remain with the Company in a consultative position until December 31, 2013, to ensure a sound transition.
“We are grateful for the service and leadership Frank has provided over the past decade, and we wish him well in the future,” said Conrad Goodkind, the Lead Independent Director of Brady’s Board. “Over the last 10 years, he has led the company through acquisitions and international expansion and Brady has more than doubled its revenues. More recently, he has spearheaded a reorganization that has positioned us for future growth. The Board is committed to this process. On behalf of the entire Board, I express our appreciation to Frank.”
“I have enjoyed working with an exceptional group of talented and special people, and I want to thank all of Brady's employees, leadership team and the Board of Directors for their support over the years. I am confident that the company is positioned well for the future and will succeed in its plans and continue to be a leader in its markets. I wish Tom Felmer, the executive management team and the Board all the best as they continue to transform the company,” Jaehnert said.
Goodkind said that Felmer will retain his responsibilities as CFO and Senior Vice President while the Board conducts a search for a new President and CEO.
“Tom has broad business experience and nearly 25 years with Brady. The Board is confident that he will do a great job while the search for Brady’s next leader is conducted,” Goodkind added. “We have a strong leadership team in place that is committed to growing shareholder value and continuing our goal of exceeding customer expectations.”