Senior Management Changes and Board Appointments

RNS Number : 2470X

Somero Enterprises Inc.

04 January 2022

 

4 January 2022

Somero Enterprises, Inc.

("Somero" or the "Company")

Senior Management Changes and Board Appointments

Somero® is pleased to announce that John Yuncza has been appointed President with immediate effect. Mr. Yuncza, who held the position of Chief Financial Officer, becomes President assuming those responsibilities from Jack Cooney who has served as President and Chief Executive Officer since 1997. Mr. Cooney will continue to serve as Chief Executive Officer and as an executive Director on the Company's Board, assuring an effective and seamless transition of leadership to Mr. Yuncza. In his role as President, Mr. Yuncza will be responsible for the execution of the Company's strategy and the daily operations of the business. Mr. Cooney in his role as CEO will guide the long-term vision and strategy of the business with particular focus on new product development initiatives.

Mr. Yuncza joined Somero Enterprises, Inc. as CFO in April 2015 and during his tenure provided the financial and strategic leadership that were key elements to the Company's growth and strong performance during this period.  Mr. Yuncza, who earned an MBA from the Yale School of Management, has previously held several senior management roles including most recently as CFO at Datamax-O'Neil Corporation, a wholly owned subsidiary of the NYSE-listed Dover Corporation.  

Board Appointments

In addition, Vincenzo ("Enzo") LiCausi has been appointed Chief Financial Officer and to the Board with immediate effect. Mr. LiCausi is assuming this role from Mr. Yuncza who is stepping down to assume the role of President. Mr. LiCausi joined the Company in September 2018 as Vice President of Finance & Controller and has been an integral member of the management team contributing to the Company's growth by leading numerous process improvement and risk management initiatives across a range of finance and information technology activities. Prior to Somero, Mr. LiCausi served as Vice President of Finance at Conformis, Inc., a NASDAQ listed company.

The Board is also pleased to announce that Anne Ellis has been appointed to the Board as Non-Executive Director with immediate effect. After an extensive search process that spanned the majority of 2021, the Board is excited to have found such an accomplished, experienced professional with tremendous construction engineering experience and focus on innovation to add to the Board. Ms. Ellis brings with her more than three decades of experience as an engineer, senior business executive and as a Board member with a variety of organizations. Ms. Ellis is recognized worldwide in the field of concrete for her work with the American Concrete Institute (ACI) where she served as 90th president, and with the National Ready Mixed Concrete and the Portland Cement Association. In addition, Ms. Ellis co-authored the "Concrete Design and Construction" section of the Standard Handbook for Civil Engineers, Fifth Edition and is a frequent speaker at universities, professional and technical societies, and industry forums.

Jack Cooney, Chief Executive Officer of the Company, stated,

"We are very pleased to have such a strong management team in place to lead Somero in the years to come. John is a highly experienced leader with a proven track record of creating significant value for Somero shareholders, and along with the Board, I am confident that his leadership and strategic decision-making will drive us forward into our next phase of growth. 

That we have Enzo ready to assume the CFO role is testament to the management bench-strength we have built here. Enzo has been a great addition to our team from day one and a key contributor to our success. With his extensive finance leadership experience, the tremendous finance and IT teams he has developed, and having worked closely with John over the past few years, I am confident the transition to his new role will be seamless.

The Board and I are also thrilled to have Anne join Somero as a Non-Executive Director. Her experience, deep industry knowledge, keen awareness of industry trends, and innovative thinking will add tremendous value to our strategic discussions and in setting the direction of the Company for years to come. The addition of Anne to the Board is a key milestone for Somero, from both a strategic and governance perspective, and we are delighted that our lengthy search process ended with such a tremendous outcome.

These changes mark an important moment in the evolution of Somero. The Company has a bright future and I look forward to continuing to work on our vision and ensuring we develop exceptional products to meet the growing needs of our customers."

With the additions of Ms. Ellis and Mr. LiCausi, the Somero Board of Directors has expanded to eight members from the previous six.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as retained as part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this Announcement, this inside information is now considered to be in the public domain. Enquiries: Somero Enterprises, Inc.   www.somero.com Jack Cooney, CEO         [phone] John Yuncza, CFO Howard Hohmann, EVP Sales finnCap Ltd (NOMAD and Broker) Matt Goode (Corporate Finance)                                                             [phone] Kate Bannatyne (Corporate Finance) Tim Redfern/Richard Chambers (ECM) Alma PR (Financial PR Advisor)     [e-mail] David Ison   [phone] Sam Modlin Molly Gretton

Regulatory Disclosures: The following information regarding the appointment of Mr. LiCausi is disclosed under Schedule 2(g) of the AIM Rules for Companies: Full name Vincenzo LiCausi Age 48 Shares/Options held 48,346 Ordinary Shares 44,844 RSU's Current directorships/partnerships: None Prior directorships/partnerships from previous 5 years: None There is no further information to be disclosed in relation to the appointment of Vincenzo LiCausi pursuant to Schedule 2, paragraph (g) of the AIM Rules. The following information regarding the appointment of Anne Ellis is disclosed under Schedule 2(g) of the AIM Rules for Companies: Full name Anne Melinda Ellis (formerly Anne Melinda Dellinger) Age 63 Shares/Options held None Current directorships/partnerships: Alpha Construction and Engineering Corporation GEI Consultants Charles Pankow Foundation Anne Ellis LLC Prior directorships/partnerships from previous 5 years: None There is no further information to be disclosed in relation to the appointment of Anne Ellis pursuant to Schedule 2, paragraph (g) of the AIM Rules.

 

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