OMAHA, Neb., Dec. 20, 2017 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI) today announced the appointments of Donna M. Milrod and Stephen G. Kaniewski to its Board of Directors, effective January 1, 2018. Also effective January 1, Mogens C. Bay, current Chairman and CEO, will assume the role of Executive Chairman of the Board. As previously announced on June 26, 2017, Mr. Kaniewski, Chief Operating Officer, will assume the role of Chief Executive Officer on December 31, 2017, succeeding Mr. Bay in that role.
The Board also appointed Catherine J. Paglia to succeed Kenneth E. Stinson as Lead Director upon his scheduled retirement from the Board on April 25, 2018. Ms. Paglia has served as a director since 2012.
Ms. Milrod is currently a Senior External Advisor to McKinsey & Company's Financial Services practice. She previously was an executive with the Depository Trust and Clearing Corporation and spent nearly 20 years in a variety of roles at Deutsche Bank AG/Bankers Trust Corporation, serving as Deputy CEO for Deutsche Bank North America from 2009-2012.
Ms. Milrod held recent Board positions at Cabela's Incorporated and the World's Foremost Bank and currently serves on the Board of the T-Rex Group, a privately-held financial technology company. She holds an MBA from Columbia Business School, and a BA from Smith College. She also serves on the Boards of the New York Academy of Sciences and The New York Partnership Fund, and is a member of several organizations including the Council on Foreign Relations, The Economic Club of New York, The Committee of 200 and The New York Women's Forum.
Mr. Kaniewski has been Valmont's President and Chief Operating Officer since October 2016. Prior to that he was Group President of Valmont's Utility Support Structures Segment. Steve joined Valmont in 2010 as Vice President, Information Technology and also has held the position of Vice President, Global Operations for the Irrigation Segment.
Commenting on the appointments, Mogens C. Bay, Valmont's Chairman and Chief Executive Officer said, "We welcome Donna Milrod to Valmont's Board. Her 25 years of broad experience in global finance and risk management will be valuable as we execute on our global growth strategy. I also welcome Steve to the Board and look forward to his leadership as CEO."
Bay continued, "Cathy is a natural leader and we are excited to have her step into this role. Ken has served as Lead Director with distinction. We are fortunate for his 21 years of Board service and express our appreciation for his service."
Added Ms. Milrod, "I am delighted to join Valmont's Board at a very exciting time for the Company. Valmont is a recognized leader in the agricultural and infrastructure markets, with an impressive vision and strategy around global market expansion and capital allocation. I look forward to actively contributing to the Board."
Mr. Kaniewski added, "I am honored for the opportunity to lead Valmont and build on our success, and look forward to working with our Board, executive team and employees in executing our growth strategy."
Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its mechanized irrigation equipment for large-scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
SOURCE Valmont Industries, Inc.