Keystone Automotive Industries Inc. today announced that board members Al Ronco and Ron Brown have informed the company of their decision not to stand for re-election at Keystone's annual meeting to be held in August 2004. These announcement were made in addition to the retirement of Charles J. Hogarty, which was announced previously.
The company said it has nominated James Robert Gerrity and newly appointed chief executive officer Richard Keister to fill two of three board vacancies.
"We greatly appreciate Al and Ron's years of service to Keystone. We wish both of them well in their retirement and pursuit of various hobbies and commitments to charitable organizations," said Ronald G. Foster, chairman of Keystone Automotive.
"Jim Gerrity's background and experience complement the requirements of Keystone's board at an exciting juncture in its history. We look forward to his contributions as the company further establishes its position within the aftermarket collision repair parts industry," Foster said.
Gerrity's professional career includes serving as senior vice president and chief financial officer, and subsequently president, of Dyneer Corporation, during its publicly traded and privately owned periods. He currently serves as director of several private corporations, including Flender Holding GmbH, Palomar Technologies Corporation and Delco Remy International, Inc.
Foster noted that retiring director Al Ronco was a member of Keystone's senior management team when the company went public in 1996.
Ronco, 68, joined Keystone in 1959 and was promoted to executive vice president in 1987, at which time he joined the company's board of directors. He continued to serve on the board and the audit committee following his retirement from the company in August 1998.
Brown, 67, joined the board of directors in March 1997, following the merger of North Star Plating Company and Keystone Automotive that same year. He served as chairman of Keystone from March 1997 through August 2000. Brown founded North Star Plating in 1968. At the time of its merger with Keystone, North Star had annual sales of approximately $52 million.
Foster added that the company is currently conducting a search to fill the remaining board vacancy.
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