|snip>Mr. Kramer has over twenty years experience in mergers and acquisitions and debt and equity offerings|
Griffon Corporation Names Ronald J. Kramer Chief Executive Officer
Monday March 17, 9:00 am ET
JERICHO, N.Y., March 17 /PRNewswire/ -- Griffon Corporation (NYSE: GFF - News) today announced that its Board of Directors has named Ronald J. Kramer as Chief Executive Officer of Griffon, effective April 1, 2008. Mr. Kramer currently is President and a director of Wynn Resorts, Ltd. (Nasdaq: WYNN - News). Mr. Kramer will succeed Harvey R. Blau as CEO. Mr. Blau is retiring as CEO but will continue to serve as non-executive Chairman of the Board of Directors.
Harvey R. Blau said, "Today's decision is the culmination of a thoughtful and disciplined process, and we are very pleased that Ron Kramer will be Griffon's new CEO. We are confident that he will bring the right mix of strategic insight and operational discipline needed to manage our company in this environment and grow it in the future. I will work closely with Ron to ensure a smooth transition."
"Having been a Board member of Griffon since 1993, I know the company and its business segments very well. I look forward to working with the Board and management team to address the challenges in our business while remaining focused on building value for our shareholders," said Mr. Kramer.
Mr. Ronald J. Kramer, 49, has been a director since 1993 and Vice Chairman of the Board since November 2003. Since 2002, Mr. Kramer has served as President and as a director of Wynn Resorts, Ltd, (Nasdaq: WYNN - News) the preeminent developer and operator of hotel casino resorts. From 1999 to 2001, he was a Managing Director at Dresdner Kleinwort Wasserstein, an investment banking firm, and at its predecessor Wasserstein Perella & Co. Mr. Kramer has over twenty years experience in mergers and acquisitions and debt and equity offerings. Mr. Kramer is also a member of the Board of Directors of Monster Worldwide, Inc., and Sapphire Industrials Corp. Mr. Kramer holds a Bachelor of Science degree from the Wharton School of the University of Pennsylvania, and a Masters in Business Administration from New York University.
-- is a leading manufacturer and marketer of residential, commercial and
industrial garage doors sold to professional installing dealers and
major home center retail chains;
-- installs and services specialty building products and systems,
primarily garage doors, openers, fireplaces and cabinets, for new
construction markets through a substantial network of operations
located throughout the country;
-- is an international leader in the development and production of
embossed and laminated specialty plastic films used in the baby diaper,
feminine napkin, adult incontinent, surgical and patient care markets.
-- develops and manufacturers information and communication systems for
government and commercial markets worldwide.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, including, but not limited to, the housing market, results of integrating acquired businesses into existing operations, competitive factors and pricing pressures for resin and steel and capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company as previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2007 in response to Item 1A to Part I of Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward- looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Contact: Jamie Moser
Joele Frank, Wilkinson Brimmer Katcher
Source: Griffon Corporation