Valmont Announces Executive Leadership Changes

Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today announced that its Board of Directors has named Avner M. Applbaum, current Executive Vice President and Chief Financial Officer, as President and Chief Executive Officer, effective immediately. Mr. Applbaum succeeds Stephen G. Kaniewski, CEO since December 31, 2017, who is stepping down to pursue other opportunities. Mr. Kaniewski will serve in an advisory capacity as needed to ensure a seamless transition.

The company also announced the appointment of Timothy P. Francis, Senior Vice President and Finance Business Partner, Global Operations, and former SVP, Corporate Controller as Interim Chief Financial Officer.

Mogens C. Bay, Chairman of the Board, commented, “We have much to look forward to with Avner as our next President and CEO. During his tenure, Avner has meaningfully elevated our finance organization, bringing analytical rigor and increased transparency to our stakeholders, and has been instrumental in executing our long-term growth strategy and driving efforts to digitize the way we do business as we continue to transform into an Industrial Tech company. He is a servant leader, who is a steward of our purpose and values. Through Valmont’s robust succession planning process, the Board had identified Avner as CEO successor and we have every confidence in his ability to take Valmont to the next level and deliver value for all our stakeholders.”

Mr. Applbaum commented, “I am humbled and excited for this next chapter with Valmont, and there is a great deal of momentum as we continue to execute our Run-Grow-Transform strategic framework. I am confident that we have the right team, a competitively advantaged position in the markets we serve and a clear vision to continue to deliver returns for our stakeholders. I am grateful to the Board for the opportunity to lead this great organization.”

Mr. Kaniewski said, “My tenure at Valmont in various operating leadership roles and ultimately as CEO, during which we delivered significant total shareholder return, has been immensely rewarding. I am proud of the outstanding team I have built during my five years as CEO and our collective efforts to advance Valmont in both business segments. Avner has worked closely with me as a trusted partner and colleague, and I cannot think of a better person to serve as Valmont’s next CEO. I am fully confident in the team’s ability to continue to execute on the company’s growth trajectory and am committed to doing all I can to support Avner in his new post and ensure a smooth transition.”