Thermon Appoints Victor L. Richey to Board of Directors

AUSTIN, TX / ACCESSWIRE / December 7, 2023 / Thermon Group Holdings, Inc. (NYSE:THR) ("Thermon"), a global leader in industrial process heating solutions, today announced the appointment of Mr. Victor L. Richey, retired Chairman and Chief Executive Officer of ESCO Technologies, Inc (NYSE: ESE) ("ESCO"), to Thermon's board of directors (the "Board"). Mr. Richey's addition is part of the Board's ongoing succession planning efforts.

John U. Clarke, Thermon's Chairman of the Board said, "On behalf of our entire Board, we are delighted to welcome Vic to the Board. Vic brings a track record of proven success from his tenure as Chairman and CEO of ESCO, which under his leadership, significantly increased shareholder value, driven by both organic and inorganic growth. Only recently retired, Vic brings a breadth of current and relevant experience to the Board, including strategic planning and execution, transformational leadership, management development, M&A, governance, social responsibility, and risk management - all keys to driving incremental value for Thermon stockholders."

Mr. Richey said, "I look forward to working with the rest of the Thermon Board. I believe that management and the Board are pursuing well thought-out strategies to drive long-term value creation for stockholders. In addition, I am excited to join a board with such diversity and breadth of experience and who values a strong culture of transparency and responsible governance on behalf of all stockholders. Having managed through the many challenges of recent years, I appreciate the significant progress Thermon has made to date in transforming its business in pursuit of its strategic plan of decarbonization, digitization and diversification and I look forward to working with management to further drive this transformation in the future."

Thermon CEO Bruce Thames noted, "Vic is an important asset for the Board. He has successfully executed a business strategy with characteristics very similar to Thermon's ongoing journey of transformation. He brings knowledge of our targeted end-markets and insights into pursuing strategic acquisitions as a means of accelerating growth. In addition, Vic shares our focus on return-driven capital allocation, prudent balance sheet management, and the importance of investing in our human capital as critical components of sustainable growth."