EXTON, Pa., Dec. 27, 2023 (GLOBE NEWSWIRE) -- We are pleased to announce that on December 7, 2023, on the recommendation of our Nominating/Governance Committee, effective January 1, 2024, our Board of Directors unanimously elected Edwin B. Moran as a Class 2 Director of Omega Flex, Inc., with a term expiring at the 2025 annual meeting of shareholders, and Dean W. Rivest as a Class 3 Director, with a term expiring at the 2026 annual meeting of shareholders.
In addition, on the recommendation of the Nominating/Governance Committee, our Board unanimously approved the following organizational changes, effective January 1, 2024:
- Kevin R. Hoben will be Executive Chairman of Omega Flex, Inc.
- Dean W. Rivest will replace Mr. Hoben as Chief Executive Officer of Omega Flex, Inc., reporting to Mr. Hoben.
- Edwin B. Moran will replace Mr. Rivest as President of Omega Flex, Inc., also reporting to Mr. Hoben.
- Susan B. Asch will be promoted to be a Vice President of Omega Flex, Inc., in addition to serving as its General Counsel and Corporate Secretary, reporting to Mr. Rivest.
- David R. Edler will be promoted from Director - MediTrac, to Vice President and General Manager - MediTrac, reporting to Mr. Rivest.
These changes are a continuation of the successful transition to a new generation of management. Our management team also includes Matthew F. Unger (Vice President - Finance & Chief Financial Officer and Treasurer), Robert Haines (Vice President) - FGP Commercial Markets, Geraldine Glazer (Vice President - Human Resources), Daniel Hrynkow (Vice President - Materials Management), and James Upchurch (Vice President - Manufacturing). The team has deep industry and professional experience and is full of energy, optimism, and drive.
Dean Rivest said, "We are grateful to Kevin for his continuing service as Chairman of our Board since 2019, and his service as our Chief Executive Officer since 2007. Kevin, along with Mark Albino who retired last year as our President and Chief Operating Officer, were instrumental in the strength and growth of the company and visionaries in the development of gas tubing. I am honored to assume the role of Chief Executive Officer and to join our Board. I also congratulate Ed, Susan, and Dave on their promotions."
Kevin Hoben added, "I could not be more pleased with the progress we have made to implement best practices in our organizational development and succession management. I have the utmost confidence in our management team and our Board to drive our further short and long-term needs for the success of our exceptional business."
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS - This press release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict and may be beyond the ability of Omega Flex to control. Certain statements in this press release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995 that are not historical facts, but rather reflect Omega Flex's current expectations concerning future results and events. The words "believes," "confidence in," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's view only as of the date of this press release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions, or circumstances.
