Announces Planned Retirement of Samuel Valenti III, Board Chairman, and Appointment of Herbert K. Parker as Chair Elect
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Mar. 20, 2024--
TriMas (NASDAQ: TRS) today announced the planned retirement of Samuel Valenti III as Chairman of its Board of Directors, effective at the Company’s Annual Meeting of Shareholders in May 2024. In connection with this announcement, the Company also announced that the Board of Directors has selected Herbert K. Parker as Chair Elect, who will serve as the Chair of the Board of Directors effective immediately after TriMas’ 2024 Annual Meeting of Shareholders.
“As I retire from my role as TriMas’ Chairman of the Board, I reflect with gratitude on the remarkable journey we have traveled together,” Valenti said. “It has been a privilege to work alongside dedicated colleagues and witness the growth and success of our organization. I am confident in the capable hands that will continue to lead us into the future, and I look forward to the continued prosperity of TriMas.”
Mr. Valenti has served as TriMas’ Chairman of the Board since 2002, bringing more than 50 years of business leadership, and financial and corporate development experience. In addition to his role at TriMas, he also serves as Chair and Chief Executive Officer of Valenti Capital, and had a distinguished career at Masco Corporation from 1968 through 2008, including as President of Masco Capital Corporation. During Mr. Valenti’s tenure at Masco, he was credited with the original formation of TriMas, which culminated in bringing businesses together from three separate companies followed by an initial public offering in 1989. In addition to his time at Masco, Mr. Valenti served as Chairman of the Investment Advisory Board of the $100 billion State of Michigan retirement system and spearheaded the State's initial investments in private equity and venture capital. Mr. Valenti served on the Harvard Business School Advisory Council and currently serves on the advisory council at the University of Notre Dame and the advisory board at the University of Michigan Business School Zell-Lurie Institute. He is also an independent lead director of American Axle & Manufacturing, a member of Business Leaders for Michigan and serves as chair of the Renaissance Venture Capital Fund. As an important member of the Detroit community, Mr. Valenti has also been the recipient of Crain’s M&A Lifetime Achievement Award, and a two-time recipient of Crain’s Newsmaker of the Year Award.
Valenti continued, “I am pleased the Board has selected Herbert as my successor as the Chair of our Board of Directors. Herbert brings a wealth of management and public company board experience to our Board and has been an insightful and collegial presence in our boardroom. I am incredibly optimistic about the future of TriMas and I know the Board, under Herbert’s leadership, will help guide the company to future success and sustainable growth.”
Mr. Parker has served on TriMas’ Board since 2015 and has been the Chair of the Audit Committee since 2020. Mr. Parker is the former Chief Financial Officer and Executive Vice President of Operational Excellence of Harman International. In addition to a career in finance and accounting, Mr. Parker has significant experience in restructuring, mergers and acquisitions, information technology and compliance, which he led at Harman prior to being acquired by Samsung Electronics. Before joining Harman, Mr. Parker was the Chief Financial Officer of ABB Group’s largest division, and later of ABB’s Americas region, in which he gained significant international experience.
“On behalf of our entire organization, I extend heartfelt appreciation to Sam for his decades of exemplary leadership, collaboration with our team and significant contributions to the community,” said Thomas A. Amato, TriMas President and Chief Executive Officer. “It has been a privilege to serve with Sam, and we commend his invaluable service to TriMas.”
Amato continued, “We look forward to Herbert’s leadership, as we continue to accelerate our progress against our strategic imperatives to grow and improve the performance of our Packaging and Aerospace groups. We believe the positive momentum in our two largest segments is encouraging, and our strong balance sheet and cash generation will consistently afford us opportunities to invest in organic growth, pursue bolt-on acquisitions and provide returns to our shareholders through share buybacks and dividends. Our management team is eager to continue to collaborate with Herbert and our Board to take TriMas to the next level of success.”
About TriMas
TriMas manufactures a diverse set of products primarily for the consumer products, aerospace and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our approximately 3,400 dedicated employees in 13 countries provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan. For more information, please visit www.trimas.com.
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Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherry.lauderback@trimas.com
Source: TriMas
