Art's Way Manufacturing Announces Transition Plan in Anticipation of Retirement by CEO Carrie Gunnerson
March 11, 2020 at 03:00 pm EDT
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Art's Way Manufacturing Co., Inc. announced an anticipated Chief Executive Officer transition from Carrie Gunnerson to David King, to occur in the third quarter of 2020. Carrie Gunnerson, the Company's Chief Executive Officer since 2007, has expressed her desire to transition out of her role as Chief Executive Officer of the Company by mid-2020, pending the Company's identification of a qualified successor. Following an extensive search by the Board of Directors, on March 5, 2020, the Company entered into an offer letter (the "Offer Letter") with David King, pursuant to which Mr. King is expected to assume the role of Chief Executive Officer upon the anticipated resignation of Ms. Gunnerson in the third quarter of fiscal year 2020. Mr. King's anticipated start date is March 23, 2020 and he will serve in an interim role prior to assuming the role of Chief Executive Officer. The Company intends to enter into a formal employment agreement with Mr. King prior to his start date. Mr. King has a proven executive management track record with over 25 years in the agricultural industry. He is currently the Executive Vice President of Sales and Marketing at VES Environmental Solutions, LLC, a designer and manufacturer of energy-efficient agricultural ventilation and lighting systems, a position he has held since November 2019. He was previously Vice President of Sales and Marketing at Salford Group from June 2013 to November 2019, and he held roles in operations, marketing and international business development at Ag Leader Technology from 1996 to June 2013.
Art's-Way Manufacturing Co., Inc. is a manufacturer of agricultural equipment and specialized in modular science and agricultural buildings. The Company operates through two segments: Agricultural Products and Modular Buildings. The Agricultural Products segment manufactures a variety of specialized farm machinery under its own label, including portable and stationary animal feed processing equipment and related attachments used to mill and mix feed grains into custom animal feed rations; a line of forage equipment consisting of forage boxes, bale processors, running gear, and dump boxes; a line of manure spreaders; sugar beet harvesting equipment, and a line of dirt work equipment. The Modular Buildings segment produces, sells and leases modular buildings, which are custom designed to meet the specific research needs of its customers. The buildings it commonly produces range from basic swine buildings to complex containment research laboratories.