Aleris Announces Leadership Changes New Appointments in Rolled Products North America and Finance
CLEVELAND, March 27, 2014 /PRNewswire/ -- Aleris announced today that it has appointed Sean Stack executive vice president and CEO, North America Rolled Products. Stack most recently served as the company's executive vice president and chief financial officer. His appointment will be effective April 1 and he will report to company Chairman and CEO Steve Demetriou.
Stack has been with Aleris since its formation in 2004 and in addition to CFO, has held a number of senior leadership roles with the company, including senior vice president, Treasurer, executive vice president, Corporate Development and Strategy, and executive vice president and president, Aleris Europe.
"With a combination of strong financial leadership and operational knowledge, Sean is a very talented executive who has played a pivotal role in Aleris' growth over the past decade," Demetriou said. "With our recent announcement of our agreement to acquire Nichols Aluminum and as we consider additional investments for growth in North America, I believe Sean's experience and proven leadership capability will be extremely valuable as we drive profitable growth in this strategically important business."
Upon Stack's appointment, Eric Rychel, formerly Aleris vice president and Treasurer, will be promoted to senior vice president and chief financial officer, reporting to Demetriou. Rychel joined Aleris in 2012 from Barclays Capital Inc. where he ran its Metals industry banking effort as the global head of Steel and Metals corporate finance coverage. Prior to that, Mr. Rychel worked at Deutsche Bank Securities Inc., where he rose to the position of managing director and ran the Metals industry investment banking effort.
"Eric brings both strong industry knowledge and financial leadership to the CFO position, and I am confident he will build upon the company's solid foundation of financial management and controls," Demetriou said.
Aleris is a privately held, global leader in aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Headquartered in Cleveland, Ohio, Aleris operates approximately 40 production facilities in North America, Europe and Asia. For more information, visit www.aleris.com.
Forward Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws. Statements under headings with "Outlook" in the title and statements about our beliefs and expectations and statements containing the words "may," "could," "would," "should," "will," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "look forward to," "intend" and similar expressions intended to connote future events and circumstances constitute forward-looking statements. Forward-looking statements include statements about, among other things, future costs and prices of commodities, production volume, industry trends, demand for our products and services, anticipated cost savings, anticipated benefits from new products or facilities, and projected results of operations. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in or implied by any forward-looking statement. Some of the important factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: (1) our ability to successfully implement our business strategy; (2) the cyclical nature of the aluminum industry, material adverse changes in the aluminum industry or our end-use segments, such as global and regional supply and demand conditions for aluminum and aluminum products, and changes in our customers' industries; (3) our ability to fulfill our substantial capital investment requirements; (4) variability in general economic conditions on a global or regional basis; (5) our ability to retain the services of certain members of our management; (6) our ability to enter into effective metal, natural gas and other commodity derivatives or arrangements with customers to manage effectively our exposure to commodity price fluctuations and changes in the pricing of metals, especially London Metal Exchange-based aluminum prices; (7) our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur; (8) increases in the cost of raw materials and energy; (9) the loss of order volume from any of our largest customers; (10) our ability to retain customers, a substantial number of whom do not have long-term contractual arrangements with us; (11) our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations; (12) competitor pricing activity, competition of aluminum with alternative materials and the general impact of competition in the industry segments we serve; (13) risks of investing in and conducting operations on a global basis, including political, social, economic, currency and regulatory factors; (14) current environmental liabilities and the cost of compliance with and liabilities under health and safety laws; (15) labor relations (i.e., disruptions, strikes or work stoppages) and labor costs; (16) our levels of indebtedness and debt service obligations, including changes in our credit ratings, material increases in our cost of borrowing or the failure of financial institutions to fulfill their commitments to us under committed credit facilities; (17) our ability to access the credit and capital markets; (18) the possibility that we may incur additional indebtedness in the future; (19) limitations on operating our business as a result of covenant restrictions under our indebtedness; and (20) other factors discussed in our filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" contained therein. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether in response to new information, futures events or otherwise, except as otherwise required by law.