PAYSON, Utah, Jan. 3, 2013 /PRNewswire/ -- Liberty Safe and Security Products, Inc. ("Liberty" or the "Company") today announced that Kim Waddoups has been promoted to Chief Executive Officer (CEO), effective immediately. He succeeds Jeff Talley, who has stepped down from his role with the Company to take a sabbatical as planned.
Mr. Waddoups has approximately 10 years of experience at Liberty. Previously, Mr. Waddoups served as President, where he led the Company's sales and marketing initiatives. He joined Liberty in 2003 as Chief Financial Officer (CFO) and was promoted in 2012 to President. From 1989 to 2003, Mr. Waddoups held various senior-level positions at Easton Technical Products, a sports equipment manufacturer and division of Jas D. Easton, Inc.
"We are proud to promote Kim as our new CEO," said Alan Offenberg, CEO of Compass Diversified Holdings and Chairman of Liberty. "Since joining our Company approximately 10 years ago, Kim has played a key role increasing sales and profitability while strengthening Liberty's brand recognition. His deep knowledge of our Company and successful track record provide an ideal fit and will help to ensure a seamless transition. We are confident Kim's extensive experience and proven dedication, combined with his strategic vision, will lead Liberty to continued success."
Mr. Offenberg added, "Jeff has served approximately 17 years at Liberty, including 11 years as CEO. During this time, Liberty has evolved into a market leader for premium home and gun safes, achieving significant financial growth and establishing a solid foundation for the future. We thank Jeff for his tireless efforts and valuable contributions, and support his desire to take a well-earned sabbatical."
"I am excited to assume the leadership role at Liberty," said Mr. Waddoups. "The Company has built a premier reputation for providing customers with high-quality safes that are manufactured in the U.S. and is well positioned for further growth. With the investments we have made in strengthening our operational platform and expanding our product offerings, we expect to maintain Liberty's positive momentum in the market. I look forward to working closely with our talented staff and driving future performance."
In addition to his new responsibilities as CEO, Mr. Waddoups will join the Company's Board of Directors along with Steve Allred, Senior Vice President and Chief Operations Officer at Liberty.
The Company also announced it has promoted Greg Clements to CFO. Mr. Clements joined Liberty in 2001 and previously served as the Company's Controller. In his new capacity, he will be responsible for managing Liberty's operational and financial reporting initiatives, developing and maintaining budgets, and more. He will report to Mr. Waddoups.
"Greg's appointment to CFO is well deserved based on his numerous accomplishments in the past 12 years and demonstrates our ongoing commitment to promote internally," said Mr. Offenberg. "Our dedicated and experienced team of professionals serves as a core differentiator and we look forward to benefitting from Greg's expanded focus over the long term."
About Liberty Safe and Security Products, Inc.
Based in Payson, Utah and founded in 1988, Liberty is the premier designer, manufacturer and marketer of home and gun safes in North America. From its over 200,000 square foot manufacturing facility, the Company produces a wide range of home and gun safe models in a broad assortment of sizes, features and styles. Products are marketed under the Liberty brand, as well as a portfolio of licensed and private label brands, including Remington, Cabela's and John Deere. The Company's products are the market share leader and are sold in various sporting goods, farm and fleet, and home improvement retailers. Liberty also has the largest independent dealer network in the industry. For more information, please visit the Company's website at www.libertysafe.com.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of the Company. Words such as "believes," "expects," "projects," and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the Securities and Exchange Commission for the year ended December 31, 2011 and other filings with the Securities and Exchange Commission. CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Liberty Safe and Security Products, Inc.