CARY, N.C., Feb. 24, 2011 /PRNewswire/ -- LORD Corporation – a global leader in developing passive and active solutions for noise and vibration, engineered adhesives and high performance coatings for the aerospace, automotive and general industrial markets – has announced that Richard McNeel, president and CEO, has been elected chairman of its Board of Directors.
McNeel succeeds Sheldon (Shelly) Buckler, Ph.D., as chairman, a position Buckler has held since 2000. Buckler was first elected to the Board in 1985, served as LORD Corporation's interim president in 2002 and led the Board in hiring McNeel later that year. Buckler will remain on the Board, and McNeel will continue in his role as president and CEO.
"My tenure as chairman has been very rewarding, and the LORD Corporation Board could not be in better hands going forward," said Buckler. "I have had the great pleasure of working with Rick since he joined LORD, and I am confident that his experience, leadership qualities and vision for the company will contribute greatly to bringing value to LORD Corporation's stakeholders."
McNeel joined LORD as president and CEO in 2002. During his tenure, sales have grown from $420MM to $720MM in 2010 and the company has added more than 400 new employees. Now ranked in the top ten privately-held companies in North Carolina based on the number of employees, geographic expansion also has occurred during this time frame with international sales growing from less than 30 percent of sales in 2002 to nearly 50 percent of sales in 2010. Under McNeel's leadership, LORD developed and expanded manufacturing plants in China and Germany as well as established regional headquarters in Geneva and Hong Kong to support the sales growth in the European and Asia-Pacific regions. In addition, McNeel completed a major acquisition in 2006 to consolidate LORD Corporation's leading global position in the rubber-to-substrate adhesive market and has divested non-core businesses.
McNeel also is committed to long-term growth within the United States by continuing to recapitalize LORD Corporation's domestic manufacturing capabilities. The company's nearly 2,000 U.S.-based employees support more than $500 million in annual sales including exports to over 50 countries. McNeel's focus on research and development, as well as project, product and process management, has enhanced the company's reputation of delivering stable and sustainable growth.
McNeel has made a lasting impact on the company in terms of developing a strong culture of employee safety, with significant reductions in the recordable injury and lost work day accident rates during his tenure. Further, despite tough economic times, under McNeel's leadership, LORD has continued to invest in research and development, leading to important new product introductions to create value for both LORD and its customers.
"Everyone at LORD is grateful for Shelly's many years of leadership on the Board, and we look forward to his continued contribution," said McNeel. "I am honored to follow his example and work with the Board as its chairman to execute LORD Corporation's aggressive growth plans."
McNeel started his 41-year career in the chemical industry with Amoco Chemical and Amoco Corporation, where he held a variety of positions. Prior to joining LORD, he was group vice president for BP Chemicals in London, U.K. Prior to that, he was group vice president, Chemical Intermediates Amoco Chemicals; group vice president, Polymers, Amoco Chemicals; and president, Amoco Performance Products, Inc. He holds a B.S. in Chemical Engineering from the University of Nebraska and an MBA from the University of Chicago.
McNeel currently serves on a number of boards and committees including the University of Nebraska Engineering College (Advisory Board Member), Regional Transportation Alliance Planning Committee (Vice Chair), U.S. Chamber of Commerce International Policy Committee (Member), Aerospace Industries Association (Board of Governors) and the Noel Group (Advisory Board).
About LORD Corporation
With headquarters in Cary, N.C., USA, and sales in excess of $720-MM, LORD Corporation is a privately-held company that designs, manufactures and markets devices and systems to manage mechanical motion and control noise and vibration; formulates, produces and sells general purpose and specialty adhesives and coatings; and develops products and systems utilizing magnetically responsive technologies. With manufacturing in nine countries and offices in more than 15 major business centers, LORD Corporation employs more than 2,600 worldwide. Visit www.lord.com for more information.
Dawn Astorino, +1 919 468 5980, extension 6330 or firstname.lastname@example.org
SOURCE LORD Corporation