BE Industries Inc. (NYSE:RPM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 27, 2017, Mr. Vincent Genovese notified the board of directors of BE Industries Inc. (the “Company”) of his decision to resign as Chief Executive Officer of the Company, effective immediately. Mr. Genovese’s decision to resign was primarily driven by change of the Company’s operational focus to oil and gas and related services. There were no disagreements between the Company and Mr. Genovese on any matter relating to the Company’s operation, policies or practices that led to his decision to resign. Notwithstanding his resignation as the Company’s Chief Executive Officer, Mr. Genovese will continue to serve as a director of the Company.
On March 30, 2017, the board of directors of the Company elected Antonio Monesi to serve as Chief Executive Officer, effective immediately. Mr. Monesi has been serving as President of the Company since August 2016 and also holds various managerial positions at the Company’s operating subsidiaries.
As previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 18, 2016 (the “August 2016 Current Report”), Mr. Monesi has over 15 years of experience in the oil and gas industry. He founded Bellelli Engineering S.p.A. (“Bellelli”), one of the Company’s operating subsidiaries, in 2002 and has been with Bellelli since then. While with Bellelli, Mr. Monesi developed new products such as air separation systems that are used largely used in every oil, gas and power generation station to produce dry air or nitrogen through the separation of the air. Mr. Monesi also developed Bellelli’s managerial organization and structure and led the team to win very large gas treatment plants and relevant projects in certain Far East countries. Under Mr. Monesi’s leadership, Bellelli has developed a wide network of contacts and local representatives. Immediately prior to Bellelli becoming a subsidiary of the Company in August 2016, Mr. Monesi served as Chief Executive Officer and Chairman of Bellelli. Prior to joining Bellelli, Mr. Monesi worked as a project manager at Tectubi S.p.A. (now Sima & Tectubi S.p.A.), an Italian company that specializes in the manufacturing and marketing of systems for the energy sector. Mr. Monesi holds a degree in Materials Engineering from Ferrara University, Italy.
No family relationships exist between Mr. Monesi and any of the Company’s other directors or executive officers. There are no arrangements between Mr. Monesi and any other person to which Mr. Monesi was elected as Chief Executive Officer. Other than transactions previously disclosed in the August 2016 Current Report, there are no transactions to which the Company is or was a participant and in which Mr. Monesi has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
About BE Industries Inc. (NYSE:RPM)
RPM International Inc., through its subsidiaries, manufactures, markets and sells various specialty chemical product lines, including specialty paints, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance of industrial, specialty and consumer markets. The Company operates through three segments: the industrial reportable segment (industrial segment), the specialty reportable segment (specialty segment) and the consumer reportable segment (consumer segment). Its family of products includes those marketed under brand names, such as API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. As of May 31, 2016, its subsidiaries marketed products in approximately 164 countries and territories, and operated manufacturing facilities in approximately 120 locations. BE Industries Inc. (NYSE:RPM) Recent Trading Information
BE Industries Inc. (NYSE:RPM) closed its last trading session up +0.05 at 55.03 with 458,212 shares trading hands.