LAWSON PRODUCTS, INC. (NASDAQ:LAWS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March18, 2019, the Board of Directors (the “Board”) of Lawson Products, Inc. (the “Company”) appointed Mr. J. Bryan King as Chairman of the Board of the Company.Mr. King was elected to the Board in 2017 and is a principal of Luther King Capital Management which along with its affiliates, owns approximately 48% of the outstanding shares of the Company. Mr. King is also the Managing Partner of LKCM Headwater Investments.
Additionally, on March18, 2019 the Board appointed Mark F. Moon and Charles D. Hale to fill vacant seats on the Board created with the resignations of Ronald B. Port M.D. and James S. Errant effective January 19, 2019.
Mr. Moon has served as an operating partner for LKCM Headwater Investments and President of MFM Advisory Services since 2016 and as operating partner for Bertram Capital since 2018. Previously, Mr. Moon served for more than thirty years in a variety of leadership roles with Motorola Solutions, Inc., including President, from 1985 until 2016. Additionally, Mr. Moon has served as a member of the Board of Directors for BearCom LLC since 2016 and also serves on the Board of Directors for TestEquity LLC.
Mr. Hale has served as an operating partner for LKCM Headwater Investments, Executive Vice Chairman of Test Equity, Inc. and as a member of the Board of Directors at Applied System Technologies since 2017, and as Chairman of Liquid Technologies, Inc. since 2016. Mr. Hale has over 18 years of experience at FCX Performance and served as President from 2008 to 2015 and as President and Chief Executive Officer from 2015 to 2018 after serving as Chief Financial Officer for nearly 11 years.
Mr. Moon will be nominated by the Board for reelection at the Company’s annual shareholders meeting on May14, 2019 to serve an additional three-year term. Mr. Hale will serve as director until the Company’s 2020 shareholder meeting when his term will be subject to shareholder approval for an additional three-year term. At this time, Mr. Moon and Mr. Hale have not been named to any of the Board committees.
About LAWSON PRODUCTS, INC. (NASDAQ:LAWS)
Lawson Products, Inc. is a distributor of products and services the industrial, commercial, institutional and government maintenance, repair and operations (MRO) market. The Company’s product categories include fastening systems, fluid power, specialty chemicals, cutting tools and abrasives, electrical, aftermarket automotive supplies, safety, welding and metal repair, and other. The Company supplies a range of automotive products, including body hardware, body shop, brake/wheel, fleet/truck, repair harness assembly and other parts. The Company offers approximately 200,000 different core products for sale of which approximately 50,000 products are maintained in its distribution centers. The Company’s customers operate in a range of industries, including automotive repair, commercial vehicle maintenance, government, manufacturing, food processing, distribution, construction, oil and gas, mining, wholesale and service.
