Alamo Group Inc. (NYSE: ALG) announced today that Jeff Leonard, the Company's President and CEO, has informed the Board of Directors of his intention to retire preferably by mid-year 2025 and upon the appointment of his successor. As part of its succession planning efforts, the Company's Board of Directors has been preparing for such a transition and anticipates naming a new President and CEO as Mr. Leonard's replacement within the next several months.
In announcing his retirement, Mr. Leonard stated, "It has been an honor being part of Alamo Group since 2011 and serving as Alamo Group's President and CEO for the last several years. I have watched the Company experience tremendous growth and am confident that it will continue to grow. I am also confident in the leadership in place and that the Board's succession process will place a strong leader as my successor in the President and CEO role."
On behalf of the Board of Directors, Rick Parod, the Board's Independent Chair, said, "We would like to thank Jeff for his leadership and service as President and CEO, and for his significant involvement in the growth of the Company during his more than 13 years of service. Jeff has been instrumental in continuing the success of Alamo Group and its reputation as a financially sound and operationally strong company. We wish him the best in his retirement. The Board has given careful consideration to succession planning and we are confident that our planning will result in a successful leadership transition."