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Simpson Announces CEO Retirement and Succession Plan

General News
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Simpson Manufacturing Co., Inc. (the “Company” or “Simpson”), an industry leader in engineered structural connectors and building solutions, announced that Karen Colonias will step down from her position as Chief Executive Officer as part of Simpson’s succession plan, effective December 31, 2022. Simpson’s Board of Directors unanimously elected Michael Olosky, 54, current President and Chief Operating Officer, to succeed Karen Colonias as Chief Executive Officer, effective January 1, 2023, as part of a planned leadership succession. In connection with his promotion, Mr. Olosky will also join the Company’s board of directors on January 1, 2023. Ms. Colonias will continue in her role as CEO through the end of 2022, after which, as part of the succession plan, she will remain employed as an Executive Advisor to assist with the transition until her retirement on June 30, 2023. Ms. Colonias will continue to serve as a member of Simpson’s board of directors until the Company’s 2023 annual meeting of stockholders.

James Andrasick, Simpson’s Chairman of the Board, commented, “On behalf of Simpson’s board of directors, I’d like to extend our sincere thanks to Karen for her 38 years of service to the Company, which included roles as CFO, Vice President and Branch Manager, and Vice President of Engineering. During her tenure, Simpson has grown considerably and established itself as an industry leader in the building products industry with a trusted brand reputation and in strong financial condition. Her engineering knowledge and focused leadership over the past decade as CEO has earned her the utmost respect of Simpson’s employees, customers and stockholders as well as key constituents throughout the building community. Karen’s tremendous efforts have helped strengthen Simpson’s values-based culture established by their late founder, Barclay Simpson, as reflected in the Company’s ongoing mission to provide solutions to design safer, stronger structures.”

Ms. Colonias added, “I am honored to have led Simpson as its CEO over the past decade and very grateful for the many opportunities and experiences I’ve had throughout my career. I am extremely proud of our employees and their unwavering commitment to take care of our customers. Given the strength of our people, culture and values, I believe the Company is well-positioned to grow and thrive in the years ahead.”

“The Board is very pleased to announce Mike Olosky as Karen’s successor,” stated Mr. Andrasick. “Mike’s promotion was the result of a strategic and deliberate succession planning process through which we expect a seamless transition as Mike assumes his new role. Mike is a seasoned executive with a proven track record of leadership resulting from his significant experience at Henkel and oversight of Simpson’s growth strategy. We are confident that Mike will help strengthen Simpson’s market position as the partner of choice throughout all aspects of the business.”

Mr. Olosky joined Simpson as Chief Operating Officer in November 2020 and was promoted to President and Chief Operating Officer in January 2022. Prior to joining Simpson, Mr. Olosky spent more than 22 years in numerous leadership positions at Henkel, a global chemical and consumer goods company. He most recently served as the President, Henkel North America and Senior Corporate Vice President – Head of the Electronics and Industrial Division.

Mr. Olosky commented, “I am incredibly excited to serve as Simpson’s next CEO and would like to thank Karen for her steady guidance and strategic leadership. Our Company has a very strong foundation, and I look forward to building an even stronger future with our highly talented team who is deeply committed to innovation and exceptional customer service.”

Ms. Colonias concluded, “I am confident Simpson will be in great hands with Mike who has done a tremendous job in helping lead the Company through its next phase of growth since he joined in late 2020. His strategic vision will be instrumental to achieving our Company ambitions though continued innovation of our products, superior levels of customer service, technology, social and corporate responsibility, and our strong values and culture.”

About Simpson Manufacturing Co., Inc.

Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company’s common stock trades on the New York Stock Exchange under the symbol “SSD.”

Source: Simpson Manufacturing Co., Inc.