WINCHESTER, Va. - American Woodmark Corporation (NASDAQ: AMWD), a leading supplier of cabinetry to the remodeling and new construction industries, says Kent Guichard, Chairman of the Board, will not seek re-election to the board of directors at the next annual shareholders meeting.
Cary Dunston, President and Chief Executive Officer, will assume the additional role of Chairman of the Board after the next shareholders meeting, to be held on August 24, 2017.
"Cary's assumption of the additional role of chairman completes the leadership transition process we began in 2012," says Guichard. "He has assembled a talented team that shares our core values to take the company into the future."
Dunston joined the company in 2006 as Senior Vice President of Manufacturing and Supply Chain Services. In September 2012, he was promoted to Executive Vice President of Operations; in August 2013 to Executive Vice President and Chief Operating Officer; and in August 2014 to President and Chief Operating Officer, as well as elected to the Board of Directors. In August 2015, he was promoted to President and Chief Executive Officer.
American Woodmark also reported fourth quarter and annual sales. For the fourth fiscal quarter sales increased 7 percent to $258.7 million, and for the year, rose 9 percent to $1.03 billion from the prior fiscal year. Net income was $17.3 million, up 29 percent, for the quarter; and was up 40 percent to $71.2 million for the year.
Commenting on Guichard's decision to step down from the Company's board, Dunston stated, "Kent has a 24 year history with the company and will forever be part of the core foundation that has made American Woodmark what it is today. Although I only had the privilege of sharing 11 of the 24 years, Kent has had a lasting impact on me, both personally and professionally. I greatly appreciate the ongoing confidence that Kent and the board have placed in me to continue the success under Kent's leadership."
American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The company presently operates nine manufacturing facilities and seven service centers across the country.
Have something to say? Share your thoughts with us in the comments below.