Burke to succeed Rayburn at Modine
Modine Manufacturing Co. announced that David Rayburn will retire as president and chief executive officer on March 31.
The Racine-based manufacturer of thermal management technology and solutions has named Thomas Burke, its chief operating officer, to succeed Rayburn at the helm of the company.
Bradley Richardson, Modine’s chief financial officer, will be promoted to a newly created position of executive vice president of corporate strategy and chief financial officer.
Both Burke and Richardson will be appointed to the company’s board of directors concurrent with the assumption of their respective new positions.
Gary Neale, currently lead director and chair of the officer nomination and compensation committee of Modine’s board, has been named non-executive chairman of the company.
"I have been very fortunate to be part of such an outstanding company for over 17 years," said Rayburn, who also will retire from his seat on Modine’s board. "For me, it’s all about the people. The values, integrity, and commitment of the people at Modine are unmatched. Our technology is leading edge and recognized worldwide. We have exciting new developments in the pipeline. We are responding to the rapidly changing global economy with fundamental changes to our business model, and our strategies are working. I have the utmost confidence in Modine’s long term future."
Neale said, "On behalf of the board of directors and 8,500 Modine employees worldwide, I would like to recognize Dave Rayburn for his significant contributions to Modine over the past 17 years. As president and CEO since January 2003, Dave has been particularly instrumental in setting the long-term course for Modine’s continued evolution from a regionally based component supplier to a global provider of thermal management solutions. We thank Dave for his dedication and leadership and wish him and his family all the best."
Burke is a 24-year industry veteran with prior experience at Ford Motor Co. and Visteon. He joined Modine in 2005.
Richardson, who joined Modine in 2003 after 20 years in global financial and operating roles with BP Amoco, has played a pivotal role in developing the company’s strategic financial framework, including Modine’s recently announced four-point profitability plan to reposition the company to deliver on its growth objectives.
Effective April 1, Modine director Marsha Williams will assume the role of chairman of the officer nomination and compensation committee vacated by Neale. Williams currently serves as senior vice president, chief financial officer with Orbitz Worldwide Inc.
Rayovac will add positions in Wisconsin
Spectrum Brands Inc. will hire about 50 new workers at its Rayovac manufacturing facility in Fennimore, Wis., later this spring. The new jobs, which will include both salaried and hourly positions, are expected to increase the total number of employees at the Rayovac facility to approximately 250 by May 12, 2008.
Rayovac has recently developed advanced alkaline technologies designed to deliver maximum battery performance in meeting the increasing power requirements of high technology devices.
National Graphic expands printing capabilities
Brookfield-based National Graphics Inc. recently added large format lenticular printing to its list of services.
The company will now offer lenticular printing at sizes up to 38 by 58 inches. The firm hopes to increase its capabilities by up to 4 by 8 feet in the near future.
Nekoosa stone company sold
Wisconsin Pride Stone, a Nekoosa manufacturer and installer of veneer stone, was recently sold to Dale Einerson, former vice president of global operations-pet for Spectrum Brands.
Wisconsin Pride Stone’s customer base includes contractors, distributors, commercial developers and homeowners in multiple states. Veneer stone is used for both interior and exterior building projects in commercial and residential construction. Green Bay-based Cornerstone Business Services Inc. facilitated the transaction.
