RALEIGH, N.C.--(BUSINESS WIRE)--Aug. 16, 2012--
Xerium Technologies, Inc, (NYSE: XRM) a leading global manufacturer of
industrial textiles and roll covers used primarily in the paper
production process, today announced the appointment of Mr. Harold C.
Bevis, as the company’s new Chief Executive Officer, President and
Director. Mr. Bevis has been CEO, President and Director of Pliant
Corporation and Jordan Telecommunication Products, and has held
executive positions with Emerson Electric and General Cable Corporation.
He is a 1983 graduate of Iowa State University receiving an Industrial
Engineering degree and earned his MBA from Columbia University in 1988.
Coincident with the appointment of Mr. Bevis, Mr. James F. Wilson,
currently Xerium’s Lead Director, has been appointed the company’s
Chairman of the Board. Mr. Wilson joined the Xerium Board of Directors
in June 2010 and has served on the Compensation and Nominating
committees since that time. Mr. Wilson is a principal at Carl Marks
Management Company, LLC, an investment firm which is a significant
shareholder of Xerium stock. As a consequence of the separation of the
Chairman and CEO roles, the Board of Directors will no longer have a
As previously announced in December 2011, Stephen R. Light Xerium’s
Chairman, Chief Executive Officer and President resigned from his
executive and board positions coincident with the appointment of Mr.
Bevis and Mr. Wilson. Mr. Light will remain a non-executive employee of
the company to facilitate the executive transition until his retirement
in February 2013. The company wishes to thank Mr. Light for his
leadership and contributions during a time of significant change and
progress for Xerium.
In connection with his appointment, Mr. Bevis was awarded 204,208
restricted stock units and options to purchase 781,701 shares of
Xerium’s common stock. These awards were made in accordance with the
employment inducement award exemption provided by Section 303A.08 of the
New York Stock Exchange Listed Company Manual and were therefore not
awarded under Xerium’s stockholder approved equity plan. The restricted
stock units vest annually in one-third increments, beginning on the
second anniversary of the August 15, 2012 grant date. Vested restricted
stock units will result in the delivery to Mr. Bevis of one share of
Xerium’s common stock per vested unit. The options will vest annually in
one-third increments, beginning on the second anniversary of the August
15, 2012 grant date, have a 10-year term and an exercise price of $4.00
per share, the August 15, 2012 closing price of Xerium’s common stock on
the New York Stock Exchange.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer
and supplier of two types of consumable products used primarily in the
production of paper-clothing and roll covers. The Company, which
operates around the world under a variety of brand names, utilizes a
broad portfolio of patented and proprietary technologies to provide
customers with tailored solutions and products integral to production,
all designed to optimize performance and reduce operational costs. With
31 manufacturing facilities in 14 countries around the world, Xerium has
approximately 3,400 employees.
Source: Xerium Technologies, Inc.
Xerium Technologies, Inc.
Clifford E. Pietrafitta
Vice President and CFO