Accuride Corporation announced Tuesday that it has completed the appointment of Robert E. Davis to the company’s Board of Directors as an independent director, effective immediately.
Davis joins the Board per an agreement between Accuride and Cetus Capital announced in December, which provided for the appointment of a Cetus designee – at the time expected to be Davis – to the Company’s board of directors and to be nominated for election at the Company’s 2013 annual meeting of stockholders.
Cetus is Accuride’s largest stockholder with nearly 15 percent of Accuride’s shares.
Rick Dauch, Accuride President and CEO says the company is pleased to complete Davis’ addition to the Accuride Board and looks forward to utilizing his financial, capital markets and leadership experience.
“With the operational-improvement actions of our ‘Fix and Grow’ strategy now largely complete and yielding solid performance gains, adding Rob’s depth of insight to our Board at this time supports the company’s renewed commitment to restoring dependable performance for shareholders while exploring opportunities for expansion in new geographic markets,” he says.
Davis is currently a Managing Director of Cetus Capital affiliate Littlejohn & Co., LLC, which he joined as a Partner in 2005, and has more than 25 years experience in capital markets and investments.