WireCo WorldGroup ("WireCo") announced that Chairman and Chief Executive Officer Jim O'Leary is retiring from WireCo and stepping down from his positions at the company. Jim successfully implemented and launched many important foundational commercial, operational and new product development initiatives.
Incoming WireCo Director Jay Townsend will assume the role of Intereim Chief Executive Officer while the Board of Directors conducts a search for a permanent replacement. Manish Srivastava, a WireCo Board member and Managing Director at Onex, will assume the role of Chairman of the Board.
Manish Srivastava said, "We are confident that under Jay's leadership, WireCo will continue providing its customers with best-in-class quality and service, and maintain its decades-long reputation of launching innovative, industry-leading products. Jay will build on the strong trajectory of operational and commercial excellence initiated by Jim to ensure WireCo's customers, suppliers and employees remain a key priority each and every day."
Dexter Paine, Chairman of Paine Schwartz Partners, added: "We thank Jim for his service to WireCo. Under his leadership, the company was able to launch and implement many foundational customer-focused operational and commercial initiatives."
Jay Townsend spent 28 years with Hoechst AG and Celanese Corporation, where he held several roles of increasing responsibility, including his last 10 years as an Executive Officer reporting directly to the Chairman and CEO of Celanese. Celanese Corporation is a global technology leader in the production of speciality materials and chemical products which are used in most major industries and consumer applications. Jay bring to WireCo broad international operational, business and strategic experience, as well as leading and executing several acquisitions, divestitures and joint ventures for Celanese.