L.B. Foster Company Announces CEO Succession Plan, Effective July 21, 2021
June 25, 2021 at 09:00 am EDT
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L.B. Foster Company announced that Mr. Robert P. Bauer is retiring from the Company after serving as its Chief Executive Officer since 2012. The decision is the culmination of a comprehensive CEO succession planning process resulting in the appointment of Mr. John F. Kasel as the Company’s next CEO, effective July 21, 2021 with his term commencing on that same date. Mr. Kasel has held senior management positions with L.B. Foster for 18 years, most recently serving as the Chief Operating Officer. In order to ensure a seamless transition, Mr. Bauer will step down from his role as CEO on July 21, 2021, to serve as a senior advisor to Mr. Kasel through December 31, 2021, at which point he will retire from employment with the Company.
L.B. Foster Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company operates in two segments: Rail, Technologies, and Services (Rail) and Infrastructure Solutions. The Companyâs Rail segment is comprised of several manufacturing, distribution, and service businesses that provide a variety of products, solutions, and services for freight and passenger railroads and other industrial companies throughout the world. The Rail segment also offers contract project management and aftermarket services. The Rail reporting segment is comprised of the Rail Products, Global Friction Management, and Technology Services and Solutions business units. The Infrastructure Solutions segment designs, manufactures, and deploys advanced technologies that impact the built environment, including precast concrete buildings and products, bridge products, and pipe protective coatings and threading.