CAMP HILL, Pa., April 8, 2014 (GLOBE NEWSWIRE) -- Harsco Corporation (NYSE:HSC) today announced that the Board of Directors has unanimously selected F. Nicholas Grasberger as the Company's President and Chief Operating Officer, effective immediately. The appointment is the first step in a planned transition during which Mr. Grasberger will continue his duties as Chief Financial Officer while the search for his successor in that role is conducted, and will become the Company's President and Chief Executive Officer by mid-year 2014 once this process is complete.
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To assure solid operating continuity and a seamless transition in these key leadership positions, David Everitt, who has been serving as Interim President and Chief Executive Officer since March 1, 2014, will continue as Interim Chief Executive officer until Mr. Grasberger assumes the Chief Executive Officer role.
"Since joining us last year, Nick has continually demonstrated his ability to be a driving force of positive change in our organization," said Henry W. Knueppel, Chairman of Harsco's Board of Directors. "Nick co-authored the strategy we are executing; he has gained the respect of our organization and our key shareholders; and he has delivered on several significant objectives during his first year. We are confident he has the capabilities, vision and broad industry knowledge necessary to lead our company into its next bright era of significant financial and operational growth.
"I also want to thank Dave Everitt for his continuing dedication and commitment to Harsco," Mr. Knueppel continued. "His willingness to continue to serve as Interim CEO will allow Nick to seamlessly transition into his new responsibilities with the first-hand benefit of Dave's substantial wisdom and perspective, both as a business leader and a continuing member of the Board."
Mr. Grasberger has served as Senior Vice President and Chief Financial Officer of the Company since April 2013. During that time, he has helped spearhead many of the Company's key corporate initiatives, led by its successful efforts to create a joint venture with Clayton, Dubilier & Rice for the Company's Infrastructure business. He has also been instrumental in the Company's Simplification-based turnaround plans for its Metals & Minerals business, which focus on improving operating efficiencies, strengthening revenue growth opportunities, and enhancing its financial return profile.
"I am honored to be selected as the next President and CEO of Harsco," said Mr. Grasberger. "Over the past year, I have come to fully appreciate the considerable potential of this company to deliver significant value for our shareholders and enhanced service to our customers. I look forward to updating the market on our outlook this coming May during our first quarter earnings call as we review our further progress on our Simplification initiatives and continue to drive Harsco's transformation."
Mr. Grasberger has a nearly 30-year executive background in both finance and operations. Prior to joining Harsco, he served as the Managing Director of the multinational Precision Polymers Division of Fenner Plc, one of the world's leading producers of heavyweight belting for a range of industrial and commercial markets. Before Fenner, he held senior executive positions at Armstrong Holdings, Inc., the then-parent company of Armstrong World Industries, first as Chief Financial Officer and subsequently as the CEO of the company's Building Products division. Prior to his roles at Armstrong, Mr. Grasberger was the Chief Financial Officer for Kennametal, Inc. and the Corporate Treasurer and director of corporate planning at H. J. Heinz Company. He began his career in 1985 with USX Corporation. He holds a bachelor's degree in business from the University of Notre Dame and a master's degree in business administration from the University of Pittsburgh.
The Company announced that it has initiated a formal search process with a leading executive search firm for Mr. Grasberger's successor as Chief Financial Officer.
Harsco Corporation serves key industries that play a fundamental role in worldwide economic development, including steel and metals production, railways and energy. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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