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Friedman Announces Retirement of President and CEO

1186 Days ago

Longview, Texas, Feb. 15, 2019 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE—American: FRD) (the “Company”), a steel manufacturing, processing, and distribution company, announced today that Robert Sparkman has elected to retire from his position as President, Chief Executive Officer, and as a director of the Company to spend more time with his family, effective March 31, 2019. 

Mr. Sparkman, age 63, has been Chief Executive Officer since April 2017 and has been associated with the Company in various capacities for over 39 years. The Company expresses its deep appreciation for Mr. Sparkman’s many years of dedicated service.

Michael J. Taylor, the Company’s current Chairman of the Board of Directors, will serve as interim President and interim Chief Executive Officer until a successor is appointed.  Mr. Taylor, age 60, has been a director of the Company since December 2016 and Chairman of the Board of Directors since June 2017.  Prior to joining the Company, Mr. Taylor served as President of Cargill Metals Supply Chain, a steel processing distribution company, from 2003 to 2014. The Company believes that Mr. Taylor’s extensive knowledge of the steel industry will be a vital asset in his interim leadership role. Mr. Taylor will retain his role as Chairman of the Board.

For further information regarding this press release, please contact Alex LaRue, Chief Financial Officer—Secretary and Treasurer at (903)758-3431.

About the Company

For over 50 years Friedman Industries has helped its customers succeed by consistently providing high quality steel products at highly competitive prices with quick delivery. Founded in 1965 and headquartered in Longview, Texas, Friedman operates in two divisions: the Flat Roll Division and the Tubular Division.  Please visit http://www.friedmanindustries.com for more information about us.

Friedman Industries, Incorporated
Alex LaRue, (903)758-3431
Chief Financial Officer—Secretary and Treasurer

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