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Ron Newbold Leaves LSI Industries

CINCINNATI, July 10, 2018 (GLOBE NEWSWIRE) — LSI Industries Inc.  today announced that Ron Newbold, President of LSI Lighting, has decided to leave the company for personal reasons. Effective immediately Chief Operating Officer, Crawford Lipsey, will assume direct responsibility for the Lighting Leadership team.

Ron Brown, Chief Executive Officer, said, “We appreciate Ron Newbold’s contribution to LSI, particularly his efforts to accelerate and launch numerous new products and process improvements which are important to our future growth. We wish him well in his future endeavors.”

Mr. Brown continued, “I would like to take this opportunity to comment on some of our plans to strengthen LSI. First, over the next few months, we will be completing the Atlas integration. This will improve our already strong service levels to customers with proven common processes in the areas of supply chain, customer service and back office support functions. The Atlas acquisition has been a valuable addition, providing LSI with a recognized leading brand in the important stock and flow distribution market. Atlas will continue to be a significant brand for LSI going forward.

“Secondly, LSI has a rich history of success in certain key customer markets. Our Lighting and Graphics markets continue to evolve very quickly, as evidenced by the growth in wireless controls and rapidly expanding IoT and digital technologies. LSI is effectively addressing these market dynamics through its AirLink, SmartVision and SOAR solutions. We are focusing on a more integrated approach of providing solutions for our customers that leverages our entire portfolio of technology, product and service capabilities. As a result, we are finalizing plans to better align LSI to leverage these and other capabilities to serve targeted customer markets. We expect to announce these plans during our fiscal first quarter.”

As previously reported on April 23, 2018, Mr. Brown has been serving as LSI’s Chief Executive Officer while the company conducts a search for a permanent CEO. Now that Mr. Brown has been reporting to the board since April 23, 2018, John Morgan, a member of LSI’s board of directors, will no longer serve as managing director.

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