ARC Group Worldwide announces new interim CEO and Board Member
July 3, 2017
ARC Group Worldwide, Inc, Deland, Florida, USA, a key global provider of Metal Injection Moulding and metal Additive Manufacturing solutions, has announced the appointment of Drew M Kelley to Interim Chief Executive Officer and Board Member, effective July 1, 2017. Kelley replaces Jason T Young, who is leaving his position with the company and the board to pursue other interests.
Kelley has served as ARC’s Chief Financial Officer since October 2013. Prior to joining the company, he was an investment banker and equity research analyst. “I appreciate the confidence the Board has placed in me and look forward to working with the entire ARC organisation as we establish and implement initiatives designed to improve operational efficiency, increase financial profitability, and create a stronger balance sheet,” he stated.
“Due to poor decisions and execution by the company over the past several months, ARC will evaluate all aspects of our business and consider, where appropriate, non-cash write-offs in order to put these matters behind us as we enter our new fiscal year this July. To that end, we have already initiated a robust review of our cost structure across all business units, and have, with the board’s approval, completed operational adjustments and other measures necessary to achieve these established objectives. Overall, I am confident this process will create a more fiscally disciplined company, while at the same time improving service to our customers and strengthening our leading role within the advanced manufacturing sector.”
Alan G Quasha, ARC’s Chairman of the Board, commented, “We thank Mr Young for his service as CEO of ARC and wish him success as he pursues other opportunities. In connection with these leadership changes, the company will refocus its efforts to build upon its core capabilities of Metal Injection Moulding and metal Additive Manufacturing. I am confident that through these initiatives we can improve the Company’s profitability and cash flow generation, as well as reduce our debt obligations to our targeted ratio of two times debt to EBITDA.”