(By Balaseshan) Met-Pro Corp. (NYSE: MPR), which makes product recovery and pollution control equipment, said it has separated the positions of Chairman of the Board and Chief Executive Officer, for driving growth and profitability initiatives.
The company said separating the roles of Chairman and Chief Executive Officer is consistent with today's corporate governance best practices, and is certainly appropriate for Met-Pro as the company continues to position it for long-term success.
Raymond De Hont, who has held both positions of Chairman and Chief Executive Officer since 2003, will continue to serve as President and Chief Executive Officer of the company and as a director.
"This action will allow me to devote all of my energy and attention to the leadership and management of the company, including driving our growth and profitability initiatives. I look forward to continuing to work with our Board to capitalize on the tremendous opportunities that lie before us," said De Hont.
George Glatfelter II, the Board's lead director, has been elected Chairman of the Board, a non-executive position, by the company's Board of Directors.
Glatfelter, who has served on Met-Pro's Board since May 2004, and as its lead director since August 31, 2011, is the retired Chairman of the Board of P.H. Glatfelter Co. (NYSE: GLT).
Glatfelter was elected Chairman for a term ending with the meeting of the Board of Directors immediately following the 2013 Annual Meeting of Shareholders, at which time the Board shall select its Chairman for the ensuing year.
Glatfelter is currently Chairman of the company's Corporate Governance and Nominating Committee and a member of its Compensation and Management Development Committee.
MPR is trading down 0.34% at $8.72 on Tuesday. The stock has been trading between $8.20 and $10.97 for the past 52 weeks.