Tuesday, November 26, 2019 3:41:48 PM
November 26, 2019 12:55 PM Eastern Standard Time
NORTH VENICE, Fla.--(BUSINESS WIRE)--PGT Innovations (NYSE: PGTI) today announced the appointment of Mike Wothe as President of Western Window Systems, effective December 2, 2019. In this role, Wothe will be responsible for all aspects of the business, including strategy, sales and marketing, operations, and P & L. Wothe succeeds Scott Gates, who is leaving the company on January 31, 2020, to form an entrepreneurial clothing company with the social goal of helping incarcerated individuals and those that have recently been released from prison. Gates and Wothe will work together over the next two months to help ensure the smooth transition we anticipate.
“Mike is a collaborative leader with a strong record of success, and we are pleased to welcome him to PGT Innovations,” said Jeff Jackson, Chief Executive Officer and President. “Mike brings decades of operations and industry experience, as well as a strong understanding of customer relations.”
“I’m honored and excited to join the PGT Innovations family — both its executive management team as well as the strong team in place at Western Window Systems,” Wothe said. “I look forward to helping the company achieve its strategic objectives — specifically, driving profitable growth through investments in talent and innovation, continued focus on operational efficiencies, and creating customer and shareholder value.”
Jackson said, “I would like to thank Scott Gates for his dedication and leadership during his tenure as President of Western Window Systems, and I wish him all the best in his new endeavor.”
Prior to joining PGT Innovations, Wothe was President at Cardinal LG Company, a leader in residential glass for windows and doors in the United States.
Wothe holds a Bachelor of Science in chemical engineering from the University of Washington.
About PGT Innovations, Inc.
PGT Innovations manufactures and supplies premium windows and doors. Their highly engineered and technically advanced products can withstand some of the toughest weather conditions on earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces.
PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index.
The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Eze-Breeze®, and CGI Commercial. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.
Forward-Looking Statements
Statements in this press release regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “anticipate”, “forward” “excited,” and “objectives,” These risks and uncertainties include factors such as:
• adverse changes in new home starts and home repair and remodeling trends, especially in the state of Florida, where the substantial portion of our sales are currently generated, and in the western United States, where the substantial portion of the sales of Western Window Systems’ operations are generated, and in the U.S. generally;
• macroeconomic conditions in Florida, where the substantial portion of our sales are generated, and in California, Texas, Arizona, Nevada, Colorado, Oregon, Washington and Hawaii, where the substantial portion of the sales of Western Window Systems are currently generated, and in the U.S. generally;
• our level of indebtedness, which increased in connection with our acquisition of Western Window Systems;
• the effects of increased expenses or unanticipated liabilities incurred as a result of, or due to activities related to, the Western Window Systems Acquisition;
• the risk that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits expected from the Western Window Systems Acquisition may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates;
• raw material prices, especially for aluminum, glass and vinyl, including, price increases due to the implementation of tariffs and other trade-related restrictions;
• our dependence on a limited number of suppliers for certain of our key materials;
• sales fluctuations to and changes in our relationships with key customers;
• increases in bad debt owed to us by our customers in the event of a downturn in the home repair and remodeling or new home construction channels in our core markets and our inability to collect such debt;
• in addition to the Western Window Systems Acquisition, our ability to successfully integrate businesses we may acquire, or that any business we acquire may not perform as we expected at the time we acquired it;
• increases in transportation costs, including due to increases in fuel prices;
• our dependence on our impact-resistant product lines and contemporary indoor/outdoor window and door systems, and on consumer preferences for those types and styles of products;
• product liability and warranty claims brought against us;
• federal, state and local laws and regulations, including unfavorable changes in local building codes and environmental and energy code regulations;
• our dependence on our limited number of geographically concentrated manufacturing facilities;
• risks associated with our information technology systems, including cybersecurity-related risks, such as unauthorized intrusions into our systems by “hackers” and theft of data and information from our systems, and the risks that our information technology systems do not function as intended or experience temporary or long-term failures to perform as intended; and
• the risks and uncertainties discussed under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018.
Statements in this press release that are forward-looking statements include, without limitation, our expectations regarding: (1) the transition in the leadership of our Western Window Systems segment; and (2) our ability to achieve our strategic objectives, including profitable growth and creating customer and shareholder value. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances from the date of this press release.
Contacts
Investor Relations:
Sherri Baker, 941-480-1600
Senior Vice President and CFO
SBaker@PGTInnovations.com
Media Relations
Stephanie Cz, Communications Manager
SCz@PGTInnovations.com
941-480-1600
Recent PGTI News
- PGT Custom Windows and Doors Announces Partnership With Celebrity Designers Brian and Mika Kleinschmidt • Business Wire • 05/01/2024 03:10:00 PM
- MITER Brands Completes Acquisition of PGT Innovations, Inc. • Business Wire • 03/28/2024 01:35:00 PM
- Roivant Sciences Set to Join S&P MidCap 400; Sunrun to Join S&P SmallCap 600 • PR Newswire (US) • 03/26/2024 10:22:00 PM
- NewSouth Window Solutions Unveils New Streamlined Website • Business Wire • 03/25/2024 02:07:00 PM
- PGT Innovations, Inc. Stockholders Approve Proposed Merger with MITER Brands • Business Wire • 03/18/2024 10:35:00 PM
- PGT Innovations CEO Appointed to Board of Astec Industries • Business Wire • 03/14/2024 06:26:00 PM
- WINDOOR and PGT Products Prominently Featured on HGTV’s Rock the Block • Business Wire • 03/06/2024 04:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 01:09:36 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:54:12 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:52:22 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:50:47 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:49:26 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:46:26 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 12:44:46 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/23/2024 01:07:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 12:51:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:50:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:48:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:47:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:45:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:44:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:42:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 11:39:27 PM
- Anlin Windows & Doors Unveils New Products at 2024 NAHB International Builders’ Show • Business Wire • 02/21/2024 04:49:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/20/2024 02:28:40 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM