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FOR
IMMEDIATE RELEASE
Contact:
Leigh J. Abrams, CEO
Phone: (914)
428-9098 Fax:
(914) 428-4581
E
Mail: Drew@drewindustries.com
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Drew
Industries Announces Appointment of Fred Zinn to
President;
Additional
Executive Promotions
White
Plains, New York - April 14, 2008 - Drew Industries Incorporated (NYSE: DW),
a
leading supplier of components for recreational vehicles and manufactured
housing, today announced that in accordance with the Company’s management
succession plan adopted by the Board of Directors, Leigh J. Abrams, President,
Chief Executive Officer and a Director of Drew, will continue to serve as Chief
Executive Officer and as a Director of Drew, and will resign as President,
effective May 28, 2008.
The
Board
has appointed Fredric M. Zinn, Executive Vice President of the Company since
2001 and Chief Financial Officer since 1986, to succeed Abrams as President,
effective May 28, 2008.
It
is
anticipated that the Board of Directors will promote Joseph S. Giordano III,
the
Company’s current Corporate Controller and Treasurer, to the position of Chief
Financial Officer at the Board’s May 28, 2008 annual meeting. Giordano will
continue to serve as Drew’s Treasurer. Christopher L. Smith, the Company’s
current Assistant Controller, will succeed Giordano as Corporate
Controller.
“Fred
has
played an instrumental role in Drew’s success and expansion,” said Abrams. “Fred
has helped lead Drew as we grew from a small company, with sales of $41 million
in 1981, to become a leading producer of components for RVs and manufactured
homes. During Fred’s tenure, Drew completed more than 20 acquisitions, we
diversified our product line, and we expanded our capabilities coast-to-coast.
Joe has worked side-by-side with Fred in accomplishing our goals since 2003,
and
brings 17 years of financial experience to the position of Chief Financial
Officer. Our leadership teams are focused on our long-standing and successful
strategy of organic growth, new product introductions, acquisitions and
operational efficiency.”
Mr.
Zinn
noted that “Leigh has been an outstanding mentor and leader, and Drew has been
extraordinarily successful under his guidance. As President, I look forward
to
joining Leigh in building on our strong foundation, and creating value for
our
stockholders.”
Zinn,
age
57, a certified public accountant, earned an MBA in finance and accounting
from
the University of Rochester, and a bachelor’s degree in mathematics from the
State University of New York at Buffalo.
Before
joining Drew, Giordano, age 39, was a senior manager for Deloitte & Touche
LLP, before which he was with KPMG LLP for more than 11 years. Giordano is
a
certified public accountant and earned a Bachelor of Business Administration
from Western Connecticut State University.
Smith,
age 33, has been Drew’s Assistant Controller since 2005. Prior to this position,
he was Assistant Controller at Key Components, LLC for 5 years and prior to
that
was at Ernst & Young LLP for 3 years. Smith, a certified public accountant,
graduated with a bachelor’s degree in accounting from Canisius College in
Buffalo, NY.
About
Drew
Drew,
through its wholly owned subsidiaries, Kinro and Lippert Components, supplies
a
broad array of components for RVs and manufactured homes, including windows,
doors, chassis, chassis parts, bath and shower units, and axles. In addition,
Drew manufactures slide-out mechanisms for RVs, and trailers primarily for
hauling boats. Currently, from 31 factories located throughout the United
States, Drew serves most major national manufacturers of RVs and manufactured
homes in an efficient and cost-effective manner. Additional information about
Drew and its products can be found at www.drewindustries.com.
Forward-Looking
Statements
This
press release may contain certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 with respect
to
financial condition, results of operations, business strategies, operating
efficiencies or synergies, competitive position, growth opportunities for
existing products, plans and objectives of management, markets for the Company’s
common stock and other matters. Statements in the press release that are not
historical facts are “forward-looking statements” for the purpose of the safe
harbor provided by Section 21E of the Exchange Act and Section 27A of the
Securities Act.
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