H.B. Fuller Company (NYSE: FUL) shares stumbled Monday, as the world’s largest pureplay adhesives company announced the appointment of R. Jeffrey Bailly to its Board of Directors, effective immediately. In connection with this appointment, Ruth Kimmelshue will be stepping down from the Board.
“Jeff brings highly relevant operating and leadership experience across key medical end markets as we focus on accelerating our path to greater than 20% adjusted EBITDA margin,” said CEO Celeste Mastin.
“He has led a global business through periods of meaningful transformation and growth, and his perspective will be highly valuable as we continue to sharpen our portfolio, invest in attractive growth opportunities, and drive toward our long-term financial objectives.”
“I am excited to be joining H.B. Fuller’s Board at this important inflection point in the Company’s evolution,” said Bailly. “I have dedicated most of my career to scaling advanced manufacturing businesses by matching innovative technologies with specific market needs. Through this work, I have seen the substantial benefits of reorienting portfolios towards strategically aligned, high growth end markets, such as medical. I look forward to working with the Board and management team to continue advancing H.B. Fuller’s evolution and creating durable value for shareholders.”
FUL shares sank 58 cents, or 1.2%, to $49.48.
