WESTFORD, Mass. (News release) -- Kadant Inc. announced that Jeffrey L. Powell will be named president effective April 1, 2019 and CEO and a director effective July 1, 2019, as part of a succession plan adopted by the Board of Directors.
As part of the succession plan, Jonathan W. Painter will become executive chairman of the Board of Directors effective July 1, 2019. William A. Rainville, the Company's current chairman of the Board of Directors, has decided not to stand for reelection as a director of the Company and will cease to be a director and the chairman of the Board of Directors when his current term ends at the Company's 2019 annual meeting of stockholders.
Mr. Powell has been a co-chief operating officer since March 2018 and an executive vice president for six years with supervisory responsibility for Material Processing Group. He joined Kadant in 2008 and served in several capacities, initially having responsibility for acquisition-related activities.
The succession plan is designed to retain the services of Mr. Painter for one year from the appointment of his successor as CEO. In his new position as executive chairman, Mr. Painter will continue to participate in strategic planning and acquisition activities, consult with management on operational matters, and be responsible for corporate governance matters. Mr. Painter is expected to continue as a director in a non-executive role after his retirement on June 30, 2020.
The Company also announced that Peter J. Flynn and Michael Colwell will each become a vice president of the Company effective July 1, 2019. Together, Mr. Flynn and Mr. Colwell, who will be executive officers of the Company, will have supervisory responsibility for the Company's Material Processing Group.
