Industry News

Leo J. Daley Joins Board of OM Group

Published on 2005-05-18. Author : SpecialChem

CLEVELAND -- OM Group, Inc. (NYSE: OMG) announced that Leo J. Daley has been elected to the board of directors, effective immediately. With the addition of Daley, who will join the director class that will stand for re-election in 2007, OMG now has eight directors. Mr. Daley's election will increase the number of independent directors to four. The number of independent directors will increase to five when Frank E. Butler's term of interim chief executive officer ends and he returns to his position as non-executive chairman. The company continues to expect to have a permanent chief executive officer by this summer.

"We are pleased to further strengthen our independent board with the addition of Leo Daley, whose deep understanding of financial markets and strategy will be invaluable to OMG and its shareholders as we move the company forward," said Frank E. Butler, chairman and interim chief executive officer.

Daley, 59, retired from Air Products and Chemicals, Inc. in 2003 after 23 years at the company. Daley was the vice president, finance and chief financial officer when he retired. Prior to joining Air Products and Chemicals, he worked for Scott Paper Company. From 1968-1972, Daley served in the U.S. Army, where, as a commissioned officer, he held the rank of captain.

Daley graduated from Penn State University in 1968 with a B.S. in accounting and earned his M.B.A. in Finance from Widener University in 1979. He and his wife, Joann, live in Emmaus, PA and have three grown children. Daley has served on a number of civic and non-profit boards, including the board of directors of Penn State University's Smeal College. He is currently on the board of directors of GEO Specialty Chemicals and serves as the head of its audit committee.


OM Group is a leading, vertically integrated international producer and marketer of value-added, metal-based specialty chemicals and related materials. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia, Africa and Australia.

Forward-looking Statements

The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the impact of an adverse result in excess of our insurance coverage in the shareholder class action lawsuits filed against the Company and certain of its executives; the speed and sustainability of price changes in cobalt and nickel; the availability of competitively priced supplies of raw materials, particularly cobalt and nickel; the effect of the restatement, or the effect of our inability to meet our SEC and NYSE filing obligations on a timely basis, upon funding availability under our credit facilities or upon debt obligations outstanding; the effect of the Company not completing the testing of its internal control over financial reporting systems such that management of the Company and its independent auditors are unable to report as to such internal control over financial reporting in a timely fashion for the year 2004; the risk that new or modified internal controls, implemented in response to an investigation by the audit committee of the Company's board of directors and the Company's examination of its internal control over financial reporting systems pursuant to Section 404 of the Sarbanes-Oxley Act, are not effective and need to be improved, resulting in additional expense; the demand for metal-based specialty chemicals and products in the Company's markets; the effect of fluctuations in currency exchange rates on the Company's international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the outcome of the previously announced SEC review of the investigation conducted by the Company's audit committee; and the general level of global economic activity and demand for the company's products.

Source: OM Group, Inc.

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