Myers revamps mgt. structure

AKRON (Oct. 4, 2016) — Myers Industries Inc. has consolidated its Material Handling and Distribution business segments into one entity and promoted Alex Williamson to group president, distribution, including Myers Tire Supply,

Myers said the consolidation is intended to “simplify operations and put a greater focus on execution of strategic initiatives” and coincides with a series of management and organizational changes disclosed Sept. 27 that included the hiring of Kevin Gehrt as vice president, human resource, and the promotion of Mike Valentino to group president, material handling.

“Under this new structure,” Myers President and CEO Dave Banyard said, “Mike and Alex will be able to use their strong experience and leadership skills to address common challenges across the product lines and operations within their segments in order to improve overall productivity and efficiency.”

Mr. Banyard said the changes were made after a 90-day review of the company's long-term strategic plans for each of its businesses.

Mr. Williamson joined Myers in January 2014 as vice president and general manager of the distribution business. In his new role, he will overee Myers Tire Supply, Myers Tire Supply International and Patch Rubber Products.

Prior to joining Myers, he was co-president of Seaman Corp. and held senior leadership positions at Noveon Inc. (now Lubrizol).

Myers describes its distribution segment as the largest U.S. distributor and single source for tire, wheel and under-vehicle service tools, equipment and supplies, operating through four distribution centers in the U.S.

In fiscal 2015 the business generated $187.6 million in sales, or 31.2 percent of Myers' overall revenue, but sales fell 7.8 percent in the first half of fiscal 2016 on lower equipment sales.

In its second quarter earnings report, Myers said the distribution segment “continues to implement its new sales model, which is designed to broaden market coverage and improve the overall sales process.”

Overall, Myers' operating income for the half year was down 53.5 percent on 7.9-percent lower sales.

Between Dec. 15, 2015, and Feb. 16 of this year, the company's stock price fell from $15 per share to just under $10 per share. However, it then bounced back to a price of $15 per share again in July, before recently settling back to just above $13.

Mr. Gehrt joins Myers from Cordis Corp., a medical device maker that is part of Cardinal Health Inc.