DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that after twenty five years of service, Cletus “Cowboy” Davis has chosen to retire from DXP’s board of directors at the company’s annual shareholder meeting, to be tentatively held in June 2020. The company also announced today that after reviewing multiple candidates, its board of directors has elected Joseph Mannes, 61, a director of the company, effective tomorrow. Mr. Mannes will serve as a director until the company’s annual shareholders meeting, whereby he will stand for re-election.
Davis’ contributions to DXP have been numerous, having served as an advisor and board member of DXP and its predecessor company Southern Engine and Pump Company. Davis joined DXP before it was a publicly traded entity and served as a consistent voice, advisor and confidant to DXP’s chief executive officer, David Little.
“It has been my privilege to work with Cowboy over the past 25 years,” said David Little, DXP chief executive officer. “We are grateful and blessed for his incredible advice, leadership and dedication. Cowboy has brought tremendous wisdom and judgement to our board, including in the roles he played as chair of the Nominating and Governance and Compensation Committees,” Little said. “We will miss Cowboy greatly but he will always be welcomed as an advisor, observer and contributor. He not only made us a better company but he made us better people,” concluded Mr. Little.
Mr. Mannes has served as President of SAMCO Capital Markets, a broker-dealer specializing in investment banking, municipal underwriting, sales and trading and public finance, where he has worked since 2001. In addition, he serves on the boards of the Dallas Institute of Humanities and Culture and numerous civic, non-profit and professional organizations.
“Joe is a demonstrated leader who has significant business experience and a solid record of achievement. He brings experience in corporate governance, financial markets and leadership. We look forward to him bringing this knowledge and business insight into the DXP boardroom, said David Little, Chief Executive Officer. “We are pleased to welcome Joe to the DXP Board.”
Mr. Mannes graduated with an AB from Dartmouth College and an MBA from the Wharton School, graduate division. His experience includes time as a chief financial officer with Clearwire Technologies and E-Certify. He was formerly the Chairman of the Board of Tandy Leather Factory and is currently President of the Provincial Foundation. Mr. Mannes is a Chartered Financial Analyst.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.
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