Exec moves and solid Q4 from Koppers
Koppers Holdings Inc., the provider of treated wood products, wood treatment chemicals and carbon compounds reported fourth quarter 2021 consolidated sales increased 3.1% to $405.3 million compared with $393.1 million in the fourth quarter a year ago.
Sales for the year edged up to a company record of $1.679 billion from 2020 sales of $1.669 billion.
The Pittsburgh-based company also reported a fourth quarter net income of $22.2 million, rising more than 19% from a net income of $18.6 million for the same period a year ago.
Koppers posted a full-year net income of $85.2 million, falling 30% from a net income of $122 million in the previous year.
The full fourth quarter 2021 and year-end financial report from Koppers can be accessed here.
Additionally, Koppers has announced executive moves.
Tracie McCormick has been elected treasurer of Koppers Holdings Inc., effective March 1. McCormick, who has been with Koppers since 2011 and served as Assistant Treasurer since 2019, will succeed Jimmi Sue Smith who was elected to the role of Chief Financial Officer in January 2022.
As treasurer, McCormick will oversee the company's global treasury operations, including debt and cash management, risk management and corporate liquidity.
Additionally, she will play a key role in implementing financing strategies and working capital solutions to fund the company's capital allocation strategy as well as serve as the primary liaison for corporate banking partners, the company said.
Koppers also announced that Daniel Skrovanek has been named vice president, growth and innovation effective March 1.
In this newly created role, he will lead a small team exclusively focused on challenging the organization's thinking on growing its sales, earnings and cash flows beyond the traditional scope of mergers and acquisitions, Koppers said.
Skrovanek has been with Koppers since 2011 in a variety of roles. He most recently served as vice president of purchasing and strategic marketing.
"I'm happy to welcome both Tracie and Dan in their new roles,” said Koppers President and CEO Leroy Bell. “These leaders bring with them a rich history with our company as well as their own experiences and perspectives that will refresh our approach to the capital markets and how we seek new and innovative channels for growth.