AKRON—Myers Industries Inc. has hired Aaron Schapper, an industry outsider with experience in the infrastructure sector, to be its president and CEO, filling positions vacant since September when the company parted ways with then-CEO Mike McGaugh,
Myers Chairman F. Jack Liebau Jr. cited Schapper's ability to build and manage high-performing businesses as a key reason for his being hired.
"His appointment is the result of a comprehensive search process that attracted many outstanding candidates," Liebeau said, "and we are pleased that Aaron has agreed to join Myers to lead our next phase of growth."
Myers has been operating since early September under the guidance of Dave Basque, the firm's vice president of integration and of the company's material-handling business, who was named interim president and CEO at that time. Basque will return to those roles.
Schapper comes to Myers from Valmont Industries Inc.—a Nebraksa-based manufacturer and provider of equipment and technology solutions for infrastructure and agriculture markets—where he held a variety of senior leadership roles for the past eight years.
Most recently he was chief strategy officer and group president of Valmont's agriculture division. Prior to his time with Valmont, Schapper was general manager at Orbit Irrigation Products Inc., based in Shanghai, China
At Myers, he will be paid an initial base salary of $800,000 and be eligible to participate in the company's annual incentive program at an initial target of 100 percent of his annual base salary for calendar year 2025, the company reported in a Securities & Exchange Commission filing. Schapper could also earn additional income with a grant-date value of $2.5 million from the company's long-term incentive program in the form of restricted stock and performance stock units, based on the company's performance and vesting over three years.
Schapper's hiring coincided with the release of Myers' third quarter financial results, which showed the Akron-based company generated 19.8 percent higher pre-tax operating income of $30.7 million on 3.7-percent higher sales revenue of $205.1 million.
The company's improved performance came despite a disappointing performance by the distribution segment (Myers Tire Supply and associated businesses), which suffered a 51.8-percent drop in operating earnings (to $3.2 million) on 16.8-percent lower sales (of $54.4 million).
Myers attributed the decrease in operating income to lower volume and pricing, as well as higher material costs. The company also cited market-share losses during the period due to "continued difficulties" associated with the loss of Mohawk Rubber sales representatives.
Myers did not elaborate on that statement, but did say: "We have taken additional action to address the underperformance of our distribution business, starting with naming Jeff Baker as president, distribution.
Since assuming this role on Sept. 30, Baker and his team have "systematically identified plans" to close sales coverage gaps and win back customers, add digital sales channels, improve the customer experience and implement further efficiency improvements, Myers said.
For the nine months ended Sept. 30, Myers reported a 44.6-percent drop in operating income on slightly higher sales of $632.5 million.
The distribution business unit reported a 54-percent drop in operating income (to $4.9 million) on 15.3-percent lower sales of $163.5 million.
