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WINCHESTER, Va. - American Woodmark Corporation (NASDAQ: AMWD), a major cabinet manufacturer, disclosed today that James G. Davis, Jr. will not seek re-election to its Board of Directors at the forthcoming annual shareholders meeting. Davis has been a part of the company’s board for twenty-three years, contributing to various committees including Audit, Compensation, and Governance, Sustainability, and Nominating.
Vance Tang, the Chair of the Board, acknowledged Davis’s extensive experience in construction and business leadership, which has been a valuable asset to the company. He also noted Davis’s role in enhancing the Director On-Boarding and Board Evaluation processes. Tang expressed anticipation for new experiences and perspectives to join the board following Davis’s departure.
Scott Culbreth, President and CEO of American Woodmark, praised Davis for his significant contributions to the company’s success, advocating for its mission, vision, and values. Culbreth expressed gratitude for the insights Davis provided during his tenure.
Davis reflected on his time with American Woodmark, noting the company’s growth from $0.5 billion to $1.8 billion in annual sales. The company maintains strong financial health with a current ratio of 2.01 and trades at an attractive P/E ratio of 8.7. According to InvestingPro analysis, management has been actively buying back shares, demonstrating confidence in the company’s future. He commended the dedication of the team and expressed confidence in the leadership and Board of Directors as he steps down.
American Woodmark, with over 7,800 employees and more than a dozen brands, is recognized for its commitment to quality cabinetry and customer satisfaction. With a market capitalization of $843 million and an EBITDA of $199 million in the last twelve months, the company maintains a strong market presence. The company partners with various home centers, builders, and independent dealers and distributors to deliver products and services.
The Board extended its gratitude to Davis for his years of service and wished him well in his retirement. This transition comes as American Woodmark continues to uphold its values of customer satisfaction, integrity, teamwork, and excellence across its operations. Despite a challenging six-month period where the stock declined by 35%, InvestingPro analysis indicates the stock is currently undervalued, with eight additional key insights available to subscribers through the comprehensive Pro Research Report.
The information is based on a press release statement from American Woodmark Corporation.
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