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BLOOMFIELD HILLS, MI – TriMas Corporation (NASDAQ:TRS), a $975 million market cap company specializing in metal forging and stampings, announced the appointment of Shawn Sedaghat as a new independent director to its Board. The decision was finalized on Monday, with Sedaghat also joining the Governance and Nominating Committee.
According to InvestingPro data, the company maintains a FAIR financial health score, with liquid assets exceeding short-term obligations.
Sedaghat brings over four decades of experience in the packaging industry to TriMas. His career began in 1984 with the co-founding of SEDA Specialty Packaging Corp (NYSE:PKG)., which was sold to CCL Industries Inc (TSX:CCLb). in 1997. He has since held various leadership roles, including CEO of PKG Group, LLC, and Gotha Cosmetics S.R.L., and has been involved in significant growth initiatives and partnerships. This appointment comes as management has been actively engaging in share buybacks, one of several key insights available on InvestingPro.
As a Class III director, Sedaghat’s term will extend until the 2027 annual meeting of shareholders. His compensation aligns with that of other non-employee directors, as detailed in TriMas’s 2024 Proxy Statement filed with the SEC on March 28, 2024.
This strategic move comes as TriMas continues to enhance its board’s expertise, aiming to leverage Sedaghat’s extensive background for future growth and governance. The information is based on a recent SEC filing by the company.
In other recent news, TriMas has seen several major developments. The company recently appointed Shawn Sedaghat as a new independent director to its Board of Directors, a move that aligns with its ongoing strategy to refresh its board. TriMas also sold its Arrow Engine business as part of its efforts to streamline its business portfolio and exit the oil and gas end market.
In leadership changes, Thomas Amato, the current President and Chief Executive Officer, will step down from his role by June 30, 2025, with a search for his successor already underway. The company is working with Spencer Stuart, an executive search firm, to find a suitable replacement.
Additionally, TriMas has inaugurated a new packaging facility in Haining, China, consolidating two former plants into one advanced location. This move is part of the company’s commitment to operational excellence and innovation, and is expected to enhance service for customers throughout China and Asia.
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