MEDINA, Ohio - RPM International Inc. (NYSE: NYSE:RPM), a leader in specialty coatings and sealants, has announced a transition in its legal department leadership. Edward W. Moore, the company's senior vice president, general counsel, and chief compliance officer, is set to retire by the end of 2024. Tracy D. Crandall, currently RPM's vice president of compliance and sustainability and associate general counsel, will step into the role of vice president, general counsel, and chief compliance officer starting today.
Moore, who joined RPM in 2006, has been a pivotal figure in the company's growth from $3 billion to over $7 billion in revenue. His tenure at RPM has seen him provide oversight for the legal and compliance department and the internal audit department. Before RPM, Moore served at Calfee, Halter & Griswold LLP for nearly 25 years in various capacities, including as a member of the executive committee and co-chair of the securities and capital markets group.
Crandall, who will be succeeding Moore, has been with RPM since 2010 and was elected vice president in 2015. Her responsibilities expanded to include oversight of RPM's compliance function in 2021 and leadership of the global sustainability initiative in 2022. Crandall's prior experience includes a partnership at Calfee, Halter & Griswold LLP and a role as commercial counsel at GE Lighting.
RPM's chairman and CEO, Frank C. Sullivan, praised Moore for his leadership and adherence to the company's values of transparency, trust, and respect. Sullivan also expressed confidence in Crandall's abilities to continue RPM's tradition of exceptional legal oversight.
The announcement is based on a press release statement from RPM International Inc. and does not include any promotional content. RPM is known for its diverse portfolio of market-leading brands such as Rust-Oleum, DAP, and Zinsser, and operates across consumer, construction products, performance coatings, and specialty products segments. The company is a Fortune 500 entity and employs approximately 17,200 individuals worldwide.
In other recent news, RPM International Inc., a leader in specialty coatings and sealants, has reported key developments. The company announced a 10.9% increase in its quarterly cash dividend to $0.51 per share, marking the 51st consecutive year of dividend raises. The shareholders also approved a proposal to phase out the classification of the Board of Directors over the next three annual meetings, and re-elected three directors for one-year terms.
In its fiscal first quarter 2025 results, RPM International reported a 2.1% decline in sales, but a 12.2% rise in adjusted EPS to $1.84, marking the 11th consecutive quarter of record adjusted EBIT. The company also repaid $75 million in debt, reducing interest expenses. RPM's MAP 2025 initiative is on track to achieve $465 million in savings by May 2025, and the company plans to continue $50 million in annual share repurchases.
Despite external challenges such as Hurricane Helene and foreign exchange headwinds, RPM International's strategic initiatives and operational efficiencies have positioned it for future growth. The company's full-year guidance remains steady with low single-digit sales growth and mid-single-digit adjusted EBIT increases. These recent developments highlight RPM International's resilience and strategic focus.
InvestingPro Insights
As RPM International Inc. navigates this leadership transition in its legal department, the company's financial performance and market position remain strong. According to InvestingPro data, RPM boasts a market capitalization of $16.38 billion, reflecting its significant presence in the specialty coatings and sealants industry.
The company's financial health is underscored by its revenue of $7.29 billion in the last twelve months, aligning with the growth trajectory mentioned in the article from $3 billion to over $7 billion during Edward W. Moore's tenure. This robust revenue base is complemented by a healthy gross profit margin of 41.45%, indicating RPM's ability to maintain pricing power in its diverse product portfolio.
InvestingPro Tips highlight RPM's commitment to shareholder value. The company has raised its dividend for 10 consecutive years and has maintained dividend payments for an impressive 52 consecutive years. This consistent dividend policy aligns with RPM's stable financial position, as liquid assets exceed short-term obligations.
The market has responded positively to RPM's performance, with the stock showing a strong return of 19.16% over the last three months and trading near its 52-week high. This upward momentum is further supported by six analysts revising their earnings estimates upwards for the upcoming period, suggesting confidence in the company's future prospects under its new legal leadership.
For investors seeking a deeper understanding of RPM's financial health and market position, InvestingPro offers 11 additional tips, providing a comprehensive analysis to inform investment decisions.
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