"Jim has been a tremendous value add to the Latham Board. He is a respected industry leader with an incredible track record in growing Trex’s business into the industry's undisputed global leader, and we look forward to continuing to benefit from his deep expertise.”
LATHAM, N.Y. (PRWEB) January 25, 2021
The Board of Latham Pool Products, Inc. ("Latham" or "the Company") is pleased to announce that James (Jim) E. Cline has been elected to Chairman of the Board. Mr. Cline succeeded former Chairman Mark Laven, who will continue as a Director and has been elected Vice Chairman.
Mr. Cline has served as a Non-Executive Director of Latham since March 2019. From August 2015 through April 2020, he was President and CEO of Trex Company, Inc. (“Trex”) and since April 2020 has served as Chairman of the Board. Trex is the world's largest manufacturer and leading brand of high-performance, low maintenance outdoor living products, including composite decking, railing, deck lighting and steel deck framing. Mr. Cline has held a number of senior roles within the manufacturing industry, including with Harsco GasServ, the gas technologies business group of Harsco Corporation.
“Since joining our board in 2019, Jim has made instrumental contributions to Latham given his significant commercial expertise,” said Scott Rajeski, Chief Executive Officer of Latham. “Today we have grown into the world’s largest designer, manufacturer and marketer of residential in-ground swimming pools, and the clear leader in fiberglass. Jim’s strategic vision, proven leadership and experience helping companies capitalize on material conversion opportunities make him the ideal candidate to work with me to lead Latham into our next chapter of growth.”
Mr. Laven commented, "Jim has been a tremendous value add to the Latham Board. He is a respected industry leader with an incredible track record in growing Trex’s business into the industry's undisputed global leader, and we look forward to continuing to benefit from his deep expertise.”
Commenting on his appointment, Mr. Cline said, "I am thrilled to continue to serve on the Latham board in this new capacity. With its unique direct-to-homeowner model and leading suite of digital technologies, Latham has an exciting opportunity to further capitalize the material conversion to fiberglass pools.”
Mr. Laven, whose family founded Latham nearly 65 years ago, joined the Company in 1975 to help grow the business. He has been integral to building Latham’s overall position in the industry, having served in many leadership roles, most recently as President of Latham from 2001 to 2017. He been on the Board since 2001.
About Latham Pool Products, Inc.
Latham is the largest provider of residential in-ground pools and accessories in the world with over six decades of experience. Every day, families in North America, Europe and Australia enjoy the Latham pool experience, and each year, thousands more join them. When it comes to quality, selection, simplicity and support, Latham is The Pool Company.
From fiberglass pools in more than 50 shapes and 12 brilliant colors to vinyl liner pools and automatic safety covers, Latham is only pool brand who has developed a unique direct-to-homeowner model that creates a superior pool buying experience for the consumer and delivers purchase ready leads to their dealer partners. Digital tools like the Latham Liner Visualizer and the Fiberglass AR app give homeowners innovative resources to build the backyard of their dreams.
As of December 2018, Pamplona Capital Management has a controlling interest in Latham Pool Products, Inc., and Wynnchurch Capital is a significant investor in the Company. Pamplona, Wynnchurch, management and the founding family have partnered to position the business for meaningful growth, innovation, and international expansion.
About Pamplona Capital Management
Pamplona Capital Management is a specialist investment manager established in 2005 that provides an alternative investment platform across private equity and other diversified strategies.
Pamplona Capital Management acquired a controlling interest in Latham in December 2018 through its fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.2 billion investment vehicle raised in 2017.