The chief operating officer of Myers Industries Inc. is leaving the company, according to the Akron-headquartered tool distributor and maker of plastic products.
David Knowles is leaving his post of chief operating officer and executive vice president to “pursue another opportunity,” Myers said in a filing with the Securities and Exchange Commission.
Knowles’ resignation is “not due to a disagreement with the company on any matter relating to the company’s operations, policies or practices,” Myers said in the one-paragraph regulatory filing.
The filing did not include information on Knowles’ future. His resignation is effective Friday.
A Myers spokeswoman said Wednesday that the company board and CEO John Orr would meet to determine “a plan of action” concerning Knowles’ resignation.
Knowles, 51, joined the company as executive vice president and chief operating officer in June 2009.
Previously, Knowles was president and CEO of Aristech Acrylics LLC, based in Florence, Ky. Aristech Acrylics makes continuously cast acrylic sheet and solid surface products used in bathtubs, hot tubs, signage, countertops and other applications.
Knowles’ resignation comes less than a month before the company’s annual shareholders meeting, set for 9 a.m. April 26 at the company’s Louis S. Myers Training Center in Akron.
In February, the company reported fourth-quarter 2012 results that were an improvement over a year ago, but fell short of industry analyst expectations.
The company had earnings of $8.5 million, or 25 cents per share, on revenue of $214 million for the quarter ending Dec. 31. Net income was 44 percent higher than the $5.9 million, or 18 cents per share, in the fourth quarter of 2011. Revenue was 11.2 percent higher than the $192.5 million for the fourth quarter of 2011.
Locally, Myers owns the 100-plus employee Akro-Mils plant in Wadsworth, where workers make plastic and steel storage products for industrial, commercial and consumer use.
Myers submitted the regulatory filing on Monday. Shares of Myers fell 11 cents to $14.53 on Wednesday. The stock is up 6.4 percent from a year ago when the price was $13.65.
Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com.
