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U.S. Concrete Names Mary P. Ricciardello to Its Board of Directors
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01/16/2005
U.S. Concrete, Inc. (Nasdaq: RMIX) today announced that Mary P. Ricciardello has been elected to its Board of Directors. Ms. Ricciardello has also been elected to the audit committee of the Board of Directors and has been designated to serve as chairperson of the audit committee, filling the role of "audit committee financial expert" according to final rules recently issued by the Securities and Exchange Commission.
Ms. Ricciardello, age 47, was a Senior Vice President of Reliant Energy Inc., a $30 billion diversified energy company. She enjoyed a 20-year career with Reliant Energy and most recently served as its Chief Accounting Officer from 1999 through 2002 with responsibility for accounting, risk control, tax, internal audit and administrative services. Ms. Ricciardello previously served as Vice President and Comptroller of Reliant Energy.
"We're delighted to add someone of Mary's caliber to our Board and are confident that her past business experience and financial and accounting acumen will enable her to make significant contributions to our Board and the audit committee," stated Eugene P. Martineau, Chief Executive Officer of U.S. Concrete. "Mary's extensive accounting and audit experience will further enhance our Board's capabilities in these important areas."
Additionally, three members of the Company's Board of Directors, who are also executive officers of the Company, have announced their resignations from the Board effective immediately prior to the Company's annual meeting of stockholders to be held on April 29, 2003. As a result, the number of directors of the Company will be reduced from ten to seven and the Company's Board of Directors will consist of a majority of independent directors. The current directors stepping down are Michael W. Harlan, Executive Vice President, COO and CFO of the Company; Michael D. Mitschele, President of the Company's Atlantic Region; and William T. Albanese, President of the Company's Bay Area Region. Each of these directors will continue to serve in their same capacities as executive officers of the Company after the annual meeting.
"We are pleased to announce these actions to enhance our corporate governance," stated Mr. Martineau. "Our independent directors have been a key component of the success of our Company. To ensure that we maintain the high level of corporate oversight historically provided by our Board, it is prudent and timely to add an independent director such as Mary, who shares the high integrity level of our existing Board members. These steps should provide assurance that U.S. Concrete continues to be managed with the highest level of integrity and continues to focus on maximizing value for its shareholders."
U.S. Concrete provides ready-mixed concrete and related concrete products and services to the construction industry in several major markets in the United States. The Company has 89 fixed and seven portable ready-mixed concrete plants, eight pre-cast concrete plants, three concrete block plants and one aggregates quarry. During 2002, these facilities produced 5.4 million cubic yards of ready-mixed concrete, 7.1 million eight-inch equivalent block units and 1.2 million tons of aggregates. For more information on U.S. Concrete visit http://www.us-concrete.com .
This press release contains various forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions including, among other matters: general and regional economic conditions; future growth in the construction industry; the ability of U.S. Concrete to complete acquisitions and to effectively integrate the operations of acquired companies; access to sufficient capital to fund U.S. Concrete's desired growth; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, are discussed in greater detail in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2002.
