Description
You are presented
with the Financial Statements for Trex Company, Inc. Look to “Item 15” (beginning on page F-1) to
answer the following questions.
Unformatted Attachment Preview
Acct 3030
Homework Assignment #5 – Inventory Valuation
1. This assignment is due at 11:59pm Tuesday, November 7, 2023. The assignment must be
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the electronic file so it is unique – don’t call your file something like “hw1.xls”.
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Page 1 of 2
You are presented with the Financial Statements for Trex Company, Inc. Look to “Item
15” (beginning on page F-1) to answer the following questions.
1. What is the balance of Inventory on December 31, 2011? What were Cost of Goods
Sold for 2011?
2. Which method does Trex use to value inventory on their balance sheet? What are
the advantages and disadvantages of using this method?
3. What would inventory and total assets have been if Trex used FIFO costs?
4. What would Costs of Goods Sold have been if Trex used FIFO costs?
5. Calculate Pretax Income for Trex using FIFO costs.
6. Do you think Trex should use FIFO or LIFO to value inventories going forward?
Why?
7. In 2009, Trex had a liquidation of inventories. What does this mean? Did Trex
recognize a loss or a benefit from this and for what amount was the loss/benefit?
Page 2 of 2
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2011
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from
to
Commission file number: 001-14649
Trex Company, Inc.
(Exact name of registrant as specified in its charter)
Delaware
54-1910453
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
160 Exeter Drive, Winchester, Virginia
22603-8605
(Address of principal executive offices)
(Zip Code)
(540) 542-6300
Registrant’s telephone number, including area code:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Name of each exchange on which registered:
Common Stock, par value $0.01 per share
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨
No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ¨
No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required
to be submitted and posed pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting Company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting Company” in Rule 12b-2 of the Exchange
Act. Large accelerated filer ¨
Accelerated filer
Non-accelerated filer ¨ (Do not check if a smaller reporting Company)
Smaller reporting Company ¨
Indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No
The aggregate market value of the registrant’s common equity held by non-affiliates of the registrant at June 30, 2011, which was the last business day of
the registrant’s most recently completed second fiscal quarter, was approximately $372.8 million based on the closing price of the common stock as reported
on the New York Stock Exchange on such date and assuming, for purposes of this computation only, that the registrant’s directors, executive officers and
beneficial owners of 10% or more of the registrant’s common stock are affiliates.
The number of shares of the registrant’s common stock outstanding on February 20, 2012 was 15,635,777.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the following documents are incorporated by reference in this Form 10-K as indicated herein:
Document
Part of 10-K into which incorporated
Proxy Statement relating to
Part III
Registrant’s 2012
Annual Meeting of Stockholders
Table of Contents
TABLE OF CONTENTS
PART I
Page
Item 1.
Business
Item 1A.
Risk Factors
1
9
Item 2.
Properties
13
Item 3.
Legal Proceedings
14
PART II
15
17
19
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6.
Selected Financial Data
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
30
Item 8.
Financial Statements and Supplementary Data
31
Item 9A.
Controls and Procedures
31
Item 10.
Directors, Executive Officers and Corporate Governance
34
Item 11.
Executive Compensation
34
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
34
Item 13.
Certain Relationships and Related Transactions, and Director Independence
34
Item 14.
Principal Accounting Fees and Services
34
PART III
PART IV
Item 15.
Exhibits and Financial Statement Schedules
35
Index to Consolidated Financial Statements
F-1
i
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NOTE ON FORWARD-LOOKING STATEMENTS
This report, including the information it incorporates by reference, contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend our forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in these sections. All statements regarding our expected financial position and operating results, our business
strategy, our financing plans, forecasted demographic and economic trends relating to our industry and similar matters are forward-looking statements. These
statements can sometimes be identified by our use of forward-looking words such as “believe,” “may,” “will,” “anticipate,” “estimate,” “expect” or “intend.”
We cannot promise you that our expectations in such forward-looking statements will turn out to be correct. Our actual results could be materially different
from our expectations because of various factors, including the factors discussed under “Risk Factors” in this report.
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Table of Contents
PART I
Some of the information contained in this report concerning the markets and industry in which we operate is derived from publicly available
information and from industry sources. Although we believe that this publicly available information and the information provided by these industry sources
are reliable, we have not independently verified the accuracy of any of this information.
Item 1.
Business
General
Trex Company, Inc. (the “Company”), founded as a Delaware corporation in 1998, is the largest manufacturer of wood-alternative decking and railing
products, which are marketed under the brand name Trex ®. Our principal executive offices are located at 160 Exeter Drive, Winchester, Virginia 22603, and
our telephone number at that address is (540) 542-6300.
Products
We offer a comprehensive set of aesthetically durable, low maintenance product offerings in the decking, railing, porch, fencing and trim categories. We
believe that the range and variety of our product offerings allow consumers to design much of their outdoor living space using Trex brand products. The
majority of our products are made in a proprietary process that combines waste wood fibers and reclaimed polyethylene. Our products are provided in a wide
selection of popular sizes and lengths and are available with several finishes and/or numerous colors.
Decking. We market our decking products under a number of brand names. Our principal brand names for decking are:
•
Trex Transcend®, which features a protective shell for enhanced protection against fading, staining and scratching;
•
Trex Accents ®, which offers a smooth surface on one side and subtle wood grain on the other; and
•
Trex Escapes®, which is an ultra-low maintenance cellular PVC deck board.
In October 2011, we announced the introduction of Trex Enhance ™ decking, which like Transcend, features a protective shell for enhanced protection
against fading, staining and scratching.
We also have Trex Hideaway®, which is a hidden fastening system for specially grooved boards.
Railing. Our two railing products are Trex Transcend Railing and Trex Designer Series Railing ®. Trex Transcend Railing is available in the colors of
Trex Transcend decking and finishes that make it appropriate for use with Trex decking products as well as other decking materials, which we believe will
enhance the sales prospects of our railing business. This railing product is manufactured with Fibrex ® material, which is a patented technology that we license
from Andersen Corporation. Our Designer Series Railing system consists of a decorative top and bottom rail, refined balusters, our Trex RailPost ™, and post
caps and skirts. In addition to its styling benefits for consumers, this railing is fast and easy to construct for contractors that use our TrexExpress ™ assembly
tool and system. The Designer railing is available in finishes and colors that compliment our decking products.
Porch. In 2011, we introduced Trex Transcend Porch Flooring and Railing System, which is an integrated system of porch components and
accessories.
Fencing. During 2011, we offered two fencing products. Each product consists of structural posts, bottom rail, pickets, top rail and decorative post
caps. The Trex Seclusions® fencing product uses interlocking pickets for privacy, and the Trex Surroundings ® fencing uses traditional pickets.
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Trim. Our TrexTrim™ product is a low maintenance cellular PVC residential exterior trim product that offers exceptional workability, durability, visual
appeal and a low level of required maintenance.
Miscellaneous. In 2011, we acquired substantially all of the assets of Iron Deck Corporation, a manufacturer of steel deck framing systems. This
product is now manufactured and sold by us under the trademark Trex Elevations ™. In 2011, we introduced Trex DeckLighting ™, a line of energy-efficient
LED dimmable deck lighting, which is designed for use on posts, floors and steps. The line includes a post cap light, deck rail light, riser light and a
recessed deck light.
We are a licensor in a number of licensing agreements with third parties to manufacture and sell products under the Trex trademark. Our principal
licensing products are:
•
Trex Outdoor Furniture ™, which is a line of outdoor furniture products manufactured and sold by Poly-Wood, Inc.;
•
Trex RainEscape®, which is an above joist deck drainage system manufactured and sold by Dri-Deck Enterprises, LLC;
•
Trex CustomCurve®, which is an on-site system that allows contractors to heat and bend Trex products manufactured and sold by CurveIt,
LLC; and
•
Trex Pergolas™, which are marketed by Home and Leisure, Inc. dba Backyard America and are made from TrexTrim ™, our low maintenance
cellular PVC trim product.
Trex products offer a number of significant aesthetic advantages over wood while eliminating many of wood’s major functional disadvantages, which
include warping, splitting and other damage from moisture. Our products require no staining, are resistant to moisture damage, provide a splinter-free surface
and need no chemical treatment against rot or insect infestation. These features eliminate most of the on-going maintenance requirements for a wood deck and
make Trex products less costly than wood over the life of the deck. Like wood, Trex products are slip-resistant (even when wet) and are less vulnerable to
damage from ultraviolet rays. Trex Accents can be painted and stained. Special characteristics (including resistance to splitting, the ability to bend, and ease
and consistency of machining and finishing) facilitate deck, railing, fencing and trim installation, reduce contractor call-backs and afford customers a wide
range of design options. Trex decking products do not have the tensile strength of wood and, as a result, are not used as primary structural members in posts,
beams or columns used in a deck’s substructure.
We have received product building code listings from the major U.S. and Canadian building code listing agencies for both our decking and railing
systems. Our listings facilitate the acquisition of building permits by deck builders and promote consumer and industry acceptance of our products as an
alternative to wood in decking. In addition, Trex Seclusions privacy fencing has passed the Miami/Dade County wind load testing, a widely regarded
standard for assessing a fencing product’s performance under extreme environmental conditions.
Growth Strategies
Our long-term goal is to perpetuate our position as the leading producer of branded superior wood-alternative outdoor living products by increasing our
market share and expanding into new product categories and geographic markets. To attain this goal, we intend to employ the following long-term strategies:
•
Innovation : Bring to the market new products that address unmet consumer and trade professional needs. Provide a compelling value proposition
through ease of installation, low maintenance, long-term durability and superior aesthetics.
•
Brand: Continue to build preference and commitment for the Trex brand with both the consumer and trade professional. Deliver on the brand’s
promise of superior quality, functionality, aesthetics and overall performance in the outdoor living space.
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•
Channels: Achieve comprehensive market segment and geographic coverage for Trex products by increasing the number of stocking dealers and
retailers, thereby making our products available wherever our customers choose to purchase their decking, railing, porch and trim products.
•
Quality: Continuously advance the quality of all operational and business processes, with the goal of achieving superior product quality and
service levels, thereby giving our Company a sustainable competitive advantage.
•
Cost: Through capital investments and process engineering, continuously seek to lower the cost to manufacture Trex products. Investments in
plastic recycling capabilities will allow us to expand our ability to use a wider breadth of waste streams and, as a result, lower our raw material
costs. We plan to concentrate on improving the productivity of our production process, from raw materials preparation through extrusion into
finishing and packaging.
Customers and Distribution
We distribute and/or sell our products through wholesale distribution, retail lumber dealers, Home Depot and Lowe’s.
Wholesale Distributors . In 2011, we generated most of our sales through our wholesale distribution network by selling Trex products to wholesale
companies. Our distributors, in turn, marketed our products to retail lumber outlets. Although our dealers sell to both homeowners and contractors, they
primarily direct their sales at professional contractors, remodelers and homebuilders.
We believe that attracting wholesale distributors, who are committed to our products and marketing approach and can effectively sell higher value
products to contractor-oriented lumber yards and other retail outlets, is important to our future growth. Our distributors are able to provide value-added service
in marketing our products because they sell premium wood decking products and other innovative building materials that typically require product training
and personal selling efforts. We typically appoint a distributor on a non-exclusive basis to distribute Trex products within a specified area. The distributor
generally purchases our products at prices in effect at the time we ship the product to the distributor.
Based on our 2011 net sales, sales to one of our distributors, Boise Cascade, exceeded 10% of our net sales.
Retail Lumber Dealers . Our products are sold in independent lumber yards and building material specialty dealers that emphasize sales to contractors
and builders. Although there is demand for our products from both the “do-it-yourself” homeowner and contractor, our sales efforts historically have
emphasized the contractor-installed market. Contractor-installed decks generally are larger installations with professional craftsmanship. Our retail dealers
generally provide sales personnel trained in Trex products, contractor training, inventory commitment and point-of-sale display support.
Home Depot and Lowe’s. We sell our products through Home Depot and Lowe’s stores. Home Depot and Lowe’s purchase products directly from us
for stocking on their shelves. They also purchase product through our wholesale distributors for special orders placed by consumers. Although Home Depot
and Lowe’s serve the contractor market, the largest part of their sales are to “do-it-yourself” homeowner customers that shop for their materials at Home Depot
and Lowe’s stores rather than at retail lumber dealers. We believe that brand exposure through Home Depot and Lowe’s distribution promotes consumer
acceptance and generates sales to contractors that purchase from independent dealers.
Manufacturing Process
We have manufacturing facilities in Winchester, Virginia and Fernley, Nevada, which had floor space of approximately 265,000 square feet and
250,000 square feet, respectively, at December 31, 2011. In
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September 2007, we suspended operations at our Olive Branch, Mississippi facility and consolidated all of our manufacturing operations into our Winchester
and Fernley sites. Our manufacturing capacity utilization rate was 30%, excluding the Olive Branch facility, during the year ended December 31, 2011.
Trex products are primarily manufactured from waste wood fiber and reclaimed polyethylene, which we sometimes refer to as “PE material” in this
report. Our primary manufacturing process involves mixing wood particles with plastic, heating and finally extruding, or forcing, the highly viscous and
abrasive material through a profile die. We have many proprietary and skill-based advantages in this process.
Production of a non-wood decking alternative such as ours requires significant capital investment, special process expertise and time to develop. We
have continuously invested the capital necessary to expand our manufacturing capacity and improve our manufacturing processes. We have also broadened
the range of raw materials that we can use to produce a consistent and high-quality finished product. We maintain research and development operations in the
Trex Technical Center adjacent to our Winchester, Virginia manufacturing facilities. In connection with our building code listings, we maintain a quality
control testing program that is monitored by an independent inspection agency.
We utilize Six Sigma practices and Standard Lean Manufacturing methodology within our plant operations. We are incorporating the use of these tools
throughout our Company in the planning and execution of those projects that are the most important to our success.
Suppliers
The production of most of our products requires the supply of waste wood fiber and PE material.
We fulfill requirements for raw materials under both purchase orders and supply contracts. In the year ended December 31, 2011, we purchased
substantially all of our waste wood fiber requirements under purchase orders, which do not involve long-term supply commitments. Substantially all of our
PE material purchases are under short-term supply contracts that average approximately two years, for which pricing is negotiated as needed. The PE material
supply contracts have not had a material adverse effect on our business.
Waste Wood Fiber. Woodworking plants or mills are our preferred suppliers of waste wood fiber because the waste wood fiber produced by these
operations contains little contamination and is low in moisture. These facilities generate waste wood fiber as a byproduct of their manufacturing operations.
If the waste wood fiber meets our specifications, our waste wood fiber supply contracts generally require us to purchase at least a specified minimum
and at most a specified maximum amount of waste wood fiber each year. Depending on our needs, the amount of waste wood fiber that we actually purchase
within the specified range under any supply contract may vary significantly from year to year.
PE Material . The PE material we consumed in 2011 was primarily composed of recovered plastic film and plastic bags. Approximately two billion
pounds of polyethylene resin are used in the manufacture of stretch film and plastic bags in the United States each year. We will continue to seek to meet our
future needs for plastic from the expansion of our existing supply sources and the development of new sources, including post-industrial waste and plastic
coatings. We believe our use of multiple sources provides us with a cost advantage and facilitates an environmentally responsible approach to our procurement
of PE material.
Our ability to source and use a wide variety of PE material is important to our cost strategy. We maintain this ability through the continued expansion of
our plastic reprocessing operations in combination with the advancement of our proprietary material preparation and extrusion processes.
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Third-Party Manufacturing . We outsource the production of certain products to third-party manufacturers under supply contracts that commit us to
purchase minimum levels for each year extending through 2012. We have purchase commitments under the third-party manufacturing contracts of $5.4
million for the year ending December 31, 2012.
Competition
In decking, we compete with wood and other manufacturers of wood alternative decking products. Many of the conventional lumber suppliers with
which we compete have established ties to the building and construction industry and have well-accepted products. In railing, we compete with wood and other
manufacturers of composite, non-wood and plastic products, as well as with railings using metal, glass, vinyl and other materials. In privacy fencing, we
compete with wood, vinyl and other manufacturers of composites. In trim, we compete against wood, engineered wood, fiber cement, and other manufacturers
of cellular PVC and similar plastic products.
Our primary competition consists of wood products, which constituted a substantial majority of 2011 decking and railing sales, as measured by linear
feet of lumber. A majority of the lumber used in wooden decks is pressure-treated lumber. Southern yellow pine and fir have a porosity that readily allows the
chemicals used in the pressure treating process to be absorbed. The same porosity makes southern yellow pine susceptible to absorbing moisture, which
causes the lumber to warp, crack, splinter and expel fasteners. In addition to pine and fir, other segments of wood material for decking include redwood, cedar
and tropical hardwoods, such as ipe, teak and mahogany. These products are often significantly more expensive than pressure-treated lumber, but do not
eliminate many of the disadvantages of other wood products.
Industry studies indicate that we have the leading market share of the wood/plastic composite segment of the decking and railing market. Our principal
competitors in the wood/plastic composite decking and railing market include Advanced Environmental Recycling Technologies, Inc., Fiber Composites, LLC
and Timbertech Limited. We also compete with decking products made from 100% plastic lumber that utilizes polyethylene, fiberglass and PVC as raw
materials. Although there are several companies in the United States that manufacture 100% plastic lumber, this segment accounted for only a small percentage
of 2011 decking sales. We believe a number of factors have limited the success of 100% plastic lumber manufacturers, including poor product aesthetics and
physical properties not considered suitable for decking, such as higher thermal expansion and contraction and poor slip resistance. Our principal competitor
in this market is Azek Building Products, Inc.
Our ability to compete depends, in part, on a number of factors outside our control, including the ability of our competitors to develop new non-wood
decking and railing alternatives that are competitive with our products. We believe that the principal competitive factors in the decking and railing market
include product quality, price, aesthetics, maintenance cost, distribution and brand strength. We believe we compete favorably with respect to these factors.
We believe that our products offer aesthetic and cost advantages over the life of a deck when compared to other types of decking and railing materials.
Although a contractor-installed deck built with Trex products in 2011 using a pressure-treated wood substructure generally costs more than a deck made
entirely from pressure-treated wood, Trex products eliminate most of the on-going maintenance required for a pressure-treated deck and are, therefore, less
costly over the life of the deck. We believe that our manufacturing process and utilization of relatively low-cost raw material sources provide us with a
competitive cost advantage relative to other wood/plastic composite and 100% plastic decking products. The scale of our operations also confers cost
efficiencies in manufacturing, sales and marketing.
Government Regulation
We are subject to federal, state and local environmental regulation. The emissions of particulates and other substances from our manufacturing facilities
must meet federal and state air quality standards implemented through air permits issued to us by the Department of Environmental Quality of the
Commonwealth of Virginia,
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the Division of Environmental Protection of Nevada’s Department of Conservation and Natural Resources and the Mississippi Department of Environmental
Quality. Our facilities are regulated by federal and state laws governing the disposal of solid waste and by state and local permits and requirements with
respect to wastewater and storm water discharge. Compliance with environmental laws and regulations has not had a material adverse effect on our business,
operating results or financial condition.
Our operations also are subject to work place safety regulation by the U.S. Occupational Safety and Health Administration, the Commonwealth of
Virginia, the State of Nevada and the State of Mississippi. Our compliance efforts include safety awareness and training programs for our production and
maintenance employees.
Intellectual Property
Our success depends, in part, upon our intellectual property rights relating to our products, production processes and other operations. We rely upon a
combination of trade secret, nondisclosure and other contractual arrangements, and patent, copyright and trademark laws, to protect our proprietary rights.
We have made substantial investments in manufacturing process improvements that have enabled us to increase manufacturing line production rates,
facilitated our development of new products, and produced improvements in our existing products’ dimensional consistency, surface texture and color
uniformity.
Intellectual property rights may be challenged by third parties and may not exclude competitors from using the same or similar technologies, brands or
works. We seek to secure effective rights for our intellectual property, but cannot provide assurance that third parties will not successfully challenge, or avoid
infringing, our intellectual property rights.
We have obtained two patents for complementary methods of preparing the raw materials for the manufacturing phase of production, one patent on an
apparatus for implementing one of the methods, and one patent on a tool for use with the installation of the decking board. We intend to maintain our existing
patents in effect until they expire, beginning in 2015, as well as to seek additional patents as we consider appropriate.
We consider our trademarks to be of material importance to our business plans. The U.S. Patent and Trademark Office has granted us federal
registrations for many of our trademarks. Federal registration of trademarks is effective for as long as we continue to use the trademarks and renew their
registrations. We do not generally register any of our copyrights with the U.S. Copyright Office, but rely on the protection afforded to such copyrights by the
U.S. Copyright Act. This law provides protection to authors of original works, whether published or unpublished, and whether registered or unregistered. We
enter into confidentiality agreements with our employees and limit access to and distribution of our proprietary information. If it is necessary to disclose
proprietary information to third parties for business reasons, we require that such third parties sign a confidentiality agreement prior to any disclosure.
Employees
At December 31, 2011, we had approximately 550 full-time employees, approximately 400 of whom were employed in our manufacturing operations.
Our employees are not covered by collective bargaining agreements. We believe that our relationships with our employees are favorable.
Web Sites and Additional Information
The SEC maintains an Internet web site at www.sec.gov that contains reports, proxy statements, and other information regarding our Company. In
addition, we maintain an Internet corporate web site at www.trex.com. We make available through our web site our annual reports on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports, as soon as reasonably practicable after we electronically file or
furnish such material with or to the SEC. We do not charge any fees to view, print or access these reports on our web site. The contents of our web site are not
a part of this report.
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Executive Officers and Directors
The table below sets forth information concerning our executive officers and directors as of February 29, 2012.
Name
Age
Positions with Company
Ronald W. Kaplan
James E. Cline
J. Mitchell Cox
William R. Gupp
F. Timothy Reese
Adam D. Zambanini
William F. Andrews
Paul A. Brunner
Jay M. Gratz
Frank H. Merlotti, Jr.
Richard E. Posey
Patricia B. Robinson
60
60
53
52
59
35
Chairman, President and Chief Executive Officer; Director
Vice President and Chief Financial Officer
Vice President, Sales
Chief Administrative Officer, General Counsel and Secretary
Vice President, Operations
Vice President, Marketing
Director
Director
Director, Lead Independent Director
Director
Director
Director
80
76
59
61
65
59
Ronald W. Kaplan has served as Chairman, President and Chief Executive O
