Monday, manufacturer of outdoor products Blount International Inc. (BLT), said that Joshua Collins will join the company as its President, Chief Operating Officer and Chief Executive Officer Designate, effective October 15, succeeding incumbent Chairman and CEO James Osterman, who will retire as an employee on January 4, 2010. Osterman will, however, remain Chairman of the Board of Blount until the 2010 Annual Meeting of Stockholders in May.
The Portland, Oregon-based company said that its Board interviewed numerous CEO candidates in a far reaching search process assisted by Heidrick & Struggles before selecting Collins as Osterman's successor.
Collins had worked extensively with Blount over the past decade, having served as a Director on its Board since 2005, and as an executive of the company's former majority shareholder for nine years. Currently, he is a Partner of Collins Willmott & Co. LLC, a private equity firm focused on providing growth capital to middle market companies in the industrial, consumer, and energy sectors. Prior to co-founding Collins Willmott & Co. in January 2008, he worked with Lehman Brothers Inc. as a Managing Director and Principal of Lehman Brothers Merchant Banking, a private equity firm that was the former majority owner of Blount's common stock from 1999 until 2004.
Osterman said, "It has been a very interesting and rewarding 50 years, with many challenges and many opportunities. I think that we have positioned the company well for the future, with new products and new technologies coming on line. I look forward to continuing to follow and to contribute to the Company in my new role."
BLT closed Friday's regular trading at $9.30 on the NYSE.
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