PITTSBURGH--Horsehead Holding LLC (“Horsehead” or “the Company”) today announced that the Horsehead Board of Directors (the “Board”) has appointed Wayne Isaacs, a veteran mining executive and distinguished leader in the base metals industry, as Chairman of the Board and Interim Chief Executive Officer, effective January 9, 2017. Mr. Isaacs will replace James M. Hensler, who has stepped down from the position of Chief Executive Officer to pursue other opportunities. The Company also announced that Michael J. Griffin, who previously served as a consultant to the Company, has been appointed Chief Operating Officer, effective January 9, 2017. The Board has engaged Chicago-based executive search firm Heidrick & Struggles to commence a search for a permanent CEO, and expects to complete that process by the middle of 2017.
"We are excited to add Wayne Isaacs to the Horsehead Board of Directors and have him help lead the Company through this transition as interim CEO,” said Paul Martin, member of the Board. “Wayne has over 35 years of global management experience in the mining industry, and brings industry-specific leadership expertise and valuable insight to the Company and the Board. He has an impressive track record of successfully turning businesses around, and we look forward to leveraging his vast experience to continue enhancing Horsehead’s leading position in the markets it serves. We are also thrilled to appoint Mike Griffin to the position of COO. Mike has been a valuable resource for Horsehead as a consultant following the Company’s successful restructuring and brings to the management team an extensive history of managing all aspects of industrial manufacturing operations.”
“I want to thank Jim for all of his contributions and leadership during his time at Horsehead,” said Milos Brajovic, on behalf of the Board. “In particular, we want to thank him for successfully leading the Company through its restructuring process and we wish him all the best in his future endeavors.”
“I am honored to be provided the opportunity to lead Horsehead into its next chapter and am eager to begin working with the Board and all the Company’s talented employees,” said Mr. Isaacs. “Horsehead has a strong reputation as an industry leader, and I look forward to leveraging my experience to utilize the Company’s strong operational and financial position to accelerate its growth.”
“During the time I have worked with Horsehead as a consultant I have been continuously impressed by the dedication of its employees,” said Mr. Griffin. “Horsehead has a long history in Pittsburgh, and I look forward to further strengthening that relationship and enhancing our operational effectiveness at each of our seven facilities.”
The Company also announced today that Steve Rowlan and Barry Hamilton have been appointed as independent directors on the Horsehead Board. Mr. Rowlan is a steel industry executive who most recently was General Manager of Environmental Affairs at Nucor Corporation, and Mr. Hamilton most recently served as President of Tennessee-based Zinc Oxide LLC. The reconstituted Board is chaired by Mr. Isaacs and includes Messrs. Rowlan and Hamilton as well as representatives of the Company’s three largest shareholders, Greywolf Capital Management LP, Lantern Capital Partners and MAK Capital One LLC.
As previously announced in September 2016, Horsehead successfully consummated its plan of reorganization and emerged from Chapter 11 virtually debt-free with a significant cash balance and strong financial backing from its investors.
About Mr. Isaacs
Wayne Isaacs is a veteran mining executive and a distinguished leader in the base metals industry, having worked in North America, South Africa and Australia. With multiple engineering degrees, and experience in operations, project oversight and asset acquisition, Mr. Isaacs was a longtime executive at industry leader BHP-Billiton, where he supervised the restructurings of several of its business units.
About Mr. Griffin
As a seasoned industry executive, Michael J. Griffin has extensive experience managing all aspects of industry manufacturing with Reynolds Metals, Alcoa, Ormet Corporation and Noranda. In various management positions, he has increased productivity and profitability at the above-mentioned companies through employee engagement, technical skill enhancements and accountability.
About Horsehead Holding
Horsehead Holding is the parent company of Horsehead Corporation, a leading U.S. producer of specialty zinc and zinc-based products and a leading recycler of electric arc furnace dust; INMETCO, a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem, a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, PA, employs approximately 625 people and has seven facilities throughout the U.S. and Canada. For more information, please visit http://www.horsehead.net.
About Greywolf Capital Management LP
Founded in 2003, Greywolf Capital Management LP is a registered investment adviser with approximately $3.5 billion in assets under management allocated across Event Driven and CLO Credit Strategies. Greywolf combines the expertise developed with time-tested portfolio management skills to offer attractive, risk-adjusted returns over the long-term with little correlation to the broad based markets. The Firm has earned a reputation for its commitment to integrity, transparency and alignment as a true partner with our investors.
About Lantern Capital Partners LP
Lantern Capital Partners LP is a middle-market private equity firm whose principals have a long history of investing in and contributing to the growth of businesses across a wide range of industries. The firm is headquartered in Dallas, TX, with its affiliate, Lantern Asset Management LP, which together have managed assets and/or invested capital for private and institutional investors since 2010.
About MAK Capital One LLC
MAK Capital One LLC is an investment firm based in New York, NY and was founded in 2002.