William L. Mansfield Named Valspar Chairman
Minneapolis, Minn., August 21, 2007 - The Valspar Corporation (NYSE:VAL) announced today that the Board of Directors elected William L. Mansfield, Valspar president and chief executive officer, to the additional role of chairman of the board, effective immediately. Mr. Mansfield succeeds Thomas R. McBurney, who has served as chairman for the past two years. McBurney will remain chair of the Board's governance committee and lead director.
"Bill Mansfield is a proven leader with an excellent record of driving sales growth and operational efficiency," said McBurney. "With his in-depth knowledge of global coatings markets and clearly articulated plan to create Valspar shareholder value, Bill is uniquely qualified to lead our Board. His appointment brings to successful completion the transition plan we have had in place for some months."
Mansfield, 59, joined Valspar in 1984. After experience leading most Valspar businesses, he was named chief operating officer in April 2004. He has served as president and chief executive officer since February 2005. Mansfield holds a B.S. degree in engineering from Drexel University and an M.B.A. from Lehigh University.
"I am honored by the Board's confidence in me," said Mansfield. "I look forward to continuing to work with the Board and our management team in leading the company to new levels of profitable growth."
Media Contact: Mike Dougherty, (612) 375-7802
