Robert Bauer, CEO of L.B. Foster Company, is retiring from his position after serving as president and CEO since 2012.
L.B. Foster says the decision is the culmination of a comprehensive CEO succession planning process resulting in the appointment of John Kasel as the company’s next president and CEO, effective July 21, 2021, and his election as a member of the board of directors with his term commencing on that same date.
“It has been an honor and a privilege to serve as L.B. Foster Company’s CEO for nearly a decade now,” Bauer said. “I want to express my appreciation to the team of people who take on the challenges and opportunities every day in an effort to build a great future. We have extraordinary talent and a deep sense of teamwork that makes this a great company to lead. I am very pleased that the board of directors has recognized John Kasel’s accomplishments and his ability to lead this company going forward. I am confident that his leadership and focus on execution and strategy will reward shareholders.”
Kasel has held senior management positions with L.B. Foster for 18 years, most recently serving as the chief operating officer. In order to ensure a seamless transition, Bauer will step down from his role as president and CEO and as a director on July 21, 2021, to serve as a senior advisor to Kasel through Dec. 31, 2021, at which point he will retire from employment with the company.
Kasel, age 56, joined the company in 2003 as vice president of operations and manufacturing and served in roles of increasing responsibility, most recently as senior vice president and chief operating officer since December 2019; senior vice president of rail and construction from 2017 to December 2019; senior vice president of rail products and services from 2012 to 2017; and senior vice president of operations and manufacturing from 2005 to 2012.
In his role as vice president of manufacturing and operations from 2003 to 2005, he introduced LEAN manufacturing and other advancements which improved operating efficiency and reliability. When he assumed the role of senior vice president of the Rail business following an alignment of all operations under business leaders with full P&L responsibility, the Rail business was the largest reporting segment by revenue. He then added responsibility for the Construction and Tubular segments prior to being appointed COO.
“I am grateful for the opportunity to lead such a dynamic global company,” said Kasel. “I have a deep appreciation of the hard work and dedication our employees have exhibited to build a great foundation for growing shareholder value. This company has a bright future, and I am excited to lead it as we continue to strive to be more technology and services oriented, with a focus on increasing profitability. I am looking forward to working with our stakeholders to create value by focusing on higher returns from the most attractive markets we serve. I am honored that the board has placed their trust and confidence in me to guide L.B. Foster Company as the next CEO.”