Sherbert will remain on the Board of Directors and will work closely with Heritage Partners to monitor Heritage's investment. In addition, he will also be assisting Heritage with value enhancement initiatives presently engaged in, both by Castle Rock and within other Heritage portfolio companies.
Peter Hermann, managing partner of Heritage said, "During his five years as CEO, Jim has demonstrated tremendous hard work, dedication and loyalty and has made major contributions to the Castle Rock organization and the industry at large. Among the most important has been his strategic vision, which has helped transform Castle Rock into a company that builds solutions for customers, rather than just selling products. Jim has also successfully recruited and developed a deep, talented and knowledgeable management team. We look forward to his contributions in his ongoing role as a member of the Board of Directors."
Heritage also announced that Dennis Meagher, formerly COO/CFO, will assume the duties of the Chief Executive Officer of Castle Rock Industries, reporting directly to the Board of Directors of the company. Hermann said, "We would like to congratulate Dennis Meagher on his new position as CEO. With the full support of the Board, and under Dennis Meagher's experienced leadership, we are confident that Castle Rock will continue to solidify its position as the innovation and quality leader in the floor care equipment industry."
Sherbert, acknowledging the change, commented, "Having worked with the Castle Rock team to formulate what we believe to be the most sound and creative strategy in the industry, one that will generate optimum enterprise value through innovative solutions, there comes a time to move out of the way and allow the strategy to mature. Dennis Meagher has proven to be a very able manager in all areas of the business. I look forward to focusing on key Castle Rock initiatives, supporting Dennis and the management team, as well as contributing to the success of other Heritage portfolio companies"