NORTH VENICE, Fla.(November 26, 2019) – PGT Innovations (NYSE: PGTI) today announced the appointment of Mike Wothe as President of Western Window Systems, effective December 2, 2019. In this role, Wothe will be responsible for all aspects of the business, including strategy, sales and marketing, operations, and P & L. Wothe succeeds Scott Gates, who is leaving the company on January 31, 2020, to form an entrepreneurial clothing company with the social goal of helping incarcerated individuals and those that have recently been released from prison. Gates and Wothe will work together over the next two months to help ensure the smooth transition we anticipate.
“Mike is a collaborative leader with a strong record of success, and we are pleased to welcome him to PGT Innovations,” said Jeff Jackson, Chief Executive Officer and President. “Mike brings decades of operations and industry experience, as well as a strong understanding of customer relations.”
“I’m honored and excited to join the PGT Innovations family — both its executive management team as well as the strong team in place at Western Window Systems,” Wothe said. “I look forward to helping the company achieve its strategic objectives — specifically, driving profitable growth through investments in talent and innovation, continued focus on operational efficiencies, and creating customer and shareholder value.”
Jackson said, “I would like to thank Scott Gates for his dedication and leadership during his tenure as President of Western Window Systems, and I wish him all the best in his new endeavor.” Prior to joining PGT Innovations, Wothe was President at Cardinal LG Company, a leader in residential glass for windows and doors in the United States.
Wothe holds a Bachelor of Science in chemical engineering from the University of Washington.
PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index.
Statements in this press release regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “anticipate”, “forward” “excited,” and “objectives,” These risks and uncertainties include factors such as:
- adverse changes in new home starts and home repair and remodeling trends, especially in the state of Florida, where the substantial portion of our sales are currently generated, and in the western United States, where the substantial portion of the sales of Western Window Systems’ operations are generated, and in the U.S. generally;
- macroeconomic conditions in Florida, where the substantial portion of our sales are generated, and in California, Texas, Arizona, Nevada, Colorado, Oregon, Washington and Hawaii, where the substantial portion of the sales of Western Window Systems are currently generated, and in the U.S. generally;
- our level of indebtedness, which increased in connection with our acquisition of Western Window Systems;
- the effects of increased expenses or unanticipated liabilities incurred as a result of, or due to activities related to, the Western Window Systems Acquisition;
- the risk that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits expected from the Western Window Systems Acquisition may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates;
- raw material prices, especially for aluminum, glass and vinyl, including, price increases due to the implementation of tariffs and other trade-related restrictions;
- our dependence on a limited number of suppliers for certain of our key materials;
- sales fluctuations to and changes in our relationships with key customers;
- increases in bad debt owed to us by our customers in the event of a downturn in the home repair and remodeling or new home construction channels in our core markets and our inability to collect such debt;
- in addition to the Western Window Systems Acquisition, our ability to successfully integrate businesses we may acquire, or that any business we acquire may not perform as we expected at the time we acquired it;
- increases in transportation costs, including due to increases in fuel prices;
- our dependence on our impact-resistant product lines and contemporary indoor/outdoor window and door systems, and on consumer preferences for those types and styles of products;
- product liability and warranty claims brought against us;
- federal, state and local laws and regulations, including unfavorable changes in local building codes and environmental and energy code regulations;
- our dependence on our limited number of geographically concentrated manufacturing facilities;
- risks associated with our information technology systems, including cybersecurity-related risks, such as unauthorized intrusions into our systems by “hackers” and theft of data and information from our systems, and the risks that our information technology systems do not function as intended or experience temporary or long-term failures to perform as intended; and
- the risks and uncertainties discussed under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018.
Statements in this press release that are forward-looking statements include, without limitation, our expectations regarding: (1) the transition in the leadership of our Western Window Systems segment; and (2) our ability to achieve our strategic objectives, including profitable growth and creating customer and shareholder value. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances from the date of this press release.