Hypertherm, a U.S.-based manufacturer of industrial cutting systems and software, announced the transition of Board Chair from founder Dick Couch to long-time board member and current lead director Richard Lettieri.
This change is part of a leadership and governance succession plan built by Dick and Barbara Couch and the board of directors over the past twenty years, the company said, and ensures the continuation of the values-based company culture and industry leadership established by Couch. Executive leadership of the company remains unchanged, under Evan Smith, president and CEO.
Couch, now Chair Emeritus, remains the trustee of Hypertherm’s Employee Stock Ownership Plan (ESOP), a role he has held since 2001 when the plan was created. Dick and Barbara Couch will also continue to have an active presence at Hypertherm with the Couch Family Foundation office to be located in Hypertherm’s main Hanover facility, the company said.
Lettieri, who was unanimously selected Chair, is the founder of Dock Square Consultants Inc. He has served as a Hypertherm board member for 34 years, including seven years as the board’s lead director. In addition to Hypertherm, he serves as a director for Fidelity D&D Bancorp Inc.. He is a graduate of both Lehigh University and Harvard Business School.
“Hypertherm’s mission and values are based on Dick’s distinctive business philosophies and focus on innovation, associate well-being, shared rewards and the enrichment of our communities and the environment,” said Lettieri. “It’s been an honor to work alongside Dick. We have all benefited from his leadership and vision, and I am confident the board will continue to build upon the strong foundation he created as Hypertherm continues its mission of providing customers with the world’s leading industrial cutting solutions.”
“Rich has been a trusted advisor to me for nearly four decades, from Hypertherm’s earliest days,” said Couch. “He knows Hypertherm well. He believes in our mission and values and is well equipped to support Hypertherm’s strong management team, as it works to execute on the company’s vision.”