Modine Manufacturing Co., a diversified global leader in thermal management technology and solutions, announced today that Modine’s Board of Directors has launched a search for a new president and CEO. Thomas A. Burke will be stepping down from both his position as president and CEO and as a member of Modine’s Board of Directors, effective immediately.
The board has named Mick Lucareli, the company’s vice president, finance and CFO, as interim president and CEO, effective today. Burke will remain with the company in a senior advisory role until Aug. 28, to ensure a smooth transition.
“I am honored to have served as Modine’s president and CEO,” said Burke. “I would like to thank the entire Modine team. It has been a privilege to work with all of the Modine employees for the past 15 years. I believe we have done tremendous work together, including transforming the business to be a more diversified thermal management solutions provider. Modine has a bright future and I look forward to seeing its continued success.”
Marsha Williams, lead director of Modine’s Board of Directors added, “On behalf of the entire Board of Directors, I would like to thank Tom for his more than 15 years of service with Modine and his more than 12 years as our President and CEO. Tom accepted the CEO position in the midst of the 2008-2009 financial crisis and acted with a sense of urgency to fortify Modine’s operations and ensure that the company weathered the economic downturn.”
Williams continued, “In 2015, Tom launched our transformational, Strengthen, Diversify and Grow (SDG) strategy. That platform gained Modine a foothold in new, growing markets and resulted in the acquisition of Luvata HTS in 2016. The addition of Luvata’s industrial-based portfolio of products significantly diversified our technological capabilities and customer mix, while making Modine a global leader in coils and coatings. Lastly, Tom has been instrumental in leading Modine through the COVID-19 crisis and has positioned the business to emerge stronger. Tom has made an indelible mark on Modine’s rich history of innovation that spans more than a century and we are grateful for his historical leadership.”
Williams added, “As Modine works to complete the divestiture of its legacy Automotive business and further pivots towards its long-term vision to become a true industrial thermal management solutions provider, we have reached a natural inflection point. Now is the right time to find a new leader that can drive our industrial transformation strategy, while accelerating the Company’s future growth. A global search is underway to help us find that leader. The Board has extreme confidence that Mick and our experienced senior leadership team will continue to execute against our strategic vision until that leader is in place.”
Lucareli concluded, “I would also like to thank Tom for his mentorship and leadership over the fifteen years I have worked with him at Modine. I strongly believe in the future of Modine and its vision of being a stronger, more diversified thermal management company. I remain committed to this strategy and am honored to lead this effort during the current transition period.”