Dick Couch, Founder of Hypertherm, has retired from the company’s Board of Directors.
Announcing the move on Wednesday (16th June), the US-based industrial cutting systems and software company said Couch will assume the role as Chair Emeritus.
Richard Lettieri, Founder of Dock Square Consultants, will now serve as Board Chair for Hypertherm, having been unanimously selected for the role.
Hypertherm said the change is part of a thoughtful leadership and governance succession plan built by Dick and Barbara Couch and the Board of Directors over the past 20 years.
The succession plan, which has included the intentional appointments of executive leadership, ensures the continuation of the values-based company culture and industry leadership established by Couch.
As Chair Emeritus, Couch remains the trustee of the Hypertherm’s Employee Stock Ownership Plan (ESOP), a role he has held since 2001 when the plan was created.
Both 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.
Welcoming Lettieri to his new role, Couch, said, “Rich has been a trusted advisor to me for nearly four decades, from Hypertherm’s earliest days.”
“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.”
Accepting his new role as Board Chair, Lettieri, said, “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.”
“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.”
Executive leadership of the company remains unchanged, under Evan Smith, President and CEO.