With the changes, Dennis J. Martin will transition from president and CEO to executive chairman and Jennifer L. Sherman, the company’s current COO, will assume the role of president and CEO. Sherman will also join the Federal Signal board of directors. Current board chairman, James E. Goodwin, will become lead independent director.
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“Federal Signal is moving forward with this leadership transition from a position of strength,” Martin said. “We have a deep bench of talent and, together, we will ensure a seamless transition for the benefit of all our stakeholders.”
In his newly created role, Martin will lead the company’s board and will remain actively involved in the company’s mergers and acquisitions activities, investor relations and leadership team development.
“On behalf of the entire board, I want to thank Dennis for his stewardship and dedication over the past five years,” Goodwin said. “Through his leadership, Dennis played a significant role in improving the company’s competitive position and has delivered significant value to our employees, customers and shareholders. I look forward to continuing to work closely with Dennis in his new role.”
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Since joining Federal Signal in 1994, Sherman, 50, has held a variety of positions with increasing leadership and operational responsibility. Prior to her promotion to COO, she served as chief administrative officer, senior vice president, general counsel and secretary. She is also a director of Franklin Electric Co. and a member of its management organization and compensation committee and its corporate governance committee. Sherman earned finance and law degrees from the University of Michigan.
“Our board has prepared for a thoughtful and orderly transition of our leadership,” Goodwin said. “Jennifer’s proven track record makes her uniquely qualified to succeed Dennis and lead the company forward. She brings to this role deep and varied experience, including responsibility for strategy, operations and administrative functions spanning 21 years with Federal Signal. She has played a pivotal role in our successful turnaround and has developed strong working relationships with our customers, dealers, employees, investors and financial partners.”
“Having worked closely with Dennis and our board over the past several years, I am excited to build upon the successes we have accomplished together with our team,” Sherman said. “I look forward to supporting our talented employees as we continue to deliver high-quality products and best-in-class customer service, all while continuing to deliver enhanced value for our shareholders.”
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Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the company operates three groups: Environmental Solutions, Safety and Security Systems and Fire Rescue.