Jason Industries (JASN) Announces Organizational Restructuring; Names New COO

Jason Industries, Inc. (NASDAQ: JASN) announced it has realigned its organization to streamline operations, improve customer experience, achieve cost synergies and create long-term value for shareholders. Highlights of the new structure include:

• Reorganized and streamlined sales organization, targeting core end-markets under two commercial groups
• Focuses on manufacturing excellence and providing robust commercial services to customers, including the addition of a President and Chief Operating Officer to implement operational excellence initiatives through functional integration

“We have realigned the organization, creating centers of excellence within each function to support the success of our businesses and position the organization to best serve our customers," said Jeffry N. Quinn, chairman and chief executive officer of Jason. “In addition to improving the way we operate our businesses, streamlining the organization will achieve cost synergies across Jason’s businesses, unlocking unrealized value for our shareholders.”

The Company’s commercial organization has been reorganized to drive profitable growth across Jason with a focus on targeting core end-markets within each segment. Srivas Prasad has been appointed Senior Vice President & General Manager – Seating and Acoustics, and Steve Carollo has been named Senior Vice President & General Manager – Finishing and Components. As part of this restructuring, Florestan von Boxberg and David Cataldi will be leaving the organization. We thank them for their years of service and wish them well.

While the management structure of the commercial organization has been streamlined, Jason will continue to report separate financial results of the Company’s four segments - Seating, Finishing, Acoustics and Components.

The new structure includes the addition of a President and Chief Operating Officer as a key member of the executive leadership team. This role will have oversight of a streamlined, functional organization with centers of excellence in manufacturing, supply chain, environmental, safety and health, and product development and technology. Implementation of the new structure will integrate functions across Jason’s businesses, driving improved operational efficiency, performance and cost synergies. The Board of Directors has engaged an international search firm to identify a permanent President and Chief Operating Officer.

In the interim, the Company has engaged Mr. A. Craig Ivey to serve as President, Chief Operating Officer and Global Manufacturing Lead; applying his 35 years of manufacturing, supply chain, business and leadership expertise. Ivey is a partner of Quinpario Partners LLC, an investment and operating company based in St. Louis. He previously served as President and General Manager of the Performance Films division for Solutia Inc., a global specialty chemical and performance materials company. As President and General Manager, Ivey had responsibility for all commercial, manufacturing, technology and strategic aspects of the business.

Quinn will further discuss the details of the new organization during the Company’s upcoming earnings call, scheduled for March 1, 2016. Details of the earnings call will be announced separately.

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