Simpson Manufacturing CEO to Step Down

The company's current president and COO will be promoted.

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PLEASANTON, Calif. โ€” Simpson Manufacturing Co. Inc., a leader in engineered structural connectors and building solutions, announced that Karen Colonias will step down from her position as chief executive officer as part of Simpson's succession plan effective Dec. 31.

Simpson's board of directors unanimously elected Michael Olosky, the current president and chief operating officer, to succeed Colonias as CEO effective Jan. 1, 2023. In connection with his promotion, Olosky will also join the company's board of directors. Colonias will remain an executive advisor to assist with the transition until her retirement on June 30, 2023. She will continue to serve as a member of Simpson's board until the company's 2023 annual meeting.

"On behalf of Simpson's board of directors, I'd like to extend our sincere thanks to Karen for her 38 years of service to the Company, which included roles as CFO, vice president and branch manager, and vice president of engineering," said Simpson Chairman James Andrasick. "During her tenure, Simpson has grown considerably and established itself as an industry leader in the building products industry with a trusted brand reputation and in strong financial condition. Her engineering knowledge and focused leadership over the past decade as CEO has earned her the utmost respect of Simpson's employees, customers and stockholders as well as key constituents throughout the building community. Karen's tremendous efforts have helped strengthen Simpson's values-based culture established by their late founder, Barclay Simpson, as reflected in the Company's ongoing mission to provide solutions to design safer, stronger structures."

"I am honored to have led Simpson as its CEO over the past decade and very grateful for the many opportunities and experiences I've had throughout my career," Colonias said. "I am extremely proud of our employees and their unwavering commitment to take care of our customers. Given the strength of our people, culture and values, I believe the Company is well-positioned to grow and thrive in the years ahead."

"The board is very pleased to announce Mike Olosky as Karen's successor," said Andrasick. "Mike's promotion was the result of a strategic and deliberate succession planning process through which we expect a seamless transition as Mike assumes his new role. Mike is a seasoned executive with a proven track record of leadership resulting from his significant experience at Henkel and oversight of Simpson's growth strategy. We are confident that Mike will help strengthen Simpson's market position as the partner of choice throughout all aspects of the business."

Olosky joined Simpson as COO in November 2020 and was promoted to president and COO in January 2022. Prior to joining Simpson, Olosky spent more than 22 years in numerous leadership positions at Henkel, a global chemical and consumer goods company. He most recently served as president, Henkel North America and senior corporate VP - head of the electronics and industrial division.

"I am incredibly excited to serve as Simpson's next CEO and would like to thank Karen for her steady guidance and strategic leadership," Olosky said. "Our company has a very strong foundation, and I look forward to building an even stronger future with our highly talented team who is deeply committed to innovation and exceptional customer service."

"I am confident Simpson will be in great hands with Mike who has done a tremendous job in helping lead the company through its next phase of growth since he joined in late 2020," Colonias said. "His strategic vision will be instrumental to achieving our company ambitions though continued innovation of our products, superior levels of customer service, technology, social and corporate responsibility, and our strong values and culture."

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