The board’s chair passed to Richard Lettieri, a long-time board member and current lead director.
The change is part of a succession plan created 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 Mr. Couch. Executive leadership of the company remains unchanged, under Evan Smith, President and CEO.
Couch, now chair emeritus, remained as the trustee of Hypertherm’s employee stock ownership plan (ESOP), a role he has held since 2001, when the plan was created. The Couches will also continue to have an active presence at Hypertherm via the Couch Family Foundation office to be located in Hypertherm’s main facility in Hanover, NH.
Unanimously selected as chair, Lettieri is the founder of Dock Square Consultants Inc., a firm established in 1985 to help companies navigate complex business challenges. He has served as a Hypertherm board member for 34 years, including seven years as the board’s lead director. In addition to Hypertherm, he serves as a director for Fidelity D&D Bancorp Inc.
“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,” Lettieri said. “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.”
“Rich has been a trusted advisor to me for nearly four decades, from Hypertherm’s earliest days,” Couch said. “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.”
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