Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, December 4, 1993 TAG: 9312040096
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE: By Sandra Brown Kelly staff writer
DATELINE: LENGTH: Medium
Wampler, 35, who has been executive vice president since early this year, was elected at the annual board meeting of the Pulaski-based company to succeed his father, Bernard C. Wampler. The senior Wampler, 62, remains chief executive officer and adds the title of chairman. He has led the company since 1967.
In the new corporate structure, all company divisions report to John Wampler and he reports to his father.
"The chief executive officer is boss, and he continues to have that title," the younger Wampler said.
Bernard Wampler said the position changes are intended to show the investment community that the board has a plan of management succession.
Bernard Wampler has been with the company since it began in 1955. John Wampler joined it in 1980 after graduating from the University of Virginia.
The executive changes come just after the company ended its highest sales year ever. It reported $137.7 million in net sales in the fiscal year ended Oct. 31, up 11 percent from 1992's $123.9 million.
Net income also rose, to $4.4 million from $2.6 million, but it is not at record level, said the new president. Earnings per share for the year rose to $1.53 from 91 cents.
"It's improvement, but it should improve more next year," said John Wampler.
The company also said the construction of the new plant in Pulaski is on schedule with a projected cost of about $10 million. Full production is due in May 1994.
The board of directors declared an increase in the quarterly dividend to 14 cents per common share, payable on Jan. 3 to stockholders of record on Dec. 17.
by CNB