Simpson Manufacturing Co., Inc. announced that Karen Colonias will step down from her position as Chief Executive Officer as part of Simpson's succession plan, effective December 31, 2022. Simpson's Board of Directors unanimously elected Michael Olosky, 54, current President and Chief Operating Officer, to succeed Karen Colonias as Chief Executive Officer, effective January 1, 2023, as part of a planned leadership succession. In connection with his promotion, Mr. Olosky will also join the Company's board of directors on January 1, 2023.

Ms. Colonias will continue in her role as CEO through the end of 2022, after which, as part of the succession plan, she will remain employed as an Executive Advisor to assist with the transition until her retirement on June 30, 2023. Ms. Colonias will continue to serve as a member of Simpson's board of directors until the Company's 2023 annual meeting of stockholders. Mr. Olosky joined Simpson as Chief Operating Officer in November 2020 and was promoted to President and Chief Operating Officer in January 2022.

Prior to joining Simpson, Mr. Olosky spent more than 22 years in numerous leadership positions at Henkel, a global chemical and consumer goods company. He most recently served as the President, Henkel North America and Senior Corporate Vice President - Head of the Electronics and Industrial Division.