Valmont Industries, Inc. (NYSE: VMI) announced that Mogens C. Bay will retire from its Board of Directors at the end of the company's 2026 fiscal year, on December 26, 2026, after serving as Chairman of the Board for 30 years.

Catherine J. Paglia, currently Vice Chair of the Board and Lead Independent Director, will succeed Bay as Board Chair upon his retirement, consistent with a previously announced succession plan.

Bay joined Valmont in 1979 and served as President and Chief Executive Officer from 1993 to 2017. He has served as Chairman since 1996, making him only the second person to hold that role in the company's history.

Paglia joined the Valmont Board in 2012 and has served as Lead Independent Director since 2018, becoming Vice Chair in April 2026. Her background includes senior leadership roles at Morgan Stanley and Interlaken Capital, as well as prior service as chief financial officer at two public companies.

"It is an honor to succeed him as Chair," Paglia said. "The Board will remain focused on sound governance, disciplined capital allocation, and supporting the Company's long-term strategy as we continue creating sustainable value for our shareholders."

Valmont President and CEO Avner M. Applbaum said he looks forward to "partnering with Cathy and the Board as we execute our strategy, build on our momentum, and position Valmont for long-term success."